Hollard Insurance and FNB Zambia Unveil New Insurance Product to Protect Small Businesses from Economic Shocks
Press Release
LUSAKA, Zambia – 16 December 2020 – Hollard Insurance Zambia and First National Bank (FNB) Zambia has announced the launch of a new inclusive insurance solution designed to protect micro, small and medium enterprises (MSME) from physical and financial losses called Thandizo Financial Assistance.
Thandizo offers FNB customers the option of purchasing affordable insurance cover to protect their businesses in the event of property damage to the building, stock, or equipment caused by fire, storm, flood or impact damage by vehicles with benefit pay outs of up to ZMW15,000. In some case financial loss may be incurred due to loss of life, and Thandizo will provide funeral assistance for the business owner or spouse of ZMW10,000. Offered at a monthly premium of K49 per month, Thandizo offers varying financial compensation to customers depending on the nature of their claim. The product is underwritten by Hollard Insurance, distributed through FNB and powered by the insure-tech provider, Inclusivity Solutions.
Commenting on the announcement, Hollard Insurance Head of Business Development and Inclusive Insurance, Siani Malama said “Of the 1.2 million MSME owners estimated in Zambia, only 1% have some form of insurance protection. As Hollard, we will continue to invest and offer inclusive and accessible insurance solutions in Zambia. The introduction of Thandizo provides an inclusive solution that offers the highly vulnerable and hard-working individuals, a safety net that enables them to secure a better future for them and their families.”
FNB Zambia Head of Business and Commercial banking, Kabanda Lilanda said “Businesses are the engine of our economy and ensuring they have the requisite support to run and grow their operations is at the core of our business. We are therefore pleased to partner with Hollard General Insurance to offer MSME owners a cost-effective means through which they can manage their risk and keep various aspects of their businesses protected.”
Jeremy Leach, Founder and CEO of Inclusivity Solutions commented “The MSME is a critical economic sector for countries like Zambia and yet they remain completely underserved by traditional insurance models. We are delighted to be supporting Hollard and FNB as a strategic partner in bringing this product to market. By combining our deep expertise in developing insurance products for low-to-mid income consumers with our award-winning digital platform we look forward to Thandizo reaching the scale and affordability required to make an impact on the lives of Zambian entrepreneurs.”
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About Hollard Insurance Zambia
Hollard Zambia operates under two insurance licenses Hollard Insurance Zambia Limited and Hollard Life Assurance Zambia Limited, who offer General Insurance and Life Assurance products respectively. Hollard originates from South Africa and have been in operation in Zambia since 2010 and is celebrating 10 years this year. The Zambian operations have grown from a green field start up, to having several branches and employing over 150 staff members whilst currently servicing over 20 000 policy holders.
The Hollard Group is South Africa’s largest independent and privately owned insurance group. It has grown over the past 40 years because of its belief and commitment to do things differently, anchored on its core purpose of enabling better futures. The group currently has operations in 7 countries, and plan on expanding it’s presence across the continent in future.
About FNB Zambia
First National Bank (FNB) Zambia Ltd is a wholly owned subsidiary of First Rand Group South Africa and started operating in Zambia on 1st April 2009. The FirstRand Group has a presence in nine African countries outside South Africa, offering full banking services through FNB, Rand Merchant Bank (RMB). FNB Zambia Limited is authorised and regulated by the Central Bank of Zambia and is an active member of the Bankers Association of Zambia. The team services local and multinational corporate clients and offers a comprehensive suite of Corporate and Investment Banking products and services. First National Bank Zambia (FNBZ) is celebrating a remarkable 10 years of delivering innovative solutions to customers since opening its doors on 1st April 2009. The bank has a network of 26 branches, approximately 160 ATMs, over 2,400 Point of Sale devices and more than 290 agencies.
About Inclusivity Solutions:
Inclusivity Solutions designs, builds and operates inclusive digital insurance solutions. Inclusivity Solutions partners with mobile operators, insurance companies and other financial distribution partners to deliver insurance solutions through digital channels, that meet the needs of emerging consumers and achieve long-term social and financial impact.