Selcom partners with three firms to launch first-ever fuel embedded life insurance cover for Tanzanians
Four key players in the insurance, financial technology services and energy sectors launch the fuel embedded life insurance cover in Dar es Salaam yesterday.
From left: Mr Khamis Suleiman - CEO of Sanlam, Mr Sameer Hirji - Executive Director of Selcom, Mr Dominic Dhanah - MD of Puma Energy Tanzania and Mr Mohammed Jaffer - Group CEO of TanManagement Insurance Brokers Limited.
Dar es Salaam, Tanzania: Selcom has partnered with three other companies to initiate first of its kind fuel embedded life insurance, in efforts to support the government’s endeavour to increase insurance penetration among Tanzanians.
Selcom’s collaboration with Sanlam, Puma and TanManagement reaffirms the role that industry leaders need to play in guaranteeing social protection and improved welfare of its customers, and the general public
The services are designed in such a way that customers paying a minimum of Sh10,000 for their fuel using Selcom Pay Mastercard QR, or Puma card, at Puma Energy stations countrywide will automatically receive life insurance cover from Sanlam that is valid for seven days.
“As a leader in the payment technology services in Tanzania, it is an honour to continue our efforts to bridge the digital divide in the market. This initiative makes use of cutting-edge technology to ensure that we achieve the goal of the insurance service reaching out to as many as possible. Selcom brings to the table a database of customers from a micro level, which allows us to introduce our partners’ initiatives to this customer base at no extra cost.
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A Bajaj driver pays for fuel at the Puma Energy service station in Upanga using Selcom Pay MCQR to access 7-day life insurance cover by Sanlam.
The cover will be provided on natural and accidental death, and permanent/total disability as a result of an accident that will impact the ability to perform own or similar occupation.
“We want to ensure we meet the target set of having 50% of the adult population in Tanzania with at least one insurance policy and increase the penetration rate to 5% of the GDP. Other indirect benefits expected to be generated by the scheme will include poverty alleviation and creation of wealth through claims payments for those with bad fortunes.
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This fuel embedded life insurance scheme offers the customers added value as secure life insurance covers at no extra charge to them – the customer has to simply pay with their digital wallets, another move which has been promoted by the Government to reduce use of hard cash and promote overall financial inclusion.
“Being the number one Oil Marketing Company in Tanzania and the industry leader in embracing digital solutions for our customers, we always thrive to partner with likeminded companies to create more value to our customers. This initiative is keeping in line with the company’s brand purpose of “Energizing Communities” to drive growth and prosperity.”
A car driver pays for fuel at the Puma Energy service station in Upanga using Puma Elite card to access 7-day life insurance cover by Sanlam.
While this is the first of its kind in Tanzania, it’s not the last. The target is to ensure to get insurance services to Tanzanians through innovative delivery methods of value addition.
“Our vision is to extend this throughout other stations countrywide and in time also target other areas where value can be added. 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.
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The partnership is targeting to issue over 6,000 insurance policies per day through this initiative.
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 the country. It may well pave the way for others in the efforts of reaching the Government Insurance penetration targets of 2028.