TANZANIA (June 7, 2021) – VisionFund and MicroEnsure (now part of MIC Global) introduce a new health and life insurance product in Tanzania. Under this initiative, VisionFund Tanzania, a Microfinance Bank, will provide their customers with simple-to-understand microinsurance plans at a very affordable cost. This will help VisionFund Tanzania’s customers and their families to cope with the many vulnerabilities they face in areas such as health, death, and disability. This insurance product will also cover risks related to Covid-19 and will offer support within communities that continue to fight against this pandemic.
MIC Global (MIC) and TanManagement Insurance Brokers, who recently joined forces, are partnering with VisionFund Tanzania to provide financial inclusion in their marginalised communities. As part of this effort, the two entities have collaborated to offer the citizens of Tanzania with a unique package of health, life, and disability insurance. This innovative bundled product was designed after considering the specific requirements of local customers and their families, as well as taking valuable input from the VisionFund Tanzania staff who interact with these customers on a daily basis. This product is the first of its kind and is expected to be a trendsetter in the Tanzanian microinsurance landscape. Furthermore, it will help to grow insurance penetration across the country.
Speaking at the occasion of the product launch, Mr. Yohane I Kaduma, Chief Executive Officer of VisionFund Tanzania Microfinance Bank Limited said,
“I am profoundly excited at the establishment of this solution, which brings true resilience and sustainability for our clients through linkage to this insurance product. For VFT, this is an extension of financial services to our clients. Again we are delighted to introduce this product and have high expectations of a good uptake since it involves coverage for their Medical expenses when unwell, any total permanent disability, and even loss of life. This initiative implies widening of our financial services beyond credit and savings, to paving a path of focusing on our clients’ lives.”
Mr. Rehan Butt, Vice President, MIC Global remarked,
“This initiative is part of our mission to provide a global safety net to the four billion un/ underinsured people across the globe. We are proud to be in partnership with VisionFund to deliver on that objective in Tanzania. The low and middle-income segments have the highest need for risk protection and yet, they have the least amount of access to insurance products. MIC is determined to change that and we are optimistic that with the help of partners like VisionFund, we will be able to take insurance products and solutions to a much larger population of uninsured communities around the world. I would like to thank our partners Sanlam Life Insurance and our Tanzania representative through BrokersLink, TanManagement Insurance Brokers Limited, for their support in delivering this insurance to VisionFund customers.”
VisionFund International (VFI) is the world’s largest global Christian microfinance network and part of World Vision, a Christian relief, development, and advocacy organisation. VFI serves over 1.1 million clients and impacts the lives of 4.1 million children in 28 countries. In Africa, VFI operates in 11 countries, lending over USD 100m to more than 450,000 clients.
VisionFund Tanzania (VFT) is a Chiristian Microfinance Bank established in 1996 as a Microfinance Institution by World Vision and transformed to a Microfinance Bank regulated by the Central Bank in 2014 under the network of VisionFund International. Fully supported by VFI, VFT aims at impacting children and rural communities through the provision of financial products and sServices. Over the years, VisionFund Tanzania has grown its customer base and extended its outreach across the country with tailor-made products such as Credit, Savings, and Insurance whilst embracing technology as a game changer. Since its establishment, VisionFund Tanzania has remained responsive to the needs of the low- income families, particularly those in rural areas. Currently, VisionFund Tanzania is amongst the strongest Microfinance Banks offering financial services in Tanzania mainland, with a Cash holding and a network of 52 Cashless branches, spread in 22 regions with a customer base of around 30,137 and a TZS.17Bil loan portfolio.
MIC Global (MIC) is a global insurance platform delivering technology, underwriting, policy management, and distribution. MIC provides insurance to platforms, micro & small businesses, and to the 4 billion people on the planet that are currently unserved. Whereas most Insurtechs seek to improve existing monoline products and markets, we follow the concept of straight through processing. We do this in order to create highly relevant insurance products that we can offer via our platform globally at a very low cost in order to support people in their local communities. MIC is the world’s first global end-to-end digital micro insurance platform that has combined reinsurance capacity, in-country insurance licenses, world class distribution, and market leading AI functionality. For more details visit www.micglobal.com or email Rehan Butt at rehan@microinsurance.com
