Ecosure eyes rural market
ECOCASH Holdings subsidiary Ecosure, Zimbabwe’s largest life assurer is working on expanding its footprint through offering its services in rural areas.
This is in line with the firm’s quest to position itself and seize opportunities as they emerge in the market.
In a statement accompanying its trading update for the third quarter ended November 30, 2023, the firm noted that there is an untapped market in rural communities.
The group secretary Mrs Charmaine Daniels said the life insurance business grew its presence in rural areas through strategic partnerships.
“Recognising the potential and untapped market in rural communities, EcoSure increased its geographic footprint through extending services to these regions. This expansion is bringing insurance services and convenience closer to the people and will ensure enhanced service to our customers including those in marginalised communities,” she said.
Mrs Daniels said the synergies with the mobile money business also contributed to a rise in the United States Dollar (USD) denominated business, growing by 37 percent and 168 percent for the short-term and life business respectively when compared to third quarter 2023 financial year performance.
The EcoCash Holdings subsidiary also offers a variety of products and services that are designed to meet the needs of a diverse range of customers.
Mrs Daniels said during the period under review, the InsurTech business focused on enhancing its overall customer experience.
She said Moovah, the short-term insurance business, held engagements and partnered with service providers to ensure swift resolution of insurance claims as well as maintain high service standards for customers’ vehicles.
According to the financials, the firm recorded sustained growth in volumes across its other business segments, in particular On-Demand Services and HealthTech which resulted in a 166 percent growth in revenues.
Leveraging Group synergies, the business offers bundled products and services in conjunction with other Group offerings, an approach that has helped to capitalise on the strengths and complementary nature of various business units, ultimately enhancing the overall value proposition for customers.
“By embracing innovation and pursuing emerging trends in On-Demand Services and health technology, the Group has positioned itself to capture new opportunities and meet evolving customer demands. The ability to leverage Group synergies and offer bundled products and services does not only strengthen the Group’s growth strategy but also enhances its competitive advantage in the market.
“Moving forward, these initiatives are expected to continue driving growth and delivering positive results for the EcoCash Holdings Group.”
To that end, Mrs Daniels said the group will continue to invest in technology infrastructure and position itself to seize opportunities as they emerge in the market.
“We are optimistic about the future and remain dedicated to driving innovation and growth in the Digital Financial Services landscape.” – chronicle
