Zimnat honours its salesforce in ritzy style
Zimnat, a leading financial services group has once again painted the city green with the return of its glitzy Annual Agents Awards ceremony. The latest edition was held at the prestigious Cresta Lodge in Harare on Friday the 18th of March 2022. The glamorous event is hosted annually to recognize and celebrate high-performing sales agents in the group, in line with the Zimnat culture of celebrating success and high performers. The event was attended by sales agents from all over Zimbabwe as well as executives from the group and some of its banking partners.
In his welcome remarks, Mustafa Sachak, Zimnat group chief executive officer said it is the company’s culture to always recognize hard work and celebrate it. The annual agents' awards ceremony is the pinnacle of this recognition program.
“Whilst the COVID-19 pandemic negatively impacted us from an economic and social perspective, it also helped expedite our digitalization agenda to continue delivering on our promise to our customers. This resolve to make life better extends to how our agent salesforce evolved in a way that has seen us bouncing back with better results in the 2021 financial year. Today we honour those agents that were exceptional within our high-performing salesforce. One of our biggest drivers is exceptional customer service and these people getting awards today have displayed a commitment to both hard work and exceptional service delivery.
“By celebrating and encouraging our sales agents and staff we want them to be motivated to provide exceptional service to our clients. We want to empower the company and clients to reach their full potential,” Mr Sachak said.
The awards ceremony which was dominated by female agents could not have come at a better time than in the month in which the world is celebrating women. A woman of note was Sheron Mange a life insurance sales agent who was recognized as the top-performing sales agent. She broke the bias by growing her portfolio by ten times from its 2020 record.
Not to be outdone were sales agents in the general insurance and microfinance space, Gardiner Maponga and Godfrey Huseni. Gardiner Maponga has been with the group selling insurance for more than 2 decades and is growing his portfolio consistently same with Godfrey.
Zimnat is a diversified financial services group that offers products across the financial and insurance spectrum. It has four business units namely Zimnat General Insurance, Zimnat Life Assurance, Zimnat Financial Services, Zimnat Asset Management, and is associated with the Sanlam Group.
Zimnat scoops lion share of awards
In a year in which it celebrated its 75th anniversary, Zimnat a leading player in the insurance and wealth management industry made headlines at the 2021 Marketers’ Association of Zimbabwe Exceptional Marketing Awards ceremony in Kariba where it scooped 6 awards.
The awards ceremony is held annually in recognition and celebration of excellence for organizations and individuals who have pushed their brands and led successful marketing campaigns during the year.
Zimnat was nominated for 11 of the award categories and resultantly won awards in five categories.
The Best Outdoor Media Prize went to Zimnat for its Samora Machel Parkade Car Crash Billboard, where a car appears to have crashed out of the parkade building.
After running a successful digital promotion campaign that was Zimbabwe’s first WhatsApp Drama, Zimnat was also recognized as the 1st runner-up award for the Best National Promotional Campaign of the year award.
Having run one of the most iconic digital campaigns that “broke the internet” to launch its new Assessment Centre that broke the internet in September with the infamous “Mark X” accident simulation along with King, Zimnat was awarded the best National Social Media and Digital Marketing Campaign of the Year Award.
Zimnat was also recognized as the 1st runner-up award for the Best National Promotional Campaign of the year award, after running a successful digital promotion campaign that was Zimbabwe’s first WhatsApp Drama.
The group also scooped some individual awards with its Group Marketing Executive, Tatenda Marongwe, winning the Top Marketer of the Year Award, while its Group Digital Marketing Officer Gamuchirai Sibanda was the 2nd Runner-up for the Brand Manager of the Year Award.
The Zimnat Group CEO Mustafa Sachak was also recognized as the 2nd Runner-up for the Marketing Oriented CEO of the Year Award.
Speaking soon after the awards ceremony, Mrs. Marongwe said her team was thrilled and felt honored to receive such recognition from the industry.
“It is indeed a humbling feeling to see that our efforts are being noticed and reinforcing our presence in the market particularly in this special year where we celebrate our Platinum Jubilee. We have reiterated throughout the year we can promise more exciting programs that are meant to make life better for all our stakeholders for the next 75 years to come,” she said.
Commenting on the awards the Zimnat Group CEO Mustafa Sachak said, “ We are delighted to be receiving these 6 awards which was the highest tally for any organization this year. It is such a great feeling to see our concerted marketing efforts over the past 75 years to empower our customers yielding such results in a year that we are celebrating 75 years of making life better. ”
This is not the first time that the financial services giant has scooped awards at the Exceptional Marketing Awards as they received 4 awards at the same awards last year, and eight awards at the 2019 edition of the awards.
The Zimnat Group has four main business units, namely general insurance, life assurance, asset management, and microfinance. The group is driven by a determination to make life better. It is associated with the Sanlam Group, the largest non-banking financial institution on the continent.
Zimnat scoops top 2021 Global Banking and Finance Award
Zimnat, a leading player in the insurance and wealth management industry for more than seven decades, has been awarded the Best Insurance Brand in Zimbabwe in the 2021 Global Banking and Finance Review awards.
The annual business awards which are hosted by the Global Banking and Finance Review magazine are designed to recognize the innovation, achievement, strategy, and inspirational changes taking place within the Global Financial community.
This award comes as a validation of some remarkable innovations and campaigns that have been coming from the financial services giant. In a year in which most organizations particularly insurance services have been struggling to stay afloat, Zimnat has landed first to market and exciting innovations.
Recognizing the growing importance of WhatsApp based e-commerce in the era of COVID-19, Zimnat launched Zimbabwe’s first WhatsApp based motor insurance renewal platform. The insurance giant further went on to launch another first for Zimbabwe with the introduction of Jabu’s Homecoming, Zimbabwe’s first WhatsApp drama which showcased the real life drama involved in planning for a funeral of a loved one who passes away in the diaspora.
In March 2021, Zimnat made headlines again as it launched innovative life insurance cover options branded the Zimnat LifeCare and Security Plans which allow policyholders to take part in profit sharing realized from their covers. Zimnat launched the products in a very radical manner which involved a mysterious white object placed at Joina City under heavily armed guard. The organization also unveiled decoder insurance, in partnership with DSTV, following the recognition of the role that TV and home entertainment now play in the life of human beings considering the COVID-19 induced lockdown.
Commenting on the award the Zimnat group chief executive officer, Mustafa Sachak, said, “We are excited to have been honoured with this prestigious award. As an organization, we have dedicated the 2021 financial year to ensuring that our customers get to reimagine a better life in an era where COVID-19 has changed the way businesses operate.”
“The new world order calls on us all to think of new ways of making life better for clients and partners by embracing the new norms brought about by COVID-19 that require us to place an emphasis on technology and experiential marketing.
You will realize that all we have done this year speaks to that theme of a better life reimagined as witnessed by the WhatsApp renewal platform, LifeCare plans and Jabu’s Homecoming WhatsApp drama. Our goal is to challenge our customers to reimagine how their lives can get even better when they associate with us. We are happy this award recognizes our efforts so far’ said Mr Sachak.
The award comes at the back of 2 more awards for Best Financial Services Group Zimbabwe 2021” and “Most Innovative Financial Services Company Zimbabwe 2021 by the International Business Magazine.
The Zimnat Group has four main business units, namely general insurance, life assurance, asset management and microfinance. The group is driven by a determination to make life better. It is associated with the Sanlam Group, the largest non-banking financial institution on the continent.
The difference between Life Insurance and Funeral Insurance
By
Joshua Mhlanga
Life insurance
This is a contract offered to an individual seeking to cover themselves or their loved ones against the financial consequences that ensue in the event of the death of the insured individual. The insurer makes a commitment to pay out a lump sum amount as a benefit known as the sum assured to a policyholder’s chosen beneficiaries. Although usually offered to a single life, some may be priced such that the policyholder’s spouse is also covered under the same policy, which is called a “joint” whole life contract.
Funeral Insurance
This contract is taken up solely for the purpose of reducing the financial strains that come with processes involved in making sure that a loved one is given a decent burial. The selected beneficiaries of the covered live(s) are entitled to lump sum pay outs and/or services upon death.
What makes them look Similar?
Benefits payable – Both contracts pay out a lump sum amount upon death of the covered life. The contracts may also be priced in such a way that the policyholder participates in the product’s profit contribution to the insurance company. The profit will be mentioned in the terms and condition as it may be investment, underwriting or a combination of the two.
Zimnat Life Assurance recently launched two products in March 2021, “LifeCare Plan” and “Security Plan”. These products offer policyholders an opportunity to participate in sharing profits realised from the sale of the policies. These contracts are designed in such a way that the insurer promises to give “rewards” if the pool of funds in which premiums are invested in performs, these rewards may be in the form of a lump sum pay-out, premium waiver or an escalation on the sum assured depending on the design of the product.
Eligibility – Almost all insurance contracts can be offered to anyone between 18 and 65 years.
Premium frequency - The insurance benefit is offered in exchange for a premium , the rate at which premiums are paid may also vary from monthly, quarterly and bi-annually.
Premium payment period - Depending on the contract, the contributions towards cover may be paid for a set period, this type of contract is called Whole life with Limited Premium Paying Term, while some may require one to pay in perpetuity until death.
So how are they different?
Usage of pay out – Life insurance cover proceeds may be used to meet inheritance tax liability when winding up the estate of the deceased or to pay off any loans or mortgages that the insured had. It may also be used to purchase an annuity that will be used to pay schools fees amongst other uses.
For a funeral contract, a lump sum is usually paid immediately (within 24 hours of notification) on death to cover all the necessary funeral logistics. So in essence the life insurance contract is taken by the insured so that (s)he safeguards the well-being of those that (s)he leaves behind, while the funeral contract is taken by the insured to make sure that those left behind do not have to worry about financing a proper send off for their loved one.
Magnitude of Sum Assured – a life insurance contract has a significantly higher sum assured value while a funeral insurance contract usually has a lower sum assured. This is mainly so because of the differences in purpose of the covers discussed above.
Underwriting – due to the differences in the sum assured each insurance type is subject to different levels of underwriting conditions. Since the life insurance contact offers a high sum assured the lives to be covered may be subject to medical inspection. Whereas the most common underwriting factor considered for a funeral insurance contract is age.
Benefit Options - Not only does the funeral insurance contract offer monetary benefits, the cover may also render services which include provision of body removal, funeral rites, transport and catering needed on the day of the funeral. In addition, the contract may further give a tombstone and unveiling service benefits. Zimnat offers such services through FSG Zimbabwe.
Lives covered per policy - With a funeral insurance contact one may also choose to cover more lives apart from theirs, these are called co-lives, the addition of these lives has a bearing on the premiums
In conclusion, when the purpose of something is unknown, abuse, overuse or no use at all is inevitable. My hope is next time you want to choose insurance for yourself and/or family, you will be well equipped by the information that has been availed, so that you make the best decision.
Zimnat General Insurance Partners MultiChoice Zimbabwe
Zimnat General Insurance has introduced another first, a new and exciting decoder insurance cover product.
The short term insurance service provider has partnered with entertainment service provider Skynet Pvt t/a MultiChoice Zimbabwe to come up with a decoder insurance cover that will make life better for customers and expand the company’s product offering to MultiChoice subscribers across Zimbabwe. The offer covers decoders against theft or damage that may arise from electrical or mechanical faults.
Commenting on the launch of the product the Zimnat General Insurance CEO Stanley Mazorodze said, “We are excited to offer another product which is a first of its kind to our clients in Zimbabwe. Over the past 10 months most of us have spent more time indoors entertaining ourselves and staying up to date with global news via our television sets, in a new world where staying at home is the best solution to protect your loved ones. This product will ensure that our customers remain entertained and informed of what is going on around them without being disturbed by things like fire induced damage to their decoders .
This innovative offering will cover physical loss or damage that may arise because of:
- Mechanical or electrical faults that occur after the warranty period,
- Damage resulting from attempted theft, fire, lightning, flood, or explosion or
- Total loss resulting from theft, fire, lightning, flood, or explosion.
To sign up for the Decoder Insurance product clients may visit Multichoice branches nationwide or they May just simply send “Hi” to 08080063 and we will call back.
This offering is very affordable and will see Zimnat and DStv clients accessing decoder insurance for as little as USD1/ month, with premiums payable monthly, quarterly or annually. Some of the available packages include;
| Decoder | Sum Insured | Annual Premium | Monthly Premium |
| Explora | USD 140.00 | USD 18.00 | USD 1.50 |
| HD PVR 2 Tuner | USD 55.00 | USD 12.00 | USD 1.00 |
| Single view decoder (DSD1110, DSD1131, DSD1132) | USD 55.00 | USD 12.00 | USD 1.00 |
The introduction of the new decoder insurance cover comes after the Zimnat group recently launched a number of novel products that aimed to make life better for all its customers which include a WhatsApp based motor insurance renewal platform as well as the LifeCare and Security plans which were all first of their kinds in the Zimbabwean market.
Zimnat General Insurance Shareholder Guarantee
This document serves as notice of the shareholder guarantee by Masawara Holdings Mauritius Limited on behalf of Zimnat Lion Insurance Company Limited T/a Zimnat General Insurance. Click on the link below to access the document.......
Shareholder Guarantee - for ZGI
Zimnat launches WhatsApp based Motor Insurance Renewal
Zimnat General Insurance has introduced a WhatsApp based Motor insurance, ZBC radio and ZINARA licence renewal, a service that it’s motor insurance customers can use to renew motor insurance and vehicle licenses.
Just like “messaging” on WhatsApp, current Zimnat and new customers can now renew their motor vehicle insurance, ZBC radio and ZINARA licence on WhatsApp from wherever and whenever in a few easy steps.
The process is easy, one simply needs to initiate a conversation with the number “0786206209” by sending their vehicle registration number to the WhatsApp number e.g. AZZ1234 and they will get an instant response of what to do next. Payment is then made via Ecocash, Icecash or OneMoney wallet instantly. The process can be done in less than 2 minutes.
We also have our toll-free customer contact number 08080063/64 readily available to assist our clients navigate this new innovation.
Once a client has renewed their policy, they can then collect their license discs from any Zimnat office or select OK and Bon Marche stores nationwide at a time of their choice.
The innovation ties in with the change in trends where WhatsApp penetration has significantly grown in Zimbabwe, making it the most used applications in the country. The service therefore gives many customers an easy way to access their insurance.
Imagine renewing your motor vehicle and radio licence on WhatsApp instead of travelling to a brick and mortar office. How convenient!
Speaking on the launch of this exciting initiative Stanley Mazorodze the chief executive officer of Zimnat General Insurance said “As part of our thrust to always offer our clients superior client experience, we are pleased to be introducing a WhatsApp based licence renewal platform for our third party motor insurance clients.”
“Not only are we bringing convenience and ease of doing business with us, but we are truly making life better in these times of the pandemic.
One of the key insights we learnt from the COVID 19 pandemic was the shift from the brick and mortar to the digital and remote working culture.
This platform therefore could not have come at a better time as it allows our valued clients to renew their insurance from the safety of their homes, as they too fight to flatten the curve”, he added.
Acquisition of THI Insurance by Zimnat General Insurance
NOTICE IN TERMS OF SECTION 33 OF THE INSURANCE ACT (CHAPTER 24:07) - PROPOSED ACQUISITION OF THI INSURANCE (PRIVATE) LIMITED BY ZIMNAT LION INSURANCE COMPANY LIMITED
NOTICE is hereby given in terms of Section 33 of the Insurance Act [Chapter 24:07] that:
- Application for Approval of Amalgamation
The respective directors of THI Insurance (Private) Limited (“THI”) and Zimnat Lion Insurance Company Limited (“Zimnat Lion”) intend to make an application to the Minister of Finance for the approval of the following transaction:
The proposed acquisition of the whole of the business of THI by Zimnat Lion and the subsequent amalgamation of the business of THI under Zimnat Lion.
- Salient Features of the Transaction
Subject to all Conditions Precedent being fulfilled, Zimnat Lion shall acquire the entire issued share capital of THI. Upon consummation of the transaction, THI shall become a wholly owned subsidiary of Zimnat Lion.
- Representations and Inspection of Documents
Any person who wishes to make representations relating to the application must lodge them, in writing, with the Commissioner of the Insurance and Pensions Commission, 160 Rhodesville Avenue, Greendale, Harare and may copy the representations to the undersigned within 21 days of the date of publication of this notice.
The relevant Share Purchase Agreement shall lie open for inspection during the notice period at the offices of the undersigned parties.
| BeraMasamba
Legal Advisors to Zimnat Lion 15th Floor, Joina City Corner Jason Moyo Avenue/Julius Nyerere Way Harare
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| The Directors
THI Insurance (Private) Limited Endeavour Crescent Mount Pleasant Office Park Harare
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The Directors Zimnat Lion Insurance Company Limited Zimnat House Corner 3rd Street & Nelson Mandela Avenue Harare
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IMPACT OF COVID-19 AND THE ECONOMIC LANDSCAPE POST COVID-19 - A ZIMBABWEAN CONTEXT
By Takudzwa Sherekete
- Research Manager takudzwas@zam.co.zw
COVID – 19 AND ITS IMPACT ON THE GLOBAL ECONOMY
The Covid-19 virus has resulted in one of the deepest recessions globally. Most countries are expected to face economic recessions.
The worst affected sectors include tourism industry, transportation and construction and real estate.
On the other hand, the pandemic bodes well for the healthcare industry and the telecommunication and media industries.
The chart below shows an overview of the potential impact of the Covid-19 pandemic by economic sector.
The global economy was at its lowest during the March 2020 and has since started to recover as most countries have commenced the process of relaxing lockdown conditions.
However, the risk of a second wave of infections still poses a significant risk on the global economy. The extent of the recession is dependent on a few pre-Covid-19 economic conditions.
Namely, countries with higher pre-crisis vulnerabilities and trade and financial linkages with the global economy are more impacted by the crisis.
According to the IMF World Economic Outlook (WEO) as at June, the global economy is estimated to contract by circa 4.9%, despite the extraordinary efforts of governments to counter the downturn with fiscal and monetary policy support.
Fiscal and monetary policy support is according to the IMF estimated to have reached US$9 trillion as at May 2020. The breakdown looks like this:
- direct budget support is currently estimated at US$4.4 trillion globally, and additional public-sector loans and equity injections, guarantees, and other quasifiscal operations (such as non-commercial activity of public corporations) amount to another US$4.6 trillion.
The World Bank’s Outlook Report as at June also highlighted that the pandemic may have a long-term impact on the Emerging Market economies as many had already been forecasted to experience a slowdown in economic growth during 2020.
In order to soften the social and economic impact on the informal sector, policy makers are expected to provide timely and appropriate solutions.
This brief paper seeks to summarize the salient issues impacting the global economy and provide an outlook on the Zimbabwean economy post-Covid 19.
READ MORE BY CLICKING THIS LINK >>> https://tinyurl.com/y5794y3j
Zimnat launches digital magazine
Zimnat has launched a digital financial services magazine, dubbed “Zimnat Insider”, in its continuous quest to make life better and respond to the environment. This launch of the digital magazine comes at an opportune time where we are faced with a pandemic which calls for social distancing and minimising contact.
The Zimnat Insider Magazine is a digital financial services magazine designed to provide educative and entertaining information to our customers and stakeholders at large. The magazine will feature topics ranging from socio-economic issues, insurance, wealth management and entertainment. The magazine will be available from the Zimnat website and the group’s social media pages. Copies will also be sent directly to Zimnat clients.
Commenting on the launch of the magazine, Zimnat Group CEO Mustafa Sachak said, “as Zimnat our purpose is to make life better in all our endeavours and this new magazine will help bridge the information gap with regards to financial advice to help people realise their full potential. The idea of publishing a magazine came up after we realised that as financial service providers in the country, we could do more to promote financial literacy and given the current lockdown regulations in place most people have ample time on their hands to read.
We acknowledge that the news cycles have been dominated by Covid-19 and this can be a bit overwhelming and disconcerting to some, so we hope that this new publication will help all our stakeholders keep their minds preoccupied and active. To ensure we cater for the psychosocial well-being of the family in these trying times, the magazines also have brain teasers that allow readers to participate as families. We hope this will also give families the opportunity to also use their digital devices in a manner that promotes social cohesion,” said Mr Sachak.
The launch of the digital magazine comes after the organisation was featured in the Fintech Magazine of April 2020 for its trailblazing efforts in digital transformation in the Zimbabwean insurance sector.
The group has seen various innovations that seek to make life better for Zimbabweans being launched this year with the most recent one being the launch of the inflation adjusted Gadziriro funeral cash plan.
Zimnat is a diversified financial services group made up of Zimnat General Insurance, Zimnat Asset Management, Zimnat Microfinance and Zimnat Life Assurance. The group is associated with Sanlam the largest non-banking financial services group on the continent.
Read our latest issue below. Enjoy🕺🏾
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