Launch of ‘Vodabima’ by Vodacom Tanzania

VODACOM TANZANIA LAUNCHES ‘VODABIMA’

A digital platform facilitating easy access to affordable insurance services

By Noel Mazoya

Tanzania’s leading Technology and Communication Company, Vodacom Tanzania on 12th April 2021 had announced the launch of ‘VodaBima’ – a digital service that aims at giving customers access to insurance services at their fingertips thus catalyzing the uptake of insurance services among Tanzanians by digitizing the service.

According to Finscope report 2013, Insurance uptake in Tanzania is at 13.0% having doubled from 2009. Despite the double-digit growth, Insurance is still one of least utilized financial services in Tanzania. Different reasons are cited for the low numbers including a low awareness, mistrust of the service and bottlenecks to access the services. As a technology company with a vision to digitize Tanzania and change lives through technology, Vodacom is keen to bridge this gap by offering a digital solution that will ease access to Insurance products.

During the press conference, M-Pesa Ltd Managing Director, Epimack Mbeteni said that VodaBima is a new addition to M-Pesa portfolio of products and services all aimed at making digital inclusion in Tanzania a reality.

“For 13 years now, Vodacom M-Pesa has been a key catalyst in growth of financial inclusion in the country and we are always looking into new ways of pushing for an inclusive digital economy. Vodacom aims to bridge the gap of access to insurance services by offering a digital solution that will cut down costs and increase access to Insurance products. VodaBima gives customers the option of saving up for Insurance at no cost in their VodaBima wallet throughout the year. VodaBima platform will send out push notifications and SMS alerts when your vehicle Insurance is about to expire

Mr Mbeteni added that the new product will bring insurance services

closer to customers increasing convenience and accessibility and boost the insurance industry in the country as a whole. VODABIMA leverages M-Pesa’s superior technology infrastructure and Vodacom’s wide network and vodashop footprint countrywide ensuring safety, ease of access and convenience.

Zakaria Muyengi who is the Director for Planning, Marketing and Research from Tanzania Insurance Regulatory Authority – TIRA said that the Authority in collaboration with insurance key-stakeholders has implemented the Financial Sector Development Master Plan which is a 10 years programme aimed at promoting, creating awareness and use of insurance to the Country. The Master Plan has clearly indicated a target of reaching 50% of adult people to access and use insurance services by 2030 in the country, currently only 15% are using insurance services. This means that we all as insurance stakeholders have an obligation to increase access and use of

“VODABIMA is a first in the market and offers the assurance of easy access to insurance services and simplicity of access to claims. VODABIMA currently offer motor-insurance but plan to bring in more risk covers as the products keep evolving.”

insurance services through different distribution channels including mobile phones for benefiting more people in the Country as they will now be more aware of insurance services on offer in the market.

‘We work towards developing, promoting and maintaining an inclusive, efficient, fair, safe and stable insurance market for the benefit and protection of policy holders. We welcome use of mobile technology and innovation to bring these services closer to the people and we welcome digitization in insurance services in the Country.

On her part Nancy Bagaka who is Country Sales Manager for Britam Insurance who are partnering with Vodacom to roll out digital motor insurance service said that use of telecommunication technology in accessing insurance is a step closer towards making the service widely available to more people services will help mobilize more people to use insurance services and boost the industry as a whole.

Launch of VodaBima is a step towards implementation of Government directive and initiatives on ensuring more Tanzanian (50%) access and use of insurance products and services so as to cover different kind of risks like fire, health, motor, accident, marine, engineering, aviation, agriculture by 2030.

“VODABIMA brings convenience to insurance customers in Tanzania. Clients will not have to visit insurance companies in person as they can access insurance services easily and conveniently on their phones. This kind of partnership will definitely support the government’s initiatives to attain the targeted 5% GDP contribution by 2024.”

Launch of VodaBima is part of Vodacom’s inclusive and digital agenda and another step further in bringing services closer to customers through mobile innovation and technology.

“We want our customers to have an all-round enhanced user experience. The VodaBima is an additional product that can be accessed through M-Pesa’s revamped App where customers can access other products such as loans and savings services like Songesha and M-Pawa’. Mbeteni concluded.

All Picture Courtesy of Vodacom Tanzania