Econet jumps back into insurance. What’s their play here?
Friday, December 12, 2014
It’s no longer called EcoLife, but Econet are back in the insurance game. This time it’s called EcoSure, and its hardly the same thing as the previous offering. The service has a different value proposition and merits in other aspects such as ease of use and a different payout.
This is the MNO’s renewed attempt at micro-insurance, an emerging extension of the risk management industry that has the potential of encouraging lower income groups (ie the majority) to take some form of cover.
The inclusion of the marginalised is always music to Econet’s ears. They did it with financial service inclusion courtesy of EcoCash and they are now handling a large percentage of the country’s GDP. With most of Zimbabwe not appreciative of the value of insurance there are acres of investment green fields there.
But beyond that what really is the fascination with insurance anyway? Why not data services? Why push another product into a market that doesn’t seem to like the sound of Econet and Insurance in the same breath?