Tanzania: Fuel Embedded Life Insurance Launched

PUMA Energy Tanzania has partnered with three other companies to initiate life insurance cover embedded in smart payment cards for supporting the government's efforts to increase insurance penetration.

The three other companies are Sanlam Tanzania, Selcom Tanzania and TanManagement Insurance Brokers Limited.

With this product, all customers paying for fuel (minimum of 10,000/-) using Selcom Pay Mastercard QR or Puma card at Puma Energy stations in Dar es Salaam will automatically receive life insurance cover from Sanlam in real-time, valid for seven days.

Puma Energy Tanzania Managing Director Dominic Dhanah said the move was in embracing digital solutions for their customers.

"We always strive to partner with like-minded companies to create more value to our customers. This scheme offers the customers of Puma Energy an added value and is keeping in line with the company's brand purpose of 'Energizing Communities' to drive growth and prosperity," Mr Dhanah commented during a launching ceremony yesterday in Dar es Salaam.

Chief Executive Officer (CEO) of the Sanlam Tanzania, Mr Khamis Suleiman, said: "We are translating ministry of finance directive by action to ensure we meet the target set of having approximately 50 per cent of the adult population with at least one insurance policy and increase the penetration rate to 5 per cent of the GDP."

Other benefits from this scheme will include the poverty alleviation and creation of wealth through claims payment for those with bad fortunes.

He said the process flow would assist clients who regularly purchase fuel at Puma Energy stations to cover themselves for life insurance whilst paying through their digital wallets.

Mr Sameer Hirji, Executive Director of Selcom Tanzania said the initiative was part of the 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," she said.

Commenting, Mr Mohammed Jaffer, Group CEO of TanManagement Insurance Brokers Limited, 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 these days."

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