Bancassurance Partnership with BancABC
It gives me great pleasure to be part of this momentous occasion when Zimnat and BancABC officially launch our Bancassurance partnership …. a partnership that was crafted with our customers in mind. The partnership we celebrate today demonstrates our commitment to continuously explore how we can stay in the endurance race whose aim is to provide excellent service for our clients.
The primary objective of this partnership is to bring convenience to our customers by providing a one stop shop that enables access to various insurance products through any of the BancABC branches countrywide. It is our contention that our offering will cater not only for our existing clients, but also evoke interest from other segments of our economy, particularly those who may not have had access to a wider spectrum of financial services in the past.
The journey that brought together our two institutions started in January 2017 when the ABC Holdings Group entered into a partnership with Sanlam Group, of which Zimnat is a member, in our quest to provide a comprehensive offering of BancAssurance products.
The first phase of our journey brought to the market the following products:
- Motor Vehicle Insurance –complemented by ZINARA and ZBC Licensing;
- Mortgage Fire Insurance;
- Mortgage Protection Insurance; and
- Credit Life Insurance.
I know I am talking to an informed audience here but just in case one or two may not have insights into what the field of Bancassurance entails, I will share the dictionary definition with you. Simply put, this is an arrangement between Zimnat and BancABC whereby BancABC is able to offer and sell insurance products underwritten by Zimnat at its counters. Ours being an integrated partnership, business flows either way in the partnership for the benefit of our customers. It is a convenience play.
I am delighted to announce the introduction of more products today, namely:
- Whole Life Plan;
- Funeral Cash Plan;
- Hospital Cash Plan; and
- Over the counter Bid Bonds and Guarantees.
The technical characteristics or specifications of these new products will be shared with you in a few minutes during the program. I will let the experts do the unveiling.
On behalf of BancABC I would like to express our gratitude towards Zimnat for making us your business partner and working with us, sometimes under immense pressure and tight deadlines, to make the initiative the reality that we witness today.
New Product Offerings - FSG Zimbabwe (FSGZ)
In this quarter, we focus on a new business unit within the Zimnat Family, launched early this year, FSGZ. So….
Who is FSG Zimbabwe (FSGZ)
(FSGZ) is a funeral services company that offers a unique age-based product to the Zimbabwean. The business unit is 46% owned by Zimnat Life Assurance, with the remaining 54% being owned by FSG Limited Botswana and First Sun Alliance (FSA)
What is FSG Zimbabwe (FSGZ) bringing to the market?
A product that is all-inclusive and covers all aspects of one’s life-long journey. The FSGZ Funeral Plan is a funeral protection plan with a limited premium payment term of 20 years.
Celebrating a life well lived and a befitting farewell, is FSGZ’s focus. The focus of most products on the market is final services, which is burial. However, FSGZ’s unique product offering focuses on ensuring a long healthy life. This is achieved through offering additional value adding benefits to the core funeral benefits such as Hospital Cash Back and Total and Permanent Disability.
Core Benefits
- Funeral Services
- High End Hearses including Gun Carriage
- Top-of-the-range Caskets
- Family Escort Vehicle – accompanies Hearse to place of burial (Toyota Quantum or VW Minibus) – a first in Zimbabwe
- Mortuary Services
- Chapel Services
- Grocery Allowance
- Ceremonial Cow Allowance – a first in Zimbabwe
- Mourners Transport – cash allowance or bus service equivalent – another first in Zimbabwe.
Product Plans and Cash Benefits
FSGZ offers four Product Plans; Standard, Medium, Executive and Executive Plus. Cash benefits on each of the four plans is as follows (part of core benefits);
| Plan | Grocery Allowance | Ceremonial Cow Allowance | Mourners Transport (Cash Allowance or Bus Service Equivalent) |
| Standard | $200 | $400 | $1,000 |
| Medium | $300 | $400 | $1,000 |
| Executive | $400 | $400 | $1,000 |
| Executive Plus | $500 | $400 | $1,000 |
Optional Riders
- Hospital Cash Back Benefit of $50 and $25 for adults and children, respectively, for each day spent in hospital, terms and conditions applying.
- Total and Permanent Disability Cover (TPD), ranging from $3500 to $7000, depending on plan chosen
- Double Accident Cover, extending from $1500 to $5000
- Memorial and Tombstone Cover, ranging from $1000 to $2500
- Waiver of Premiums after TPD or death of principal member by 50%.
Caskets
STANDARD PLAN:
- 3-tier Pine Solid Casket
- Standard Adult Size 6ft
- Laminated Pine Solid timber
- White satin interior
- With polythene sheet underneath
- Laced with gold or silver
- With pillow
- Wrap Around Handles
MEDIUM PLAN:
- Standard Dome Casket White
- Standard Adult Size 6ft
- Gloss white painted
- Half-couch white satin interior
- With polythene sheet underneath
- Laced with gold or silver
- With pillow & Bubble glass
- Wrap Around Handles
EXECUTIVE PLAN:
- Steel Dome Casket
- Standard Adult Size 6ft
- Full-couch white fleece interior
- With polythene sheet underneath
- Laced with gold or silver
- With pillow & Bubble glass
- Wrap Around Handles
EXECUTIVE PLUS PLAN:
- Kenwood, Mahogany & other Varieties
- Standard Adult Size 6ft
- Full-couch white fleece interior
- With polythene sheet underneath
- Laced with gold or silver
- With pillow & Bubble glass
- Wrap Around Handles
Why invest in the FSGZ Plan?
- No medical requirements
- Choice of covers
- Age-based premium and family composition calculations, thus treating you fairly
- Offers a lumpsum payment for Total & Permanent Disability of members covered
- Pays to you and your family, a hospital benefit for each day you stay in hospital
- Offers premium waiver of 50% of expected monthly premiums following TPD or death of principal member
- Peace of mind knowing all misfortunes will be catered for, avoiding debts occasioned by unexpected financial burdens.
Zimnat Thematic Campaign
Zimnat is a brand that has been in the insurance and financial services landscape for over 71 years. Albeit well know with the older generation the brand needed some rejuvenation with the younger generation in terms of awareness and the relevance of the brand in their lives. The brand also needed to reinforce the Sanlam partnership as well as all the benefits it brings to clients such as; products of international standards, excellent technical support, superior customer experience, security and peace of mind. In simple terms, the job was to ensure that people of all generations connect with the brand and understand how Zimnat can “make their life better” It is against this background that we decided to embark on an advertising campaign like no other.
In deciding how to go about this momentous task we decided to do something different that the market has not done before. The power of taking a road less travelled is captured in a famous poem by Robert Frost: The Road Not Taken. The most popular interpretation is that it encourages non-conformity. It epitomizes the value of setting off in new directions, taking a direction that others may not have journeyed. Choosing a different path. This path is a dangerous gamble giving high risk and therefore high rewards when it succeeds.
The Zimnat promise is to “make life better” and we thought what better way than to tell the story through the lens of the client whose life has been touched by the brand. We took raw unscripted testimonials that make use of real life consumers to tell their experiences with Zimnat. The characters portrayed were willing to tell the world about how Zimnat had made a significant impact in their lives and how they were changed for the better.
These stories will be told in the form on an online program called the “making Life better show”. Every episode will be a customer telling their story. This show will also flight weekly on ZTV. See below some of the inspiring stories:
These individuals took time off their busy schedules to tell their stories and Zimnat would like to sincerely thank them. They will also feature in the press adverts and radio adverts as well.
A major concern as well has been the low levels of awareness for the brand. To remedy that the campaign will also flight on DSTV as well as ZTV with a TV commercial also designed to bring put the impact the brand has had and will continue to have in people’s lives. This will be complemented by a jingle to drive Top of mind awareness
In my view the best part of this campaign will be the exceptional outdoor which will stand out and is bound to get noticed.
The motor insurance advert at Joina City mall
The steam advert by Coke corner
So be on the lookout for this and other exciting initiatives from Zimnat. We would also like to know what you think of this campaign. Send us email at marketing@zimnat.co.zw. We would love to hear from you as we continue to build the brand we love …..together we can “make life better”!
Have Some Fun. Come & Join the Zumba Party!
Grooving to the beats of salsa, naija beat, sungura, kwasa-kwasa and the popular zim-dancehall music, feels more like a dance party than a workout - that is exactly what makes Zumba so phenomenal.
Zumba is a lifestyle and a health fitness revolution that fuses fitness with an easy to follow choreography. You do not need to be a great dancer to feel welcome in a Zumba class. All you have to do is to move in sync with the beat, have a good time and ultimately burn those calories. Most importantly, Zumba keeps you fit, gives you an amazing body and makes you feel good.
The Genesis of Zumba
The story of Zumba begins with an accident that seems too good to be true. Alberto “Beto” Perez, a dancer and choreographer from Colombia, is credited for conceiving and popularizing Zumba in the early ‘90s, albeit by coincidence. One day, upon arriving to his fitness class, he realized that he had left his traditional aerobic music at home. Improvising, he unpacked some of his favorite Latin music tapes from his bag, popped them into the sound system, and taught his first Zumba class.
The Zumba class became an instant hit and within just months of his impromptu act, Beto became so popular in his hometown in Colombia that music star, Shakira, hired him as a choreographer for her “Pies Descalzos” album. The rest they say is history. Fast forward to this day; Zumba is now a multi-million dollar industry and a globally recognized fitness program, with certified instructors in more than 125 countries around the world.
How it works
Zumba is an interval and whole body workout. The classes move between low and high intensity dance moves, which are designed to increase your heart beat and boost your cardio endurance. The jumps and lunges that are part of the choreographed movements help to work your quadriceps, your hamstrings, and to also strengthen your bones.
Many of the dance steps used in the routines emphasize the hips and midsection (abdomen). This helps to reduce stomach fat and to tone your hips and abs. A six pack (flat tummy) and toned hips are desired by many, and Zumba is surely the perfect fitness regime to attain that.
Benefits of Zumba
- Calorie and fat burning: At its core, Zumba classes provide a large calorie burn through aerobic activity. The average person will burn around 600 to 1,000 calories in a Zumba class.
- Improved coordination: By joining a Zumba class, you’ll definitely improve your coordination, which is extremely important to maintain as you grow older.
- Full body workout: Zumba is both a dance class and a fitness class. Aside from its heart-health benefits, Zumba provides a workout for the whole body. From head and shoulder moves that loosens up the neck and warm up the upper body, to footwork that strengthens and stretches calves and ankles, this fitness method touches on nearly every muscle and joint.
- Cardio benefits: Exercising for prolonged periods at fast rate can increase the strength of your heart. It builds up your aerobic & anaerobic endurance. Largely, it’s most useful for helping to maintain a good cardiovascular respiratory system, by increasing how much oxygen you can breathe-in during a high-intensity event. If you are trying to build endurance, this is the best thing you can do for yourself
- It makes you love to exercise: Workouts that feel like work are hard to get excited about, but Zumba is so enjoyable you actually want to keep coming back. It completely changes the idea of exercise because it’s something you really look forward to. It will keep you on a healthy routine!
- Increased confidence: A Zumba workout lowers your inhibitions, improves your posture, improves your coordination and makes you feel good about yourself. These changes will reflect immediately on your mood and on your appearance. Someone who feels good also has greater confidence.
- Mood boosting: Zumba is the perfect workout to take if you want to get rid of all that stress you accumulate during your every day. The upbeat moves specific to this type of workout favour the release of those mood-improving endorphins, and by joining a Zumba class, you’ll surely be able to feel your worries melt away as you lose yourself in the music.
- Socializing & networking: At a Zumba class, you’ll be able to meet and interact with interesting and fun people. You could go to this type of workout for at least two or three times per week and you’ll get to socialize and make a lot of new friends among your Zumba classmates. You can also bring your friends to the party. Instructors sometimes host ‘Zumba parties’ for corporate challenges, bachelorette parties and many more.
Zumba at Zimnat
Yes, we have Zumba classes at Zimnat. The 4th Floor Recreation Space is the place to be every Wednesdays, as we will be dancing and working out for 45 minutes. Don’t be left out! Come and join us. Awesome bodies are attained by those who have the passion to dance for them. Come and feel the heat sandwiched by the beat. No pain, no gain!!! ADIOS!!!
Effort Gotora, awarded for attaining the highest marks in 2 of his CII exams
Effort Gotora – Graduate Trainee (Underwriting) recently received an award for attaining the highest marks in 2 of his CII exams which he sat for in 2017. He was awarded the Barnfield Prize. We caught up with Effort to get to know him a bit better and understand what makes him tick.
Tell us a bit about yourself. What defines Effort as a person?
I am a multi-skilled insurance resource with excellent knowledge of life insurance processes in Underwriting, Claims and Premium Accounting. I have an inquisitive mind towards work which I believe helps in improvement of processes and eagerly wanting to learn new things all the time. I possess advanced analytical skills and have an unrelenting tenacity towards solving problems. I am still single and come from a family of five. Graduated with Honours Degree in Risk Management and Insurance from NUST currently I am about to complete my CII associate Level studies. I am currently working as a Graduate Trainee -Underwriting where I am responsible life underwriting and Reinsurance functions.
What would you attribute your excellent results to?
Flexibility to be able juggle demanding work tasks and academic studies. Hard-work, perseverance, zeal for success and ambition.
What motivates/ inspires you?
I am motivated by producing the best in my endeavours, be it academic, work or social programmes. Whatever I touch, I want it to turn into gold. I enjoy solving complex problems at work and home. I have also realised that I have passion to help colleagues to develop and achieve their goals.
What are your career aspirations? What is the next step in your journey?
I would like to build my conceptual skills by moving from technical side on insurance studies to leadership and strategic courses. I haven't quite made a decision on my next studies. I am still weighing on the best leadership course to embark on as well leadership books.
What word of advice/ motivation would you give you give to fellow colleagues who are also embarking on the academic journey?
Time and money will be enough, but one needs to learn to sacrifice and make commitment to the set goals. So many challenges along the way, but determination is of paramount importance.
What is the most crazy/ exciting thing that has happened to you since January 2018?
Being incorporated into the leadership structure at my church and also this accolade I received from CII FOR my outstanding performance.
Who is your role model? Why?
Minister SB Moyo. His sterling role on the 15 November leadership change operations and his subsequent marvellous work in his ministry still baffles my mind.
What do you do for fun or in your spare time?
I read books, and I am a Liverpool fan and interacting with people.
If you were stuck in a remote place; and a friend could bring you 3 of your favourite things what would they be?
Novels, my Karibu Wine and my girlfriend.
Brian Dandi, Personality of the Quarter
Brian Dandi, Compliance and Marketing Officer in the Zimnat Life Employee Benefits department, was nominated personality of the quarter. We held an interview with him to know more about him. Below is the exciting conversation we had with Brian.
Who is Brian Dandi?
Brian Dandi is an adventurous person, one person who always make it a point to make people smile when he is around, a person who takes defeat as a lesson and a person who is open to criticism.
What gets you out of bed in the morning?
During weekdays its work but on weekends it’s because I want to make up my bed.
How would you describe your day job to a child?
I would say my job is always demanding for solutions as I always deal with different clients.
What is your biggest achievement to date – personal or professional?
Personal Achievements are hard to rank because all of them are huge to me but professionally it has been able to meet my job demands.
What does a typical day look like for you and what are you currently working on?
My day is always filled with new things and I am always working on new client request and servicing my clients.
What three words would you use to describe your role?
Onerous, drama, adventure.
If you could switch jobs with someone, who would it be?
The President.
What is on your wish list for your next five years here?
It is a huge list and it would take a whole book, but in a nutshell I want to be known as role model and mentor to people.
What are your biggest professional challenges?
Failure to communicate. Most of the times I find it hard to communicate.
If you could choose anyone, who would you pick as your mentor?
My father.
If you could change one thing about working here, what would it be?
I would change nothing because I am in content with what I have at the moment.
What do you like most about your job?
Being a Compliance and Marketing Officer. It makes me meet influential people somehow it prepares you to be an important somebody.
What advice would you give to recent new entrants?
Zimnat is a place where people work and for you to survive it requires extra effort, extra hours and dedication. Always know that your role is to make peoples’ life better.
Pretend you’re our CEO. What three concerns about the company’s future keep you up at night?
How am I going to preserve policy-holder value and ensure the company meets their expectations, How do I improve employee welfare and lastly how do I get Zimnat to own the major market share in the industry.
What’s your most memorable facepalm moment?
When I was attending to a call and called the client Mr when actually the person was a Mrs.
When was the last time you laughed so hard you cried?
28 June this year on my birthday.
What is your motto or personal mantra?
Whatever you do, do your best and let the results speak for themselves.
Given a chance, who would you like to be for a day?
Jesus!
What’s your favourite line from a film?
“Ah you think darkness is your ally? You merely adopted the dark. I was born in it, moulded by it. I didn't see the light until I was already a man, by then it was nothing to me but blinding!”
What is your guilty pleasure?
Organising events that bring people together and make sure there is fun and love.
Alex Chindoori awarded ISSP (INFOSEC) Status
Alex Chidoori, was awarded Information Systems Security Professional (INFOSEC) Status by the United States of America National Security Agency NSA and Committee on National Security Systems CNSS following successful completion of the Cisco Certified Network Security Associate. This recognition was due to the skill he acquired in protecting critical information infrastructures and networks worldwide. We recently caught up with Alex to congratulate him and understand how he was feeling about this achievement.
What defines Alex as a person?
I am a Catholic, Alcoholic and socialistic guy, married to Deliwe we have two kids, Arteta and Emre-can.I was born in a family of six, with two boys and two girls in Cranborne Park. I hold a Bsc Degree In Computer Science , Oracle Database Administration Certificate, Cisco Certified Network Associate(R&S) ,CCNA( SECURITY) currently studying for my CEH( Certified Ethical Hacker)
Attribute to qualifications:
Accepting that failure is not the worst than never to try and acknowledging that success is learning that errors can pay! I do believe that in life you can achieve anything as long you know where you are coming from and see where you are going.
What motivates and inspires you?
I am a results oriented person who takes failure as vapour, it does not exist. I enjoy my work hence i do it in such a way that I always have a smile on my face.
What words of advice would you give to your peers?
Never measure anyone's success and have it as your benchmark, success paths are never the same take yours individually and walk your own path.
What is the most exciting thing that has happened to you since January 2018
Being certified as INFOSEC Professional and being awarded an opportunity to pursue a career in the United States of America.
Who is your role model?
Donald Trump, in his entire career he never worked in the Military and in the Government but due to his success his the Military Commander and Head of State and Government.
What do you do for fun?
I enjoy playing Pool so I play for a club in the Harare Pool League.
If you were stuck in a remote area, what 3 things would you wish to have?
My Wife, my kids and lots of castle lager beer.
Zimbabwe's Economic Outlook
While the last few years in Zimbabwe have been marked by a lot of economic uncertainty, the year 2018 started with a strengthened optimistic view by forecasters. The coming in of President E. D. Mnangagwa posed many questions about the terms of trade under which the land locked country will operate and the extent to which inward investment will flow.
Forecasts on the economic growth strengthened, with Zimbabwe’s expected GDP being revised by the IMF from 0.8% to 2.4% for the year 2018, although notably lower than the global average growth which stands at 3.9%. This revision signifies positively on the prospects of growth with a credible election anticipated to cause a further upward revision.
The upcoming elections on the 30th of July will undoubtedly have a bearing on the economic outlook particularly in the area of trade and investments. In contending for international investments, Zimbabwe is making a definite case to potential investors by its revised policy direction. As this uncertainty of what the elections result will bring persists, businesses leaders must do what comes naturally – find opportunities and close the deals. As we heard into the second half of the year, several key economic issues will come into focus.
Inflation
Although Zimbabwe flirted with negative inflation in the years leading to 2017, rising international oil prices have caused an upsurge in the domestic fuel prices which have eventually caused a rise in the inflation. According to a presentation by BancABC Economist, Mr. James Wadi at Zimnat’s Inaugural Trade Finance and Credit Insurance Conference, there is a growing mismatch between the official inflation and “real feel inflation” where prices of some goods have soured four times higher than the regional parity prices. This has led to the erosion of disposable incomes and subdued consumer spending. High prices on goods have also led to the opening up of cheaper imports.
Currency and liquidity
The country is experiencing cash shortages owing to the decline of nostro balances and cash holdings. The country has suffered less cash inflows in the form of export receipts, foreign investments and external loans compared to net outflow of foreign currency in the form of imports, service payments, capital payments and leakages. This has led to consumers having “trapped deposits” due to withdrawal limits instilled by the Reserve Bank of Zimbabwe. The central bank has also banned the withdrawal of forex by individuals to prevent fueling of black market rates. Uncertainty still remains on the reintroduction of a local Currency with the Reserve Bank of Zimbabwe expressing that they will continue to procure cash in foreign currency to support the multi-currency system.
Fiscus
From the year 2016, Zimbabwe’s expansionary fiscal policies have caused unsustainable fiscal deficits that widened from 8.5% in 2016 to go beyond 11% in 2017. There is great concern over the disparities in the government budget and the actual outcome. Costs relating to the elections in 2018 are likely to widen this disparity which will cause a high fiscal deficit. Pressures from the civil servants to increase salaries have also put a burden on the fiscus. Although there are efforts to reengage foreign lenders, the government has had to depend on local sources of financing to absorb the budget shortfalls. Budget deficit in 2018 according to James Wadi is expected to be USD1.5 billion compared to the budgeted USD672million.
Trade
According to an export report by Zimbabwe Economic Policy Analysis and Research Unit, the year to date prices of Zimbabwe’s major export commodities (tobacco, gold, nickel and platinum) grew steadily which boost export revenues. However foreign currency shortages have led to diminishing competitiveness of Zimbabwean exports as importation of critical goods needed in value addition and manufacturing is affected. This has led to unsustainable trade deficit. However the increasing cost of local goods has encouraged consumers to increase consumption of imports.
Looking beyond, economic events of 2018 will cast a long shadow into the future economic performance of Zimbabwe. An encouraging environment and a compelling case on the skills and cost effectiveness of doing business in the country will make Zimbabwe a competitor for international investment. Free and fair elections will position the nation for an economic rebound. Future terms of trade are also particularly significant for the economy. The question however still remains if Zimbabwe will be able to utilize its aptitude in the form of natural resources, skilled human resources and infrastructure. Resolving the fiscal policy issues and re-stabilizing the monetary systems, supported by resolving of pending issues with international lenders will create enormous potential for Zimbabwe.