Econet Wireless Zimbabwe which is the primary telecommunications company in the country has ventured into vehicle insurance field. Econet will be providing both road vehicle full and traffic accident covers.
The company has launched its insurance package dubbed iDriveSure which contains three cover products. It has a comprehensive standard, third party and comprehensive plus insurance products. Econet management revealed that iDriveSure package is appealing and unique as it has added benefits. The benefits include tracking services, road assistance and free airtime only for road traffic accident cover.
The comprehensive cover has a 4.5 percent premium of the book value of a vehicle while the third party insurance premiums are pegged at $35.60. Econet Wireless also revealed that Steward Bank and EcoSure are in support of their iDriveSure package. The iDrive is also supported by Econet disconnected car in partnership with Tib Insurance brokers. Premium payments will be made through Zimswitch- enabled bank cards, EcoCash or cash.
The iDriveSure package will also allow customers to pay Zimbabwe Broadcasting Corporation (ZBC) license fees and Zimbabwe National Road Administration (Zinara) fees. Additionally, other vehicle insurance fees will be paid in any Steward Bank branches or Econet shops. iDriveSure is the second insurance product in the market after the 2014 EcoSure funeral scheme by Econet Wireless.
Econet Wireless has successfully diversified its business over the past years. Currently, it is offering various tailor-made schemes in multiple fields. In 2017, Econet combined EcoCash and EcoSure services to boost their customer services. The company also launched a weather-indexed insurance cover for drought back in 2013. This was meant to allow their customers make financial claims in case of failed crop associated with drought effects in the country.
Econet Wireless also provides a couple of customer services and products through a non-telecommunication business unit and FinTech.