Vodacom Tanzania and Britam unveil digital insurance service
Vodacom Tanzania and Britam Insurance have inked a partnership deal that will see the former issuing third party motor vehicle insurance cover to its over 15 million clients.
The move also gives the Tanzania Insurance Regulatory Authority (TIRA) a chance to extend insurance awareness to millions more of Tanzanians.
This puts TIRA in a better position to achieve its target of extending the knowledge of management against the risk of a contingent or uncertain losses to 80 percent of the population by the year 2030. Vodacom’s M-Commerce Director Epimack Mbeteni said under the name of ‘Voda-Bima’, its customers will be able to access insurance information and get insurance services through mobile phone devices.
“We are taking the insurance services to the digital world where our clients will register and get the service at their comfort homes or workplace offices and their convenient time,” he told a press conference yesterday.
Voda-Bima currently provides third-party motor vehicle insurance packages but soon it will issue comprehensive party motor vehicle insurance, health insurance and agriculture insurance.
Chief Executive Officer of Britam, Mr Raymond Komanga, said they are happy that clients will no longer need to walk here and there searching for offices to access insurance services and get a chance to contact millions of Tanzanians through the Vodacom data base.
“Our insurance market share stands at five percent. But, through this partnership, we expect to increase our market share to between seven and eight percent by April next year,” he noted.
Voda-Bima, he said, gives a chance to clients to apply and use their third party vehicle insurance through digital platforms.
“We provide online Insurance stickers to our clients that they will no longer need to Traffic Police to get paper-based stickers,” he noted.
Acting director for planning, research and market development of Tira Mr Muyengi Zakaria said the use of digital motor insurance stickers was introduced on April 1, 2021.
TIRA, he says, has blessed the partnership, believing it will boost their agenda of increasing public awareness to people from 36 percent of Tanzanians who know about insurance issues to 80 percent by 2030.
The Authority also believes that the initiative will help them to increase the number of users of insurance products from the cur- rent 15 percent to 50 percent by 2030.