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Phone: (+264) 61 275 4000
Fax: (+264) 61 275 4093

Trustco Main Building
Keller Street
Eros, Windhoek.

Jan Jones
Head of Insurance & Technology
Trustco Group Holdings Ltd

Desmond P van Heerden
CFO: Insurance & Technology
Trustco Group Holdings Ltd

Kayembe Gilles Ilunga
Business & Product Developer
Trustco Group Holdings Ltd
Gilles@tgi.na


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FinTechFinancial Technology

Econet Wireless, Trustco Mobile Roll out Mobile Insurance Services in Zimbabwe

 

Harare, Zimbabwe: Trustco Mobile, Namibia-based mobile life insurance  services providers has expanded its award winning insurance solution to  Zimbabwe,
partnering Econet Wireless, the country’s largest mobile  telecom firm. Branded EcoLife,
the free life insurance cover to 4.5 million Econet cellular subscribers in Zimbabwe.

EcoLife gives Econet subscribers access to life insurance via  pre- ackaged airtime on their mobile phone.
Insurance giant, First  Mutual Life, an arm of Afre Corporation will facilitate the insurance  claims process.

Quentin van Rooyen, MD of Trustco Mobile says its expansion to Zimbabwe
was a natural progression for the company to expand its strategy into
other country in the region. He added that Econet was looking for a
partner to drive a service that would differentiate it from its
competitors and that the partnership was a good fit. “Our next market
that we're looking at will be Kenya and Ghana.

According to Econet, EcoLife will be sold as part of a $3 monthly
airtime package. The package entitles the subscriber to 15 minutes of
airtime, six free SMSes and up to $10 000 in life cover. Subscribers
can then receive the life cover by messaging the word 'EcoLife' to
3111, which will lead to registration instructions.

To qualify for the cover, subscribers need to recharge their accounts
with a minimum of $3 every month, and thereafter ever dollar goes
towards increasing the life cover. For instance, an airtime voucher
worth $1 to $4 will produce $10 to $40 of life cover, and a voucher of
$11 to $100 will produce $1 100 and $10 000.

According to Econet's CEO Douglas Mboweni, this means the more airtime
a subscriber purchases, the more cover they get, up to a maximum payout
of $10 000. He adds that no insurance premiums or medical examinations
are required.

However, Econet says that life cover is determined by monthly airtime
recharges for up to six months prior to the death of the insurer. Claim
qualification is based on a six-month continuous subscription to the
package, thereby committing the subscriber to topping up the life
cover. Any skipped subscription invalidates claim capability.

FinTech
Top 10 African Financial Service Technology Products in 2009

Trustco Mobile, a subsidiary of Namibia-based Trustco Group Holdings provides life cover for mobile phone users when they purchase airtime. It has set a target of signing up five million people on the continent in the next 10 months.

Presently, the deal is exclusive to Cell One customers, in Namibia.

Trustco Life covers users lives for a maximum of R100 000, for as long as they buy airtime monthly from the mobile company. Quinton van Rooyen, group MD of the Trustco Group, says the system works through the cellular company s network and, as long as consumers keep buying airtime, they are insured.

Reminders are sent out via SMS when customers need to recharge.

He says the concept was tested for a year before being launched, and uptake was good. Namibia has 1.4 million cellphone users, of which 95% are on prepaid packages. The company will expand the offering beyond Namibia and is targeting five million users by financial year-end. Cell One has 250 000 prepaid customers, Van Rooyen says.

Launch Site

TM

 

 

 

 

“Only between 5 per cent and 6 per cent of African people have insurance.”

Mr. V Kalavakonda (World Bank)

With the greater majority of Africans possessing no form of life cover, but more than half owning a mobile phone, Trustco embarked on its greatest endeavour yet – Trustco Mobile.
In 2008, Trustco developed and patented an actuarial model and software solution to afford life insurance free to mobile subscribers based on airtime spent. Essentially, for every ten dollars spent on airtime, 1,000 dollars worth of life insurance is made available to the subscriber.
With the Namibian roll-out a remarkable success, Trustco Mobile is now in the process of pursuing licensing and defensive licensing agreements across several African countries

 

AfricaTop 10 African Financial Service Technology Products in 2009

Trustco Mobile, a subsidiary of Namibia-based Trustco Group Holdings provides life cover for mobile phone users when they purchase airtime. It has set a target of signing up five million people on the continent in the next 10 months.

Presently, the deal is exclusive to Cell One customers, in Namibia.

Trustco Life covers users lives for a maximum of R100 000, for as long as they buy airtime monthly from the mobile company. Quinton van Rooyen, group MD of the Trustco Group, says the system works through the cellular company's network and, as long as consumers keep buying airtime, they are insured.

Reminders are sent out via SMS when customers need to recharge.

He says the concept was tested for a year before being launched, and uptake was good. Namibia has 1.4 million cellphone users, of which 95% are on prepaid packages. The company will expand the offering beyond Namibia and is targeting five million users by financial year-end. Cell One has 250 000 prepaid customers, Van Rooyen says.

Launch Site