Online Reporter
Nelson Gahadza
Senior Business Reporter
The Insurance Institute of Zimbabwe (IIZ) says increasing insurance awareness and the development of relevant insurance products can help demystify the industry and grow the penetration rate from the current 1,6 percent.
IIZ is a professional insurance organisation and independent examining body whose core function is to promote efficiency and improvement in business practice amongst its members as well as the delegates it trains.
Newly elected president Ms Clementine Chinyuku said, at the IIZ annual conference held on Tuesday, more work needs to be done to bring insurance to the people but also relevant and meaningful products.
“Increasing insurance awareness can help demystify our industry and build stronger relationships with the industry we serve.
“This calls for the entire insurance industry and value chain to collaborate and deliver appropriate sustainable solutions to the insuring public,” she said.
The call comes amid various initiatives by the Government and the Insurance and Pensions Commission (Ipec) to drive the insurance penetration rate and confidence in partnership with industry players.
Ms Chinyuku said the insurance landscape is evolving, driven by technological advancements and shifting consumer expectations.
“We must adapt to stay relevant. As your president, I am committed to fostering a culture of innovation within our institute. We will actively explore emerging technologies such as artificial intelligence, big data and blockchain to enhance our offerings and improve customer experiences,” she said.
She said she would also prioritise developing educational programs that equip members with the necessary skills to navigate these changes confidently, and together they will cultivate an environment that encourages creativity and embraces new ideas.
Ms Chinyuku highlighted that the roles of insurance professionals extend beyond office work, but it is also their responsibility to engage with the public and advocate for the importance of insurance in safeguarding our various businesses and livelihoods.
“I envision an institute focusing on professional development and actively participating in industry outreach programs to address the low levels of financial literacy,” she said.
She noted that IIZ will launch initiatives to recruit under-represented groups into the field and provide mentorship opportunities to nurture future leaders, creating an inclusive culture that values different perspectives and experiences.
Ms Chinyuku emphasised the importance of collaboration and value-creating partnerships within the insurance industry and with other organisations, regulators, and stakeholders in the insurance ecosystem.
“By working together, we can address the challenges being faced by our industry more effectively and create a stronger, more resilient future,” she said.
Ms Chinyuku is currently the Waica re Zimbabwe manager-life with over 20 years’ experience in life assurance and reassurance.
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