Econet scoops three awards

ECONET Wireless Zimbabwe has scooped three awards in recognition of its innovative approach to business and contribution to the economy.

Afri-Sure, a consortium of consultants in the insurance sector, who are partnering the Government in spearheading micro-insurance to cover low income earners, gave the awards to the giant telecommunications firms at the end of the Micro-Insurance Summit in Victoria Falls last week.

Ministry of Finance and Economic Development senior officer Dr Judith Kateera presented the awards that include - top technology company, top innovative product and top contributing personality in the micro-insurance sector.

Econet Wireless has been rated top technology company in Zimbabwe while its micro-insurance product, EcoSure is rated the top innovative product in the funeral and life assurance category.

Econet Life general manager Mr Godwin Mashiri was honoured for being the top contributing personality in the micro-insurance sector.

Dr Kateera commended Econet and urged other insurance service providers to emulate the company.

"EcoSure now has 600,000 subscribers, that's a huge achievement as it is bigger than all other insurance companies together. What this means is that we should unpack, appreciate and find out how we can emulate them," she said.

Econet launched its EcoSure product in December 2014 in partnership with local funeral parlours.

Subscribers pay $0.50 through Ecocash, another product that is doing well in the country with provision of micro-finance at a time when banks are facing difficulties providing enough cash.

Beneficiaries of EcoSure can access $500 cover for a decent burial. Econet runs other products such as EcoFarmer.

The summit was attended by representatives of insurance companies from Africa and beyond.

It sought to encourage traditional companies to move away from the elitist mindset and spread cover to low income earners.