Cassava Smartech Zimbabwe’s EcoSure has unveiled US dollar denominated packages that will give Zimbabweans the opportunity to get insurance cover without worrying about the challenges of value erosion on their policies brought about by economic volatility and currency fluctuations.
Announcing the move, Cassava Smartech Zimbabwe CEO Mr Eddie Chibi said the new packages would further drive insurance inclusion and ensure customers’ policies maintain their value.
“We are mindful of the need to preserve our clients’ value and so we have fully embraced the multi-currency regime with a view to give our EcoSure customers the opportunity for them to pay their insurance in US dollars, so that they also get their pay-outs in USDs,” said Mr Chibi.
He said the EcoSure US dollar packages would leverage off Cassava’s other successful product, the EcoCash Foreign Currency Account (EcoCash FCA), which would be the source of the monthly premium payments.
“The EcoSure US dollar packages will allow customers to access funeral assurance packages with premiums ranging from USD$1 per month, with pay-outs of up to USD$5 000, depending on the plan assured,” Mr Chibi said.
He explained that for a one US dollar premium per month (USD$1), a customer would get a USD$1,000 pay-out; for a USD$2 monthly premium, they would get a USD$2,000 pay-out, while for a USD$5 premium, they would get a USD$5,000 pay-out.
Interim EcoSure CEO Natalie Jabangwe said customers could access the USD packages on their phone by simply dialing *900#.
“They can also maintain both the RTGS denominated package and the USD packages. In the event of an emergency, a customer can submit their claim at any Econet Shop or EcoSure Funeral Service Partner, and the USD pay-out will be deposited into the customer’s FCA wallet.”
EcoSure, the largest provider of funeral insurance cover by customer base, has transformed the lives of many Zimbabweans through affordable micro-insurance products. It has harnessed the power of technology to allow Zimbabweans the convenience of get affordable insurance cover by simply using their phones.