TelOne Unveils virtual insurance marketplace Insure-Me
Zimbabwean operator TelOne has launched the virtual insurance platform Insure-Me, which it says could boost its revenue streams by 8 percent in the first year. Using this facility, TelOne will provide insurers with a platform to sell insurance products for commission. So far, it has signed up Old Mutual, Zimnat Lion, Nicoz Diamond, Champions, Sanctuary, Credsure, FBC Insurance and AFC Insurance.
The platform currently caters for motor insurance providers but it is preparing to add insurers in health cover, funeral assurance, life assurance, travel and property insurance. TelOne chief operating officer Lawrence Nkala said the Insure-Me platform follows two-and-a-half years of learning and development. TelOne has already been distributing motor vehicle insurance through its outlets countrywide, he said.
Nkala said the virtual platform would contribute to improving the reach of insurance products and revenue growth. The 2021 Ipec (Insurance and Pension Commission) insurance report indicates that the insurance sector wrote gross premiums amounting to USD 49.19 billion during the year ended 31 December 2021, up by 165 percent from USD 18.56 billion in 2020, he said.