HomeNewsFML launches mobile life assurance product

FML launches mobile life assurance product

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FIRST Mutual Life Assurance (FML), a unit of Zimbabwe Stock Exchange-listed First Mutual Holdings Limited, has launched mobile-based funeral assurance product that provides funeral cover to subscribers.

Report by Business Reporter

The launch of the e-FML yesterday came two years after another attempt to run a mobile insurance product, Ecolife, was terminated after one of the partners withdrew from the deal.

FML managing director Ruth Ncube said the product seeks to provide affordable funeral cover to people who cannot afford insurance due to high costs and stringent requirements in qualifying for an insurance policy.

“The product pays a cash benefit in the event of death of a life covered. The e-FML product allows any mobile phone subscriber to register for the product and to pay monthly premiums over the mobile phone using the SMS platform and also via various mobile money platforms,” Ncube said.

e-FML cover will be sold at $0,80 cents through mobile phone starter packs and will provide a $500 cover valid for one calendar month.

The product, the company said, allows customers to pay premiums that can cover up to $3 000 and customers will be expected to pay monthly premiums in line with their desired level of cover.

“FML continues to innovate in ways designed to bring economic dignity to our market, and we are proud to bring this convenient product and delivery channel to Zimbabweans nationwide,” Ncube said.

Ncube said unlike Ecolife which had Econet as its partner, e-FML is a funeral cover product that includes all the three mobile telecommunications companies in the country Telecel, Econet and NetOne. The mobile-based funeral assurance product will become the first after the failure of Ecolife.

FML, Econet and Trust Co had 1,2 million subscribers and according to Econet chief executive officer Douglas Mboweni, all subscribers were paid their dues.Ecolife failed after its technical partner Trust Co withdrew from the partnership.

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