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Doves rewards policyholders

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FUNERAL assurer Doves has sent policyholders on holiday as part of its top-range funeral product launched last year.

BUSINESS REPORTER

The Doves Lifestyle Package gives policyholders a holiday for two after 12 months of joining on top of funeral services provision.

The holiday benefit can be transferred to policyholder’s parents.

Another holiday takes place after three years at the policyholder’s choice in Zimbabwe.

“46 were booked for two nights at Kingdom Hotel in Victoria Falls as part of the package. This is a testimony that we honour our obligations,” Doves sales and marketing manager Albert Mawungwe said.

Mawungwe said the holiday package was meant to make policyholders enjoy life, adding that “there is a lifestyle enjoyed by being associated with Doves”.

The package is part of the transformation of the company following its acquisition by a consortium of businessmen Farai Matsika and Phibeon Zimuto in 2012.

According to latest figures from the Insurance and Pensions Commission (Ipec), Doves recorded a 32% increase to $ 2 037 000 in the quarter to March 31 from
$1 544 000 in the same period last year. Players in the funeral business were refining products offering to get new business which was flat at 3% of total premiums in the quarter ended March 31, according to latest Ipec statistics.

Ipec said the flat numbers “may be a red flag for industry to invest in product innovations coupled with robust product distribution strategies”.

“The commission encourages the funeral industry to be more competitive in product design and packaging in order to match potent competition from both their life assurance peers and options to self-insure,” it said.

The combined ratio at 70% in the quarter was down from 72% recorded in the same period last year.

The top cost drivers were management costs which amounted to $4 million or 61% of total costs up from last year’s $3 million.

Claims closed the quarter at $2 million or 28% up from last year’s $1 million which was 25% of the expenses.

Commissions took 11% of the claims representing 11%. Last year commissions accounted for 13% of the claims ($1 million).

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