We just received information that Econet and Afre Corporation (formerly First Mutual Life Assurance Limited) will be announcing a new Life Insurance product to the press tomorrow. The new product is called EcoLife. Details are still sketchy at the moment but a new website www.ecolife.co.zw (which seems still under construction) for the service has some information on how this will work.
Here’s how the website says EcoLife will work:
This is an interesting service and one that has potential to change people’s lives greatly. Interesting because a lot of Zimbabweans are without life insurance. A decade of hyperinflation eroded such financial securities to zero and most Zimbabweans are reluctant to consider them, preferring to keep their money where they can see it or invest in physical assets like land, buildings and cars.
Also interesting is the details of the ‘life cover’. Stuff like when one can get access to it, how much more cover one can get by buying more airtime, what the limit is etc. You know, the fine print. Still, from the outward look of it, it sounds like the kind service everyday people would need.
Afre is a Zimbabwe Stock Exchange listed investment holding company providing such services as life assurance, reinsurance, short-term insurance, property investment and actuarial consultancy.