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Econet Enters Car Insurance Business with iDriveSure

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Econet Enters Car Insurance Business with iDriveSure

Comprehensive auto insurance sounds like a great deal. After all, who wouldn’t want an auto insurance policy that’s “comprehensive”?

The law says that you must normally have at least third party motor insurance if you drive or own a vehicle. You must also have insurance if you leave it parked on the street, on your driveway or in your garage.

Econet has enter the insurance market through a new channel. The telecom giant already offers some insurance-related digital services.

The insurance news follows speculation in March 2017 that Econet appears set to enter the world of car insurance (see Techunzipped’s article “Econet Mulls Car Insurance“). However, developments in car insurance have yet to be announced.

Econet has launched a novel and potentially disruptive new type of car insurance designed for Zimbabwean drivers. The new Insurance package will is called iDriveSure, according to a source close to the developments.

Last year, Econet Wireless Zimbabwe integrated its EcoSure and EcoCash services as part of measures to promote cashless transactions and give customers convenience through acceptability of mobile money payments to access funeral services.

Consumers nowadays, especially millennials, often prefer to carry out transactions on their mobile devices. Since they’re already using their phones to read books and hail taxis, why not use them to buy insurance?

Here’s how iDriveSure will work:

iDriveSure will let you buy insurance via a monthly subscription of between $1 to $50, depending on the car. Once you have subscribed iDriveSure will throw in FREE Car Tracking, Roadside assistance, and Airtime. With iDriveSure you will be able to pay for your Zinara, ZBC licenses and all other vehicle insurance at any Econet Shop or Steward bank branch.

iDriveSure will be the second insurance product from Econet wireless. In 2014 Econet launched Ecosure a funeral assurance scheme. According to the latest numbers, EcoSure now has more than 600 000 subscribers, making it the biggest insurer buy numbers in Zimbabwe.

Econet diversifying its business

Ultimately, Econet continues to diversify its business and rely on other income sources, despite its dominance as the leading Telecom Company in Zimbabwe.  The future in Econet lies in growth and the company is working on numerous projects that could help continue to propel Econet’s growth.  It will certainly be interesting to see the early response of iDriveSure and how consumers with partak it.

Pardon has been a technology enthusiast his entire life and has spent the better part of last decades in information technology and security, and he writes with an aim to remove some of the "mysticism" from the cyber world. He’s the Editor at Techunzipped. Away from the keyboard, you're likely to find him playing with the latest gadgets or the latest Game.

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