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FBC Launches Instant Third Party Insurance Product “Yako”

FinTech

FBC Launches Instant Third Party Insurance Product “Yako”

FBC Insurance has launched “Yako” an innovative, game changing and fully digital third party insurance service which allows vehicle owners to purchase a secure and affordable instant third party insurance service for private cars, commercial vehicles, buses, motorcycles, trucks, trailers and caravans, using a basic feature phone (kambudzi) or smartphone.

The innovative and world-class service, which is now available on the market, is poised to change the face of insurance in the country.

In an interview, Acting Head-FBC Group Marketing Roy Nyakunuwa said the product brings convenience, security and comfort to the motoring public.

“This does away with the need for clients to visit a branch physically to submit identity documents, bringing convenience to the clients as they insure their vehicles in the comfort of their homes or offices. The product is for everyone with a vehicle registered in Zimbabwe,” he said.

To access the Digital Insurance service, anyone can dial *220# wherein they have an option to choose between Banking Services and Insurance Services. When signing up to register, one must select Option 2 (Insurance Services) to access the Insurance platform. They then select the “Third Party” option and proceed with the instructions.

Insurance cover is for a minimum period of four months or one term but can be purchased for the entire year. The vehicles that qualify for this platform are registered vehicles in the country which are not exempt from paying third party insurance. They should have a minimum value of ZWL$10 000 third party liability.

Also, the company said it was cost effective for the clients as it eliminates the expenses of travelling to a physical insurance provider’s shop and the fatigue of waiting in long queues.

The product can be purchased through mobile wallets of all the Mobile Network Operator Channels as well as the ZIPIT platform.

Yeukai is an ambitious and passionate journalist. She enjoys writing and reading about technology and has made it her number one priority. She has been practicing journalism for 5 years now. In her journey as a writer, she has written three novels so far.

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