EcoCash Holdings chief executive officer Eddie Chibi
HARARE residents can now buy insurance products at council offices across the city after Econet Insurance joined forces with City of Harare and Capitol Insurance Brokers to bring convenience to rate payers.
The tripartite agreement saw the launch of CitySure, a one-stop-platform that allows residents to buy insurance cover and also pay their monthly council bills.
Eddie Chibi, the chief executive officer of EcoCash Holdings, the parent company of Econet Insurance, applauded the city fathers for opening their doors to private public partnerships that will drive mass access and insurance inclusion of underserved communities.
“As a diversified digital solutions provider, what we bring to the table is our capabilities to leverage technology and innovation to deliver solutions that leave no one behind for thousands of city residents,” he said at the launch event this week, which was attended executives from the Insurance and Pensions Commission (Ipec) and government officials, among other dignitaries.
Chibi added that with CitySure, individuals and corporates can now conduct all transactions under one roof instead of making many trips to several offices for one to settle their monthly bills and buy insurance.
“During the first phase of CitySure, residents will be able to buy a full range of short term insurance packages — including vehicle, home insurance and cover for personal belongings at 29 council offices in Harare.
“The next phase will see CitySure unveil life and health insurance packages, as well as the collection of diaspora remittance cash,” he said.
Capitol Insurance Brokers managing director Philip Mutasa said the tripartite agreement under the CitySure brand will help to broaden access to insurance products for thousands of residents in Harare, and soon in other cities and towns.
“Our focus is on untapped markets in areas with high population densities, with the aim of demystifying insurance and increasing insurance penetration.
“These are so many citizens spending their hard-earned income on assets which must be protected through insurance,” Mutasa said.
“We are also catering for high-end markets with unique products, recognising such risk management issues as the introduction of gated communities and rapid response security programmes, which reduce risk.
“In all our target markets, insurance will be delivered at your doorstep, with the efficiencies of digital technology in premium payment and claims settlement,” he added.
Speaking at the same event, the Ipec director for insurance and microinsurance, Sibongile Siwela, said the launch of CitySure will promote financial inclusion and result in those previously underserved having access to affordable insurance products.
“A baseline survey on the uptake of insurance that we conducted in 2019 found that distribution channels were one of the key barriers to insurance uptake. We, therefore, believe that CitySure will help break that barrier and facilitate access to insurance by Harare residents in the comfort of their homes. I am advised that the intention is to scale up this exercise to cover other towns and cities, which is a welcome development,” Siwela said.
COMMENTS