By Shingirai Vambe
The growing demand of securing properties, health and business has seen the mushrooming of insurance companies, with various institutions used to specialise in other businesses now moving to insurance business and have not yet passed the test of time with the rising inflation and global economic crisis due to pandemics and natural disasters.
Friday night at a local hotel in Harare, the Insurance and Pensions Commission (IPEC) celebrated with one of the thriving insurance company in Zimbabwe, Champion Insurance of its existence in the security business for the past 20 years.
IPEC Board Chairman, Albert Nduna said he has seen the organization, Champion Insurance’s birth and growth over the years and was proud to see the company not only having survived the challenges of the environment and the economy and it is still standing.
“Ladies and gentlemen, the insurance industry plays a vital role in the economy, providing individuals and businesses with protections they need against unforeseen risks and uncertainties. I am pleased to learn that the company has embraced technology as a competitive tool and is a pacesetter in digital technology,” Nduna said.
He added and said, modernising the distribution of products through technology is key to the industry reaching the previously uninsured so that they can manage their risks and achieve their financial goals.
Champion Insurance Digitalisation Director, Diana Homodza said they have faced numerous challenges such hyperinflation, dollarisation and ever-changing economic landscape, and not only survived but thrived through resilient and determination towards a brighter future for their policy holders.
“At Champion Insurance, we have always been at the forefront of innovation, constantly seeking ways to demystify insurance and promote risk-based thinking, we recognise that technology is reshaping the way we live and interact with the world, with that in mind, we have forged alliances with leading digital platforms and technology providers, to bring our offerings directly to customers,” said Homodza.
“Having launched the mobile app, will not only carry our traditional motor insurance and licensing products but also introduce exciting new offerings including our Cyber Security Warranty bundle and travel cover, providing peace of mind wherever your adventures take you,” added Homodza
During the celebration, Champion unveiled two cutting-edge offerings exemplify their commitment to championing insurance and risk management in the digital age and the two are, Crop and Climate Monitoring Solutions and Digimune Personal and Family Home Cyber Security Warranty Bundles to monitor and protect devices as well as to restitution service and cyber awareness education.
Last week, during the Agriculture Investment Forum with FAO, it was noted, that most farmers don’t insure their crops and property, IPEC urged farmers to insure their crops, with challenges arising from the volatile economy and climate change, security was a prerequisite.
According to the commission, as of December 2022 the total industry as measured by the Gross Premium Written (GPW) was US$419.9 million in 2022, an increase of 21% from US$346.2 million in 2021 and short-term business under which Champion falls under, accounted for US$252 million which is about 60% of the premiums.
Managing Director, Lovemore Madavo said Champion was among the top six of short-term insures’ market share in terms of the GPW which is a significant milestone for a company that started its operations 20 years ago owing to innovation and technology. He made the remarks by opening a draw which he handed over a bottle of whiskey, Glenfiddich 18 to the winner, W. Nyapimbi.