EcoSure recently secured a short-term insurers licence from the regulator of Zim’s insurance industry IPEC (Insurance and Pensions Commission). The licence was issued last week and Econet Insurance is not wasting time putting the licence to use.
It's official! IPEC hands over the operating licence to Econet Insurance as a short-term insurer. @econetzimbabwe, @lkazhanje, @BusinessTimesZW, @happ_zenge, @InfoInsurance24, @riskinsureZim, @HeraldZimbabwe, @cemambo, @tawakarombo pic.twitter.com/xSxygaVdxc
— IPEC (@IPECZW) July 11, 2018
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They have already announced a new service they will be releasing and they will be calling it EcoSure Moovah.
What happens with iDriveSure?
You are probably thinking, “wait, isn’t Econet already involved in car insurance?? What happened to iDriveSure?” Well, let’s talk about that. It was launched earlier this year but that service was a partnership between TiB Insurance Brokers and Steward Bank. Econet was not really the insurer in those cases but were actually partnering with other players in the industry.
EcoSure Moovah however is Econet through and through. The packages are quite similar to the ones that were being offered by iDriveSure but since Econet were not licensed back then they could
Back to business
The third party packages for EcoSure Moovah will be as follows:
Moovah – $56.00
Moovah – $28.99: Pre-vetted Customers
Moovah -$14.99: Pre-vetted Customers
Econet Insurance did not disclose what criteria will be used to actually determine how the customers will qualify for the pre-vetted packages.
Some of the perks that will come with all the packages include:
- $5 airtime
- Free delivery of insurance cover notes and licence discs to the customers’ premises at no extra cost
- EcoSure Moovah customers will be able to pay their vehicle insurance cover in monthly instalments, over the renewal term of four months.
- Free 10 litres of fuel for the first 10 000 cars to sign up
- Free delivery of discs
- Free $2000 accident cover
- Free $500 funeral cover
- Free $50 per day hospital cash back. In the event that customers are involved in an accident and they have to be hospitalised they will get $50 for each day spent in hospital. Mr Jojo also disclosed that this will apply for a maximum of two such incidents per/year.
Moovah Comprehensive Cover
For the comprehensive cover packages customers will be required to pay 4% of the value of their car. Three if you are part of a “group staff scheme”. The group staff scheme allows a company to ensure their employees cars. The comprehensive cover will come with all the above perks and another one we will ta
Tying this together with Connected Car
You’ve probably heard of Cumii. If not, they are a division within the Econet that focuses on all things related to IoT (Internet of Things). One of the products they have is called Connected Car and it allows drivers to have their vehicle tracked. Mr Jojo hinted that there would be something on the way for Connected Car customers who also sign up for Moovah. He hinted that the Connected Car will be used to determine driving habits and insurance premiums will be charged based on drivers’ behaviours.
This is something to look forward to because what it essentially means is that the more responsible you are behind the wheel the cheaper your insurance premium will become. There was no timeline indicated as to when this should be expected but it is something that will add value to the Moovah offering.
There will be a 10% insurance discount (exlusive to Moovah Comprehensive Cover) if you are an already existing user of Cumii’s Connected Car.
How to register for Moovah
Interested customers can already sign up for EcoSure Moovah by dialling *901#