CASSAVA SmarTech Zimbabwe has to date registered over 8 000 burial societies across the country under its EcoSure funeral insurance arm. EcoSure is a mobile micro-insurance product, which pays funeral benefits upon death of the insured person.
The product was launched in 2014 with the intention of providing cover to the previously excluded communities in Zimbabwe.
"EcoSure mobile insurance product underwritten by Econet Life has continued to drive insurance inclusion and provide cover to the previously excluded and underserved communities in Zimbabwe," reads part of the statement.
"Launched in 2014 the product has experienced phenomenal growth driven by the complete takeover of funeral policy and over 8 000 burial societies in the country."
EcoSure offers premiums from a $1 a month and guarantees the assured benefits ranging from $1 000 up to $7 000 depending on the plan assured.
"Since its ground breaking launch in December 2014, EcoSure has transformed communities with more than two million previously underinsured Zimbabweans now having funeral insurance," it said.
"EcoSure has gone even further and is increasingly attracting the interest of burial societies and corporates for the benefit of their members and employees respectively. The company is eyeing a bigger share of the total revenue generated by insurance in the country."
Last week in Bulawayo EcoSure met burial societies that subscribe to EcoSure and the clients expressed satisfaction with the product.
Last year Cassava SmarTech made history when it debuted in the stock market at a price of $1,50 per share, valuing the company at $3,8 billion and immediately becoming Zimbabwe's third most valuable company after Delta and Econet Wireless.