Econet Group has introduced Ecosure Moovah. EcoSure recently secured a short-term insurers license from the regulator of Zim’s insurance industry IPEC (Insurance and Pensions Commission). The license was issued last week and Econet Insurance is not wasting time putting the license to use.
EcoSure recently secured a short-term insurers license from the regulator of Zimbabwe’s insurance industry IPEC (Insurance and Pensions Commission). The license was issued last week and Econet Insurance is not wasting time putting the license to use. 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 Econet is already involved in car insurance. What happened to iDriveSure? 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. 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 who 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.
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.
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’ behaviors.
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 time line 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 (exclusive to Moovah Comprehensive Cover) if you are an already existing user of Cumii’s Connected Car. Interested customers can already sign up for EcoSure Moovah by dialing *901#.
Source – TechZim