By Tony Nkhoma
THERE is a need to change the narrative on life insurance in Zambia to reduce vulnerability of many Zambians in times of calamity, says Bestlife Insurance Zambia.
Chief executive officer Christabel Mitchel the low life insurance penetration in Zambia was a true reflection of millions of people left vulnerable to financial shocks that came with unforeseen life events.
Mitchel said the low penetration, accounting for less than one percent of the gross domestic product (GDP), drove the notion that insurance should not be a luxury reserved for the few but a basic safety net accessible to every Zambian.
“In Zambia, life insurance penetration remains relatively low, accounting for less than one percent of our gross domestic product. This statistic is more than just a number. It’s a reflection of millions of people left vulnerable to financial shocks that come with unforeseen life events. We believe that life insurance should not be a luxury reserved for the few but a basic safety net accessible to every Zambian,” Mitchel said.
She was speaking in Lusaka during the signing of the memorandum of understanding [MoU] between BestLife Insurance Zambia and Yango.
The MoU will cover costs of up to K50,000 as potential payout to each Yango user within 48 hours in case of any eventuality from the point of pickup to the point of drop-off.
Mitchel said the partnership between BestLife Insurance Zambia and Yango represented not just a business agreement but a shared commitment to the safety, well-being and financial security of thousands of Zambians who used the Yango service every day.
She commended Yango for the collaboration, which underscored the private sector players’ response to government’s call for private sector participation in the provision of social security benefits.
Mitchel hailed government for creating an enabling environment for licensed entities to be innovative while maintaining a strong consumer protection framework.
Yango country manager Kabanda Chewe said the partnership with BestLife Insurance Zambia underscored her company’s commitment, initiative and importance of being a caring service provider.
Chewe said her company remained committed to delivering local tailor-made solutions that met the evolving needs of the Zambian people.
“The policy was designed with simplicity and affordability in mind. For drivers, it means knowing that their hard work is backed by financial protection for themselves and their loved ones. Today’s launch is more than a product introduction. It’s a reaffirmation of our mission to ensure that every ride is not just a journey from one place to another but a journey covered with care. It is another step towards a future where financial inclusion is not just an aspiration but a reality,” Chewe said.
Lusaka-based Yango driver Jonah Siachoobe is happy with the introduction of the insurance policy.
Siachoobe said in an interview after the launch the policy had come at the right time.
“It has come when many drivers are giving up having faced the fear of losing lives due to accidents and attacks without any support,” he said.
“To our side, I think it’s a plus because this is something which we didn’t expect. I think if you can remember very well, of late, what we’ve been complaining of. You know, drivers have been attacked and stuff like that. So, now we are a bit getting worried to say now, what is our benefit in this, because we needed security? So, this is something like a guarantee, to say at least when we found such a case occured,” Siachoobe said.
Siachoobe urged fellow Yango drivers not to be discouraged but continue to work with a peace of mind since there is insurance now.
“With this which has come now, at least we have a peace of mind. Anything that might go wrong, at least there will be benefits at the end of the day. All we need is just to be self-conscious of what we do,” he said.
Some Yango drivers have lost their lives after being attacked by criminals posing as customers.
