CBZ sets up risk advisory services unit
CBZ Holdings has set up a risk advisory services unit to complement its existing insurance business. This brings the number of strategic units under the group to seven.
Announcing the milestone, at a press conference yesterday group chief executive Never Nyemudzo said the dynamics in the insurance sector and the evolving economy had influenced the setting up of the unit.
This also brings to three, the number of units in the insurance cluster after CBZ Life and CBZ Insurance.
“A closer look at the dynamics in the insurance sector and the evolving economy in general, naturally call for a further strengthening of our insurance portfolio through investment in infrastructure that supports the distribution channels, product development and customer interface.
“It is against this background that we are introducing CBZ Risk Advisory Services (Pvt) Limited”
Mr Nyemudzo said the group is leveraging on its investments in both technological infrastructure to offer its customers an “unparalled opportunity to do business through the most convenient way.”
CBZ Risk Advisory is a registered insurance broker, licenced and regulated by the Insurance and Pensions Commission.
Mr Nyemudzo said the unit is already well-capitalised at $500 000 against regulatory minimum of $100 000. He added it will operate independently and transact with different reputable local and international insurance companies.
The new unit has three service centres; Short Term Insurance Broking and Risk Advisory Services, Group Employee Benefits and Pensions Consultancy and Individual Life Financial Planning Services.
Mr Nyemudzo said the unit marks the continuation of the group’s portfolio and earnings diversification strat- egy.
“In fact, with the non-banking subsidiaries contribution to the bottom line already at 18 percent, against a long term target of 20 percent, we believe CBZ Risk Advisory will significantly aid the group’s drive to diversify its earnings mix.”
In 2015, the bank adopted a new vision for the company, which was to be “the preferred provider of financial solutions in Zimbabwe, with a global reach”