THE First Mutual Medical Savings Fund has registered a growth margin of between 2% and 5% since its inception in April 2009, a company official said.
The fund’s operations manager Washington Madziwadondo told businessdigest this week the portfolio has enjoyed steady growth four years into its existence.
“The base membership is now bigger and we can talk about an average of between 2-5% as our growth rate,” Madondo said.
He said the fund has grown from about 300 members at the launch of the product to approximately 106 000 members.
Madondo said they would continue to look for innovations around the delivery channels leveraging on technology in offering medical aid services.
First Mutual Life Assurance (FML) on Wednesday introduced e-FML, a low cost mobile-based funeral assurance product that seeks to provide affordable funeral cover to the 12 million mobile phone users across all networks. FML launched the product in conjunction with technical support partner, E Top Up.
The e-FML product will be sold through starter packs valued at 80 US cents.
The 80 US cents will give the client a US$500 cover valid for a month. Once registered, the client will then pay monthly renewal premiums for the same amount if they wish to maintain a cover of US$500.
The product however allows for increase of cover from the initial US$500 up to a maximum US$3 000 depending on affordability and the client will be expected to pay monthly premiums in line with their desired level of cover FML MD Ruth Ncube said this product would enhance the company’s funeral cash plan.
“The long and short (of it) is that we have come up with a product that supports the distribution of an existing product called Funeral Cash Plan,” she said.
Ncube said the major advantage of the product was in its affordability with no underwriting requirements.
E Top Up director, business development, Thomas Mutasa hailed FML for working with a local ICT company in coming up with the product and called on more companies to support the country’s ICT sector.