Brainworks Capital Management has rolled out a life insurance business, Get Sure Life Assurance (Private) Limited, as the private equity and advisory firm expands its footprint on the local market.
BY BUSINESS REPORTER
The insurance unit began operations in August following pre-inspection by the Insurance and Pensions Commission (Ipec).
GetSure will tussle with 11 other players for a market which has not escaped the prevailing liquidity constraints, but requires innovative products to tap into the informal sector.
GetSure non-executive chairman Walter Kambwanji told NewsDay that the company was upbeat about its prospects which would be anchored on a better understanding of the market.
“The familiar narrative of Zimbabwe’s low penetration, idle potential in the insurance industry is shifting. In its place GetSure Life sees a compelling story of growth that is supported by a greater understanding of the industry and its product requirements,” said Kambwanji, who is also the chief finance officer at Brainworks.
Its growth, he said, would be underpinned by an emphasis on “product innovation and convenient service delivery mainly targeting the generality of Zimbabweans, but angling at growth of the company through financial inclusion”.
This would see the company demystifying insurance’s perceived complexity and eliteness by developing needs-driven products appropriate for current challenges and relevant for future demands.
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“The company has developed a robust and unique IT system that allows for smarter distribution of insurance products. The envisaged system permits online policy sign-ups, policy updates, personal dashboard and claim notification for risk products giving a client full control over their policy and their life,” Kambwanji said.
The insurance sector has the potential to grow despite the liquidity constraints.
In the first quarter ended March 31, 2015, life companies wrote $74 million in gross premiums, up from $67 million in the comparable period last year.
Of that business, 90% was made up of recurring business with the remainder made up of new business.
GetSure has invested in human capital by “employing a comprehensive team of dynamic, highly competent local personnel to manage this new venture”.
Kim Mubvumbi, a founder member of Champions Insurance Company and Momentum Insurance Brokers, is the general manager. Mubvumbi has 28 years of experience in the insurance sector.
Nunurai Matiringe will be in charge of marketing with Brenda Ruzande and Patrick Mashinga in charge of operations and finance respectively.
As of June 2015, GetSure’s capital position was strong, with shareholders’ equity of $2,4 million.
In a report for the first quarter of 2015, Ipec said the insurance industry was adequately capitalised in excess of $2 million as prescribed by Statutory Instrument 21 of 2013.
Brainworks Capital Management also has shareholding in Ecobank Zimbabwe (29,4%), GetBucks Financial Services (45%), African Sun (57,64%), 61,58% in Dawn Properties and wholly owns FML Oil Zimbabwe.
