Business / Companies
POSB launches funeral cover
07 Oct 2013 at 04:28hrs | Views
File Photo: POSB Causeway
The People's Own Savings Bank has unveiled a funeral assurance product called the POSB Funeral Cash Plan that is designed to help clients with cash payouts in times of bereavement.
In a statement, POSB public relations manager Mr Simukayi Mutamangira said the introduction of the new product is in line with the bank's vision of affording variety to its clientele.
"The funeral cash plan product is in line with keeping our vision to offer a diverse range of value adding products to our large customer base," he said.
Mr Mutamangira added that they have partnered with First Mutual Life Assurance Company who are the underwriters of the product.
He also added that the product was flexible in terms of people that the client can include in their policies.
"Customers can include their parents, children, siblings and even their extended family. The monthly premiums range from US80 cents to US$2,40 for adults while cash payouts will be from US$500 to US$1 500 which gives customers the liberty to nominate the service provider of their choice for the coffin, transport and other funeral related services," he added.
Mr Mutamangira also disclosed that the bank had also undergone a successful system migration from the Equinox banking system to the Ethix banking platform. He added that they had to replace the Equinox support as it was no longer guaranteed since support skills for technology were becoming thin.
"We migrated to a more efficient system in June this year after eight months of hard work and I am happy to say that our new banking system allows us to provide state-of-the art and personalised products and services.
"Efficiency has also increased while reducing the enormous data processing overheads typically associated with technical sophistication," said Mr Mutamangira.
Mr Mutamangira said the system is also customer-centric as it provides a clear and single view of the customer data while the changeover was smooth resulting in improved speed with which the system runs saving time and the drudgery of completing transactions, including day end runs.
"At POSB we continue to evolve as an organisation in our bid to ensure customer needs are consistently met, while our customer base is now in excess of 400 000 supported by a branch network of 33 all online."
In a statement, POSB public relations manager Mr Simukayi Mutamangira said the introduction of the new product is in line with the bank's vision of affording variety to its clientele.
"The funeral cash plan product is in line with keeping our vision to offer a diverse range of value adding products to our large customer base," he said.
Mr Mutamangira added that they have partnered with First Mutual Life Assurance Company who are the underwriters of the product.
He also added that the product was flexible in terms of people that the client can include in their policies.
"Customers can include their parents, children, siblings and even their extended family. The monthly premiums range from US80 cents to US$2,40 for adults while cash payouts will be from US$500 to US$1 500 which gives customers the liberty to nominate the service provider of their choice for the coffin, transport and other funeral related services," he added.
Mr Mutamangira also disclosed that the bank had also undergone a successful system migration from the Equinox banking system to the Ethix banking platform. He added that they had to replace the Equinox support as it was no longer guaranteed since support skills for technology were becoming thin.
"We migrated to a more efficient system in June this year after eight months of hard work and I am happy to say that our new banking system allows us to provide state-of-the art and personalised products and services.
"Efficiency has also increased while reducing the enormous data processing overheads typically associated with technical sophistication," said Mr Mutamangira.
Mr Mutamangira said the system is also customer-centric as it provides a clear and single view of the customer data while the changeover was smooth resulting in improved speed with which the system runs saving time and the drudgery of completing transactions, including day end runs.
"At POSB we continue to evolve as an organisation in our bid to ensure customer needs are consistently met, while our customer base is now in excess of 400 000 supported by a branch network of 33 all online."
Source - herald
