Dar es Salaam. Four key players in the insurance, finance technology services and energy sectors have launched a new product that will enable all customers paying for fuel at a minimum of Sh10,000 using Selcom Pay Mastercard QR or Puma card at Puma Energy stations in Dar es Salaam receive life insurance cover from Sanlam in real time, valid for seven days.
The cover underwritten by Sanlam Tanzania in partnership with TanManagement Insurance Brokers Limited, Selcom Tanzania and Puma Energy aims to add value to the purchase of fuel from all Puma Energy Stations across Tanzania.
Mr Khamis Suleiman, CEO of Sanlam Tanzania said, “We are translating Ministry of Finance Directive by action to ensure we meet the target set of having approximately 50 percent of the adult population with at least one insurance policy and increase the penetration rate to 5 percent of the GDP.
"Other benefits which will be received in this scheme will include the poverty alleviation and creation of wealth through claims payment ,” he said.
He said the process flow assists clients who regularly purchase fuel at Puma Energy stations to cover themselves for Life Insurance whilst paying through their Digital Wallets, another move which has been promoted by the government to reduce use of hard cash and promote overall financial inclusion.
Mr Sameer Hirji, Executive Director of Selcom Tanzania said the initiative makes use of cutting-edge technology to ensure that they achieve the goal of the insurance service reaching out to as many as possible.
He said Selcom brings to the table a database of customers from a micro level, which allows them to introduce their partners’ initiatives to this customer base at no extra cost.
“As a leader in the payment technology services in Tanzania, it is an honor to continue our efforts to bridge the digital divide in the market," he said.
"Our collaboration with Sanlam, Puma and TanManagement reaffirms the role that industry leaders need to play in guaranteeing social protection and improved welfare of our customers, and the general public.”
Mr Dominic Dhanah, PUMA Energy Tanzania, Managing Director said they embrace digital solutions for their customers.
"We always strive to partner with likeminded companies to create more value to our customers. This scheme offers the customers of Puma Energy added value and is keeping in line with the company’s brand purpose of “Energizing Communities” to drive growth and prosperity.” he said.
Mr Mohammed Jaffer, Group CEO of TanManagement Insurance Brokers Limited said, “Whilst this is the first of its kind in Tanzania, we do not expect it to be the last. Our vision is to extend this throughout other registered Fuel Stations and in time also target other areas where Value can be added," he said.
“Insurance has to be made part of our daily lives, whether by direct purchase or value addition, it is one of the most basic requirements in this day and age to have at least one form of Insurance and our target is to ensure we get this to the Tanzanians through these innovative delivery methods of Value addition. We look forward to more in the coming months.”
The partnership is targeting to issue over 6,000 insurance policies per day through this initiative.