‘Modernise product distribution’, insurance sector urged

THE Insurance and Pensions Commission (Ipec) has challenged players in the insurance sector to modernize distribution modelling through technology adoption to widen coverage and ensure improved product accessibility to clients.

Officially opening the Champions Insurance Company Bulawayo office on Friday evening, Ipec director insurance and micro-insurance, Mrs Sibongile Siwela, commended the company for embracing technology.

Insurance and Pensions Commission

“I am pleased to learn that the company has embraced technology as a competitive tool and is a pacesetter in digital technology,” she said.

“Modernising our distribution of products through technology is the answer to the industry reaching the previously uninsured.

“We note as the commission the thrust the company has taken to introduce various micro-insurance products and believe that this must be applauded.

“As an industry, we need to take concrete steps to increase insurance penetration and these initiatives by your company will positively contribute to improving the ratio.”

While technology has resulted in self-help apps that enable clients to purchase insurance and report claims remotely, Mrs Siwela said these should be complemented by brick-and-mortar branches that enable physical interface with clients.

She commended Champions Insurance Company for taking into consideration different types of clients such as the young generation who are “tech-savvy” and can handle business remotely or virtually, as well as the mature or older generation who still require physical interface for peace of mind.

“Well done Champions for catering for those clients who still require face-to-face interaction with you. It’s also proper that the southern region operating from Bulawayo be given adequate autonomy to handle basic matters of underwriting and claims without total reliance on head office,” said Mrs Siwela.

“I am advised that the Champions Bulawayo branch is led by a senior member of management making it able to give seamless and efficient service to Bulawayo clients and the region expeditiously.”

She called upon the company to continue to improve its service to clients through expeditious payment of claims, as well as ensure clients are treated fairly.

Champions Insurance managing director, Mr Lovemore Madavo, said the Bulawayo branch has been equipped with the ability to serve without unnecessary reference to Harare on every minor issue.

Mr Lovemore Madavo

“Champions are what they are today because we walked this journey with you,” he said.

“Your unwavering support is the reason why we have decided to re-establish our brick-and-mortar branch in Bulawayo again. We have no doubt that you will support our team Bulawayo.”

Digitalisation director, Ms Diana Homodza, unveiled their latest masterpiece, the Champions Insurance enhanced mobile app and the ‘Uthando MedCash’.

“We have developed this unique hospital cash-back product, designed to provide financial protection during medical emergencies while extending a compassionate hand when you need it most,” she said.

Ms Homodza said through strategic partnerships with industry-leading experts, they have developed Digimune Cyber Security Warranty bundles to fortify digital defences. -chronicle.cl.zw