HARARE – Zimbabwe’s insurance sector is set for positive transformation with the introduction of the country’s first SMS-based vehicle insurance product by Zimnat Lion Insurance.
The product, called insure&Go, which was unveiled to the Zimbabwean motoring public last month, gives motorists the convenience of going to a wide range of supermarkets nationwide and buying a starter pack that includes their insurance cover note and a scratch card.
“Customers merely need to buy the starter pack, send a unique code found on the starter pack to an SMS number and they will receive confirmation with their motor insurance credentials, which they enter on their cover note,” said Livingstone Magorimbo, Zimnat Lion managing director.
“We have worked to ensure that the product is as simple as possible to take the hassle out of insuring your vehicle,” he added.
The product comes onto the market at a time when many motorists are in the process of registering their vehicles for the new vehicle registration term with the Zimbabwe National Roads Administration (Zinara), which also stipulates that all vehicles on the country’s roads must be insured.
“We noted the challenges that motorists were facing in terms of getting their vehicles insured and thereby also securing the registration of the same, and against this background we worked with our technology partners to bring a product that is simple and yet advanced, to assist our motoring public.”
Magorimbo said initially the product would be available in selected OK and Bon Marche supermarkets and discussions were at an advanced stage to roll out the product in many more multi-functional outlets.
“Our idea is to make insurance as easy and convenient as buying airtime for your cell phone, it is something you do without too much thought, and that is how, we believe, insurance should be,” Livingstone added.
The product is the first of its kind in Zimbabwe and has been approved by the Insurance and Pensions Commission (Ipec), which is the regulatory body for the insurance and pensions industry. – Business Writer