Old Mutual expands funeral service footprint to Masvingo
DIVERSIFIED financial services group Old Mutual Zimbabwe has expanded its funeral service footprint to Masvingo as part of the group's response to market demand.
In 2022, the group launched a fully-fledged funeral services business in response to customers' calls for tangible funeral services over and above the cash benefit that Old Mutual Funeral Services offers.
Before extending its tentacles to Masvingo, the funeral services provider only had presence in Harare and Bulawayo.
Old Mutual Zimbabwe group chief executive Mr Samuel Matsekete said the branch marked a significant step towards providing accessible and reliable funeral services to the town, as well as underscoring the group's commitment to meeting the unique needs of the local community.
“Arranging a funeral for a loved one is undoubtedly one of the most challenging and emotionally overwhelming experiences one can face.
“At Old Mutual Funeral Services, we understand the weight of this responsibility, and we are here to provide you with the guidance, support, and advice you need during this difficult time. We believe that no one should have to navigate this journey alone,” he said at the launch.
Funerals hold great cultural significance in Zimbabwe, representing a significant expense that can often be unplanned.
Mr Matsekete said Old Mutual Funeral Services recognised this reality and acknowledges the financial strain it can place on families.
“With a commitment to being accessible and reliable, the company offers a range of affordable funeral plans that cater to different budgetary requirements,” he said.
He said the Old Mutual Flexi funeral policy provided individual plans that suit everyone's financial circumstances, including Lite, Classic, Premium, and Supreme options.
"In times of grief and loss, Old Mutual Funeral Services is here to support the Masvingo community every step of the way," added Matsekete.
Some of the benefits under Old Mutual Funeral Services' products include the parlour that is accessible 24/7, collection of deceased by the parlour, arranging with doctors to issue death notices, assisting in getting a death certificate, processing funeral claims for one's convenience, and all funeral packages come with a standard cash pay-out across all plans.
Other benefits, Old Mutual said, entail affordable premiums and 100 percent cash in lieu; where one can claim cash out if the beneficiary's funeral was covered by another funeral policy; plans offer free cover for biological children, and there is no waiting period if one migrates from another funeral policy.
The group's funeral services are part of an array of services, including life assurance, asset management, unit trusts, property development and management, short-term insurance, and banking services.
According to the Insurance and Pensions Commission (IPEC) Funeral Assurance Sector Report for the nine months ended September 30, 2023, the nominal consolidated gross premium written (GPW) by the Funeral Assurance sector for the nine months under review amounted to $21,10 billion, an increase of 540,30 percent from the $3,29 billion recorded for the nine months ended September 30, 2022.
The industry's total assets increased by 23,13 percent from $25,02 billion at the end of June 2023 to $30,81 billion as of September 30, 2023. The increase in the asset base was partly due to inflation-driven revaluation gains.