ECONET’S Cassava Fintech group chief executive officer Darlington Mandivenga says its mobile insurance service, EcoSure, will in time eclipse EcoCash’s current success.
BY BUSINESS REPORTER
Last week, the Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) released its 2017 fourth quarter sector performance report.
In that report, Potraz stated that EcoCash consolidated its market position, gaining market share and exited 2017 with a 97,2% share of the mobile money market.
In a statement yesterday, Mandivenga said he believed EcoSure, now with over two million insured users, will over time grow into Cassava’s biggest services.
“The phenomenal growth of EcoSure is driven by the complete on-boarding of funeral policy and burial societies all across the country by EcoSure. We are eyeing a bigger share of the total revenue market share in the country’s insurance industry. But this can only happen if the company follows the model of sister companies like EcoCash and Steward Bank, by broadening its product range,” he said.
Cassava Fintech develops and rolls out mobile-based services within the Econet Group and has a presence in 20 African countries.
Clients have signed onto the EccoSure platform, as it allows claim pay-outs to be made within hours of a policy being claimed saving time when doing a burial.
Mandivenga said EcoSure was easily the largest insurer in the country and was targeting a bigger piece of the revenue pie in the industry.
“This has been a breakout year for EcoSure. We have stabilised the platforms and tweaked the business models. Now is the time to expand our product portfolio beyond funeral cover. We plan on rolling out more and different types of insurance products,” he said.
“And while it is not our style to announce products before launch, I can assure you that there is going to be ‘rapid fire’, in terms of new products and services coming to the market this year.”
Mandivenga affirmed that the company’s ambition was to provide insurance cover for every Zimbabwean.
“When that happens, it affords people greater economic protection and socio-economic resilience,” he said, adding that Cassava Fintech had the technology and capacity to provide insurance products suited for every single person, including children.