Insurance managers should use expertise to innovate: IIZ

MANAGERS at insurance firms have been challenged to use wisdom, knowledge, experience, expertise and talent to drive the innovation engine in their business.

In his welcome remarks during the four-day Insurance Institute of Zimbabwe (IIZ) annual conference in Victoria Falls, IIZ general manager Davison Choeni said top management in insurance had a crucial role to play in shaping the future of insurance.

The conference ends today.

“As top management in insurance, we have a crucial role to play in shaping the future of our industry. Our collective wisdom, knowledge, experience, expertise and talent will drive the innovation engine and set the stage for transformative change,” he said.

“Together, we have the power to redefine the insurance landscape and build a future where the twin challenges of low confidence and penetration rates are tackled and insurance becomes a more integral part of people’s lives.”

He said by so doing, this would provider policyholders with the security and peace of mind they deserve.

According to Insurance and Pensions Commission (Ipec), the insurance industry continued to be driven by funeral insurance cover with affordability and awareness being the main barriers.

Choeni, however, said there was a need to address other challenges that lay ahead and identify strategies to overcome them.

“We will need to delve into customer centricity, risk management and regulatory landscape, ensuring that our efforts towards innovation are underpinned by a strong ethical framework and a commitment to delivering value to all our stakeholders,” he said.

IIZ outgoing president Panganai Sanangurai said the industry needed to be alive to the fact that lagging in terms of embracing technology was no longer an option.

“We are running out of time, and we need to embrace innovation at a faster pace than before. It is, however, pleasing to note that the IIZ conference continues to grow. Its attendees cut across Southern Africa and I reckon it will extend across the globe in the near future,” he said.

“It is encouraging that despite the dry times, the industry is operating under, we still have a huge number of students enrolling for our examinations. Most of our stakeholders are still recovering from the effects of the pandemic, and this has affected the number of students registering for the examinations locally. Nevertheless, there has been comfort from our regional centres whose existence continue to strengthen the institute.”

The conference is under the theme The future of Zimbabwean Insurance — Unleashing A New Era of Innovation in Insurance.-newsday