Business / Companies
Former Old Mutual boss launches a financial services website
10 Jul 2013 at 23:39hrs | Views
FORMER Old Mutual Zimbabwe chief executive Mr Luke Ngwerume has launched Zimbabwe's first financial services aggregator website called ZimSelector.com which provides instant quotes on all financial products online and via mobile phones.
According to Mr Ngwerume, the company was born out of a desire to deliver something radically better for Zimbabweans. He added that ZimSelector was designed to bring financial services providers together under one common platform to make it easy for Zimbabweans to find and choose their products.
"The providers which include banks, medical aid companies and insurance companies will each have mini sites on ZimSelector, which also has a feature that allows visitors to compare a product across many providers. In the next phase, an aggregator service will also be offered to allow customers to compare the product benefits and prices, which will give them a chance to select their preferred product and to buy online," said Mr Ngwerume.
He added that their motivation was based on the recognition that the needs of customers are changing simultaneously with constantly evolving technology.
"Customers' needs have changed in the new online world where customers have a 24/7 expectation of access to information and the ability to buy," he said.
Mr Ngwerume urged young people especially young entrepreneurs to consider buying financial services.
"We believe that new methods of distributing financial products are essential and that these must be in tune with their living styles," he said.
Mr Ngwerume added that the platform is a game changing project to revolutionise the way Zimbabweans purchase their financial products which at the moment is being done through the phone or face to face
ZimSelector is initially focusing on both short-term and life insurance market business.
This includes home, motor insurance and life insurance, funeral cover and mortgages.
"Old Mutual, Royal Mutual Insurance, Cabs, Fidelity Life and Zimnat have already committed to support the business and will provide information on their products though their own 'branded shop windows' on the site," said Mr Ngwerume.
He also said that the platform has the backing of the country's insurance regulator, the Insurance and Pensions Commission.
"The regulator is keen to promote transparent institutions which offer transparent products. This means that the participating financial institutions are committed to making their products transparent and also have transparent products and also have transparent pricing for their products.
According to Mr Ngwerume, the company was born out of a desire to deliver something radically better for Zimbabweans. He added that ZimSelector was designed to bring financial services providers together under one common platform to make it easy for Zimbabweans to find and choose their products.
"The providers which include banks, medical aid companies and insurance companies will each have mini sites on ZimSelector, which also has a feature that allows visitors to compare a product across many providers. In the next phase, an aggregator service will also be offered to allow customers to compare the product benefits and prices, which will give them a chance to select their preferred product and to buy online," said Mr Ngwerume.
He added that their motivation was based on the recognition that the needs of customers are changing simultaneously with constantly evolving technology.
"Customers' needs have changed in the new online world where customers have a 24/7 expectation of access to information and the ability to buy," he said.
Mr Ngwerume urged young people especially young entrepreneurs to consider buying financial services.
"We believe that new methods of distributing financial products are essential and that these must be in tune with their living styles," he said.
Mr Ngwerume added that the platform is a game changing project to revolutionise the way Zimbabweans purchase their financial products which at the moment is being done through the phone or face to face
ZimSelector is initially focusing on both short-term and life insurance market business.
This includes home, motor insurance and life insurance, funeral cover and mortgages.
"Old Mutual, Royal Mutual Insurance, Cabs, Fidelity Life and Zimnat have already committed to support the business and will provide information on their products though their own 'branded shop windows' on the site," said Mr Ngwerume.
He also said that the platform has the backing of the country's insurance regulator, the Insurance and Pensions Commission.
"The regulator is keen to promote transparent institutions which offer transparent products. This means that the participating financial institutions are committed to making their products transparent and also have transparent products and also have transparent pricing for their products.
Source - herald
