State-owned mobile operator, Netone, in collaboration with First Mutual Life (FML), yesterday launched a low cost funeral policy supported by a $10 million BancABC facility.
The launch follows similar products already launched by other mobile operators, Econet and TelOne which already offer various insurance services through their mobile financial service platforms.
FML will be underwriter of the funeral insurance , which will give cover of up to $3 000.
Premiums are pegged at a minimum of 40 cents per month.
“OneCover is basically a funeral insurance product in partnership with FML which will underwrite this service . We have deliberately chosen FML because of their rating and equity that they have built around the insurance services,” acting chief operating officer, Clever Isaya said at the launch.
NetOne has 4.67 million active subscribers, constituting 36.6 percent of the market share while Econet and Telecel have 6.36 million subscribers (49.4 percent) and 1.81 million subscribers (14 percent) respectively.-The Source