Airtel Money teams up with PICZ to boost affordable digital insurance offerings in Zambia.
A strategic partnership between Professional Insurance Corporation Zambia (PICZ) and Airtel Mobile Money aims to expand financial insurance inclusion in Zambia, making insurance accessible to millions of Zambians through mobile phones. This collaboration seeks to remove traditional barriers such as paperwork, travel distance, and lack of awareness, thereby democratizing insurance as a safety net for all, including those in remote areas.
The key aims of the partnership include simplifying insurance access, insuring 1 million Zambians by 2027 through mobile channels, and supporting Zambia’s 8th National Development Plan and Vision 2030. These objectives focus on financial inclusion, reducing economic vulnerability, and empowering marginalized groups such as women and youth.
The Zambian government has shown its support for this initiative, with Hon. Felix Mutati, Minister of Technology and Science, officiating the launch event. This endorsement reflects the government's commitment to digital innovation in insurance and financial services to drive inclusive economic growth.
Hon. Mutati called the current insurance penetration rate in Zambia, at 6%, unacceptable. He emphasized that insurance is not a product but a lifestyle that should be kept simple. Mutati praised the collaboration with local businesses as the best way to find local solutions for local problems.
The partnership between Airtel Money and PICZ is expected to spearhead campaigns promoting insurance awareness, digital literacy, and skills development. Mutati commended Airtel Money's "Spam Alert" system, which filters approximately 400,000 spam messages and has achieved a 92.6% security rate.
The government plans to expand national connectivity to 96% by 2026, ensuring broader access to digital insurance services. Zambia ranks among Africa's best-performing countries in cyber resilience, providing a strong foundation for this digital expansion.
In summary, the PICZ-Airtel partnership represents a transformative move to broaden insurance coverage digitally across Zambia, supported by the government’s development agenda and the innovative use of mobile technology to reach underserved populations. This collaboration is described as a defining moment for financial insurance inclusion in Zambia.
- The strategic partnership between Professional Insurance Corporation Zambia (PICZ) and Airtel Mobile Money aims to democratize insurance as a safety net for all Zambians, particularly those in remote areas, by simplifying insurance access and supporting financial inclusion.
- The partnership's objectives focus on insuring 1 million Zambians by 2027 through mobile channels, reducing economic vulnerability, and empowering marginalized groups such as women and youth.
- The Zambian government, with Hon. Felix Mutati, Minister of Technology and Science, has endorsed this initiative, showing its commitment to digital innovation in insurance and financial services to drive inclusive economic growth.
- The partnership is expected to spearhead campaigns promoting insurance awareness, digital literacy, and skills development, with Airtel Money's "Spam Alert" system's high security rate commended for its effectiveness in combating cybersecurity threats.
- The government's plans for expanding national connectivity to 96% by 2026, coupled with Zambia's strong ranking in cyber resilience, provide a robust foundation for this digital expansion in insurance services, making it a defining moment for financial insurance inclusion in Zambia.
