Mobile network company Econet Telecom Lesotho (ETL) in partnership with insurance company Lesotho National Life Assurance Company are further digitizing the insurance experience in Lesotho by changing the EcoSure Funeral Cover to give better service to customers.
ETL CEO Dennies Plaatjies says the insurance penetration is poised to improve further with second to none customer experience and greater convenience.
He said they introduced Ecosure – a mobile money transfer service – in 2013 and even though customers have been happy with it, they realised that they have to make changes that can benefit customers more and make their insurance experience better.
He also indicated that as they are a communications company, they partnered with LNIG knowing that they are experts when it comes to insurance.
“The first change that we made to make EcoSure better is changing the Sesotho name from Mpolokeng to Re Bolokehile. The new name resonates with the enhanced product which is now a family cover instead of covering just one person,” Plaatjes said.
ETL acting head of services department, ‘Makatleho Raphoolo, echoed the CEO’s sentiments of the impact the new order is destined to have.
“The changes will drive EcoSure to new heights by encompassing new products and partnerships within Lesotho and beyond. The most awaited change is the ability to cover other family members under one policy. Customers can now cover spouses with one SIM card. Previously it was one SIM card for one person,” Raphoolo said.
She also explained that with the improved EcoSure Funeral cover, policy holders can affordably cover aforementioned dependents and the corresponding payable cover amount will be paid when such dependent departs.
“The minimum age to join the policy remains 18 while the maximum covered age has been adjusted from 65 to 70, meaning much older people from 18 to 70 years can still register.,” she said.
She further stated that the waiting period remains six months for deaths caused by natural cause which means a member is covered after six premium payments. She said what is exciting about the innovated EcoSure Funeral Cover is that customers can now register as sponsors to as many policy holders as they wish. Meaning that other people’s monthly premiums can automatically be deducted from the sponsor’s SIM card.
“These changes mean there is a huge increase in the cover and more and more flexibility on the conditions. Previously we had a premium of M9 which used to have a M2 500 payout and we realised that it is a small amount of money, so we replaced it with a M15 premium that has a M10 00 cover which is our minimum cover,” she indicated.
She said ETL users can dial *100# to access the EcoSure services and to register for Ecosure.
LNIG Managing Director Joseph Letsoela said EcoSure has made insurance easier for Basotho as they now do not have to stand in long queues to pay insurance or visit insurance shops to fill in many documents to get insurance.
“It is even more great now that you can be able to cover your whole family and you do not even need to go anywhere; just in the comfort of your own home you are covered. EcoSure Funeral Cover was the first policy insurance to work technically only in Lesotho,” Letsoela said.