Mlife launches new product for the poor

 

A NEW micro insurance product called Tilitonse Mobile Family Insurance Plan to cater for the low income has been launched by Madison Life Insurance Company Zambia Ltd (Mlife)

Mlife managing director Agness Chakonta said her company recognized and appreciated the challenges associated with underwriting micro insurance business in all facets to make insurance business successful.

Speaking at the launch of Tilitonse, Ms Chakonta explained that the approach for Mlife was to provide the new product a broader base for clients and ensure strong reinsurance backup and  prudent investment policies underpinned by  innovative ICT systems.

She noted that the top most priority for launching Tilitonse was its affordability, flexibility, convenience, efficiency  and fast delivery of world-class services to clients without compromise on quality.

“The most exciting unique feature of Tilitonse is that you can simply register on all the mobile networks.

We believe this innovation approach will enhance the penetration levels of insurance in the Zambian market in keeping with Government’s goal for the insurance sector,” she said.

She said there was no need of completing forms and answer intrusive questions because registration would be done on mobile phones.

She explained that flexible payments would be done through recharge vouchers just like recharging mobile phone with talk time, adding that the nucleus family life cover could be easily availed to extended families.

“Mlife believes that this product will indeed cater for the life insurance needs of the marginalised and will guarantee financial independence, thereby lessen fiscal burden,” she said.

Ms Chakonta said the new product had come at the right time because statistics on the ground showed that micro insurance in Zambia was still in its infancy in comparison to a number of countries in the world.

Tilitonse will ensure that Zambians especially those in the informal sector who have not been reached by current product offerings have  affordable life insurance cover.

Meanwhile, Pensions and Insurance registrar Martin Libinga, in a speech read for him by his representative Nicolous Mbuya, said life insurance must be accessible to every citizen in the country.

Mr Libinga said the PIA was encouraged to see that local insurance companies were producing innovative products that addressed the need of all Zambians. He said the rational behind the launch of Tilitonse was to provide life insurance to people who needed insurance the most – the low-income earners.

Mr Libinga said research showed that communities in rural and peri-urban areas have not been fully integrated in the mainstream economy which he said had created  a poor saving culture in Zambia.

“Research shows that while we are being active in economic activities of the country, communities in rural and peri-urban areas have not been fully integrated in the mainstream economy which has led to a poor saving culture in Zambia,” he said.

He said there was need to increase insurance awareness  and illiteracy levels which were low among most Zambians  especially in urban areas.

Mr Libinga commended  Mlife  for the initiative to launch the new Tilibonse product.

He added: “As the regulatory authority, we shall continue to give neccessary oversight so as to ensure that the product continues to apply with existing insurance regulations. This initiative was first brought to us as far as 2014 and the exercise has not been easy.”

 

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