We just received information that Econet and Afre Corporation (formerly First Mutual Life Assurance Limited) will be announcing a new Life Insurance product to the press tomorrow. The new product is called EcoLife. Details are still sketchy at the moment but a new website www.ecolife.co.zw (which seems still under construction) for the service has some information on how this will work.
Here’s how the website says EcoLife will work:
This is an interesting service and one that has potential to change people’s lives greatly. Interesting because a lot of Zimbabweans are without life insurance. A decade of hyperinflation eroded such financial securities to zero and most Zimbabweans are reluctant to consider them, preferring to keep their money where they can see it or invest in physical assets like land, buildings and cars.
Also interesting is the details of the ‘life cover’. Stuff like when one can get access to it, how much more cover one can get by buying more airtime, what the limit is etc. You know, the fine print. Still, from the outward look of it, it sounds like the kind service everyday people would need.
Afre is a Zimbabwe Stock Exchange listed investment holding company providing such services as life assurance, reinsurance, short-term insurance, property investment and actuarial consultancy.
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11 comments
Here’s a mobile carrier that hasn’t a clue as to what’s in telecoms for. Zimbabwe desperately needs reliable fast broadband internet connectivity, and there’s a large untapped market for the service. Econet currently offers data services on an EDGE network. It’s the most pathetic internet service on the face of the planet. It is so slow it makes dialup appear like broadband. In response to real market needs what does Econet do? Offer life insurance! Hello!!!
You cannot stop them from providing other services in as much as other products are not functioning to your expectation. My suggestion would be, if you feel they have failed and there is a market, why dont you start providing the service yourself and smile your way to the bank. Its not like i support Econet but please dont just complain if you dont have a solution.
There’s definitely a solution alright, not mine but there’s one. It’s called opening up the market. I will never have the resources to be able lay down such an infrastructure, but there are others quite capable of doing so and do far much better. There’s MTN, Vodacom, Neotel, the list is rather long frankly. But, as the story has been told, when Econet colludes with a past Information and Telecommunications minister that Zimbabwe does not need more players in telecomms when in fact it does then Econet and the few players allowed on the market should then provide better telecomms products and services. Not freaking life insurance! Open up the market for heavens sake and we won’t have this discussion.
I think econet has missed the mark a bit they is great need to focus on improviing the most basic telecomm services….look here what if the market was opened up to large multinationals what would happen to local networks that ignore customers……..by rushing into other bussiness….
Thumbs up for Econet. I have a life Assurance Policy with Afre that gives US$3,500 and US$1,750 life cover upon my death or dependent – respectively.
Consider this new development. You get maybe US$1,100 or more for just using airtime!
sms to 31111 failing what could be the truble?
I am so disppointed me Econet and this Ecolife thing because my husband has been trying to find out what it was they had promised him. At one time he was told to make a recharge of us$2 and he did and nothing happenend and then the second time they said your cover is us$3 short then he recharged again.Is thing animal called Ecolife genuine? How can you make fake promises? Please be true please
Ecolife has disappointed me now:
1. I am supposed to top up at least $3 every 10th
2. On the 9th I was told to top up and I juiced $4
3. Then on the 11th I was told to top up (AGAIN!!??) and I juiced $5
But up to now my subscription has not been updated. Econet ngatisabirana mari veduwe-e
I have followed Econet articles and their perception in deceiving customers is unwarranted. Ecolife was launched and now they are re-launching, why then say a new product. I think its a deceiving marketing tool and Zimbabwean’s should not accept this. They have done it to VOIP, Broadband and later internet services. As a leader we expect true marketing concepts, otherwise our Consumer Council should intervene…… in countries like South Africa they can be sued billions of dollars.
[…] Here’s an explainer image from back then: […]
[…] What ended the year though was the launch of EcoSure, the mobile insurance product that took the place of a similar but failed product Ecolife. […]