First Mutual Holdings target increase in subscriber base

FIRST Mutual Holdings Limited says it is targeting to register 130 000 subscribers for its medical insurance cover by year end, a company official has said.

Tarisai Mandizha
Business Reporter

Speaking at the company’s official launch of First Mutual Health in Harare recently, First Mutual Health general manager Stanford Sisya said, to date, the company had 111 000 members as compared to 106 000 members as of December 31 2013.

“To date our membership have grown to 111 000 and we are looking at growing our membership to 130 000. But we also have other members who are falling off due to the current liquidity challenges in the market,” Sisya said.

Sisya said apart from the good performance for the company, they have lost 0,5% of its members due to liquidity challenge.

“Right now we have around 0, 5% of our members falling out. These are the members that we actively had to terminate, but we have also witnessed some of the people coming back to rejoin,” Sisya said.

He said the company was currently undertaking a regional study to identify medical products suitable for the local market’s uninsured population.

According to official statistics, less than one million people out of the 13 million Zimbabweans were on medical aid,
“Right now we have been doing some research on micro-health. We have been to Kenya, but their health model is not very good and we are also trying to explore India,” Sisya said.

He said Kenya has been using the same health models for the past seven-to-eight years and they were making very huge losses. He, however, said the company was working diligently to adopt a micro-health model which will be able to tap into the uninsured population in Zimbabwe.

He added that they were also considering running a mobile platform so that they were able to reach out to all four corners of the country. Commenting on the performance of First Mutual Health Fund, Sisya said the fund was now at around $4 million, but the figure was not constant due to claims.

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