Old Mutual ventures into funeral services
LISTED diversified financial services group Old Mutual Zimbabwe has established a funeral services unit as it expands its business footprint in response to market demand.
The new product adds to an array of services including life assurance, asset management, unit trusts, property development and management, short-term insurance and banking services.
Old Mutual is listed on the stock exchanges in London, South Africa, Malawi, Namibia and Zimbabwe and boasts a wide range of clients including large institutions and major multinationals.
Old Mutual Life Assurance business development manager, Mr Prosper Manyakara, revealed the latest development during the recent Private Healthcare Association of Zimbabwe conference in Victoria Falls where he said the organisation was seeking partnerships as it diversifies its product offering.
In a follow up interview, Old Mutual head of retail distribution and marketing, Mr Gerald Chinogara, said the group remains committed to growing its footprint in the country through strategic, sustainable and innovative investments that generate value for both customers and shareholders.
“As Old Mutual we are very excited that we have gone into another space that we have not been active. We have been there but we were only providing cash services. We are happy to announce that we are now also in funeral services,” said Mr Chinograra.
“The funeral services business was launched in a move likely to alter the landscape in the funeral services sector as the financial services group adds end-to-end funeral services to its comprehensive portfolio of products and seeks to increase innovation capabilities within the business.
Mr Gerald Chinogara
“Through this launch, Old Mutual will complement its existing funeral cash benefit plan with an alternative for clients who prefer the tangible service,” he said.
Mr Chinogara said three branches had been opened so far, the first one being in Pelandaba suburb in Bulawayo where there is also a second parlour.
The other branch is in Harare and the group has said it has capacity to serve the whole country.
The group is rolling out additional branches and targets to end the year with fullyfledged parlours in Mutare, Masvingo and Gweru.
Old Mutual has mobilised funds and is looking for partnerships to build mortuaries and parlours. As such, Mr Chinogara said the new service affirms commitment to being the customer’s lifetime financial partner.
Meanwhile, the group also launched its “My Old Mutual” platform, an innovative facility enabling the accessing of its investment, banking and insurance products via USSD code and WhatsApp platforms.
Old Mutual has also invested in green technology solutions through partnerships with various energy and mining entities.-The Chronicle
