Insurance company Credsure is one of the most innovative firms on the market. This week, our business editor Tatira Zwinoira (TZ) spoke to the company’s managing director Maxwell Nderere (MN) to understand what more is in store. Below are excerpts of the interview:
TZ: Can you explain what the e-Guarantee portal you recently launched is all about?
MN: The e-Guarantee is an online application portal for bonds and guarantees. The portal was developed out of a need to bring convenience and simplicity in the application process as our clients can now seamlessly submit their applications, track progress, make premium payments and receive the actual guarantee on the same portal.
The e-Guarantee portal is a brainchild of a strategic partnership with Tender Noticeboard who are in the business of publishing tenders and providing comprehensive consultancy for entities participating in tenders.
Our mandate as Credsure is to facilitate trade through supporting credit transactions with more focus on export credit. As a business, we have keen interest in empowering contractors and suppliers in the value chain through provision of bonds and guarantees and with the e-Guarantee portal, we see ourselves as an evolving business that is adjusting to suit the changing business environment and market needs.
TZ: How does the innovation and portal enhancement work?
MN: The e-Guarantee is a web-based portal and what that means is it is accessible anytime and anywhere where there is internet access.
The portal is designed with user experience in mind, it offers a streamlined application process, allowing businesses to apply for bonds and guarantees with just a few clicks. This not only saves time but also empowers businesses, especially small and medium-sized enterprises, to access the financial tools they need to thrive.
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To achieve this all applications are reviewed on the platform and where a bank guarantee is required, the preferred bank as highlighted by the client at the application stage, will also review and process the application on the portal. This means that at the point an application is successfully completed, all parties involved are immediately notified and can start processing.
Upon completing an application, the applicable premium is immediately calculated, the client can process payment, and various options have been provided for convenience.
TZ: You say this innovation is for bonds and guarantees application, can you walk us through the registration process?
MN: For one to register and enjoy the convenience at the moment, they can visit https://tendernoticeboard.co.zw/bonds/, the system will probe them to provide their e-mail address to kick-start the process. There is a video on the website interface page which provides step-by-step walk through of the entire application process. Access to the portal is also be available on the Credsure website for extra convenience.
TZ: What type of insurance cover can be accessed through the e-Guarantee portal?
MN: From the portal, one can make an application for contract-based bonds, and these are bid bonds, advance payment bonds and performance bonds. We offer both insurance and bank guarantee options and this makes us a one-stop shop for construction and contract-based bonds.
For bank options, we have strategic partnerships with several commercial banks. I can also confirm that we are currently in the process of onboarding additional banks.
TZ: What would you say is the motivation behind the innovation?
MN: The motivation is simple, this is Credsure’s way of optimising business processes through technology. We were fortunate enough to find partners who embrace the power of technology in making the process of obtaining bonds and guarantees efficient and accessible.
In the past, navigating the complexities of securing these instruments was to some extent daunting, often involving lengthy paperwork and bureaucratic hurdles. The idea is to break down those barriers and ensure that we make our services available to every Zimbabwean business despite their physical location.
We are excited about the convenience this innovation will bring to our clients as they can now apply for their bond guarantees from the comfort of their homes and offices and be assured of the shortest turnaround time.
TZ: What are the main challenges you face in carrying out your business?
MN: For insurance businesses, most of the challenges relate to issues of fraudulent claims particularly under motor insurance. For a long time, worldwide insurance companies have been regarded as easy targets, but I believe as an industry we have been making strides to ensure that we curb this phenomenon.
Another challenge is also the low insurance penetration rate. Again, this is something we are playing our part to address and with the e-Guarantee where we seek to break the distance barriers that come from relying on physical interactions with clients. We are convinced that we will be able to capture all businesses, large and small, particularly those participating in tenders.
TZ: According to your website, you offer bespoke and general insurance solutions for both personal and business needs. With the current macro-economic environment, how has your business been faring in that regard?
MN: We have been on a growth trajectory since the beginning of last year when we made a bold decision to re-model our business and core focus.
We are grateful to our clients for the significant growth we have recorded so far, particularly in the bonds and guarantees and credit insurance divisions. We believe this growth trajectory will be enhanced with the invaluable support of our clients who have been steadfast in the support of Credsure business.
TZ: What would you say is the future of insurance business given the volatile operating environment?
MN: The code word is relevance. For any businesses to survive, they must continuously adapt to the environment which, in any case, is usually never a constant factor. For us, we appreciate the need to stay relevant and keep our clients empowered, hence the drive to continuously reinvent our products and services to meet market needs.
As I said earlier, we now offer bank guarantees which traditionally could only be obtained from a bank, and have a myriad products under our general insurance arm, catering for various sections of society such as churches, commuters and hoteliers, among others.
Our promise to our clients is entrenched in our pay-off line which is to provide “innovative insurance solutions”, and we remain true to that calling despite the challenging environment.
