Pensions authority urges insurance firms to roll out solutions targeting financial inclusion


Insurance companies in Zambia have been implored to roll out insurance solutions that seek to promote financial inclusion through customised products.

Pensions and Insurance Authority (PIA) Deputy Registrar, Dr Brian Manchishi, said this should be done for diverse individuals, encompassing the unbanked.

Manchishi said this on Monday during the launch of the Kukhuza funeral policy by Octagon Zambia Insurance Brokers, to alleviate financial burdens during times of loss.

He said such solutions should also encompass contract workers, entrepreneurs and small business owners in the country.

“This offering is more than just a policy, it’s a tastement to cater to a diverse range of individuals as well as extend financial protection to a broad spectrum of society,” Machinshi noted.

Read More: Insurance market in Zambia stagnant at 2%, says Pensions and Insurance Authority

He stated that this inclusivity perfectly aligned with the Authority’s vision of ensuring that insurance services were accessible to all segments of the population.

Earlier, the Board Chairperson of Octagon, Charles Mate, said that the product offered security and stability.

“The launch of Kukhuza represents a natural progression for us as we continue to expand our reach and impact in Zambia. While discussions about funerals may be considered taboo, it’s a reality we all face,” Mate stated.

He claimed that the policy marked a significant milestone for the firm as it extended its commitment to providing guaranteed financial security to individuals and families.

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