In­surance sec­tor urged to adopt dy­namic mind­set

Chronicle (Zimbabwe) - - Business - Wal­ter Muchin­guri Harare Bureau

THE in­surance sec­tor should adopt dy­namic mind­sets in order to sur­vive the pre­vail­ing eco­nomic cli­mate, In­surance In­sti­tute of Zim­babwe (IIZ) pres­i­dent Dr Ed­ward Gomba has said.

Dr Gomba, who opened the IIZ win­ter school here yes­ter­day, said a dy­namic mind­set would en­sure that the sec­tor does not give up on ob­sta­cles, is very hard work­ing, learns from crit­i­cism and cel­e­brates when oth­ers be­come suc­cess­ful.

“The cur­rent eco­nomic en­vi­ron­ment re­quires flex­i­bil­ity, and one of the most im­por­tant skills is the art of com­pro­mise and avoid­ing rigid­ity.’’

He said that this was even more crit­i­cal now when cus­tomers are fac­ing dif­fi­cul­ties and have had to pri­ori­tise what they spend their money on.

“There is no es­cap­ing the fact that our clients are now more con­cerned with mak­ing ends meet, and as such, a low-cost sim­ple prod­uct that de­liv­ers only es­sen­tial items may be the order of the day.

“In tough times like these, the first thing to go among other so-called ‘non-es­sen­tials’, is in­surance.

“For those in mo­tor in­surance you can con­firm that in one term a client pays full cover for their car and in an­other they fail to raise the re­quired amount and goes for third party in­surance.

“Such a client would have pri­ori­tised and would have re­moved In­surance as part of those pri­or­i­ties.

‘‘From the con­sumer’s point of view, the in­surance re­newal is pre­sented by the in­dus­try as bi­nary you ei­ther pay or you do not pay.’’ Speak­ing at the same con­fer­ence, Price­wa­ter­house­Coop­ers ter­ri­tory se­nior part­ner (Zim­babwe and Malawi) Ti­nashe Rwodzi warned in­surance com­pa­nies against tak­ing ex­ces­sive risk when deal­ing with agen­cies.

Mr Rwodzi, who spoke on dis­tri­bu­tion in­sights-analysing agency per­for­mance and prof­itabil­ity said it was crit­i­cal that in­sur­ers mon­i­tor the op­er­a­tions of agen­cies es­pe­cially their prof­itabil­ity.

“You need to un­der­stand where they came from, where they are and where they are likely to go,” he said.

The four-day IIZ win­ter school is be­ing held un­der the theme: “Go­ing back to ba­sics with a dy­namic new mind­set in in­surance”. JO­HAN­NES­BURG — The rand fell to its weak­est level against the dol­lar in three weeks af­ter the Daily Mav­er­ick said the Hawks had or­dered Fi­nance Min­is­ter Pravin Gord­han to re­port to its of­fices to­mor­row, rais­ing con­cern the Trea­sury chief may be re­placed.

Gord­han was in­formed he would re­ceive a “warn­ing state­ment” given to ac­cused per­sons be­fore they are charged with an of­fence and to warn them of their rights, the news web­site re­ported, with­out say­ing where it got the in­for­ma­tion.

For­mer tax of­fi­cials Ivan Pillay, Jo­hann van Log­geren­berg, Adrian Lackay and An­dries van Rens­burg have been sent let­ters in­form­ing them of the charges against them, ac­cord­ing

Fi­nance Min­is­ter Pravin Gord­han

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