LIFE assurance powerhouse, Old Mutual Life Assurance Company was this week honoured as Zimbabwe’s overall best sector player at the prestigious Zimbabwe Independent Insurance Survey Awards.
The survey, which is held in collaboration with the National Social Security Authority (Nssa) is an annual review of Zimbabwe’s insurance sector, which provides an analytical overview and expert opinion on the performance of the industry.
This year’s survey ran under the theme: From Surviving to Thriving: Repositioning for Vision 2030 — Building a World-Class Insurance and Pensions Industry.
The awards, which saw several individuals and companies walking away with accolades in various categories, saw First Mutual Life Assurance Company winning the 1st Runner Up accolade in the overall best category, followed by Nyaradzo Life Assurance Company, which took the second runners up place.
Former Old Mutual chief executive officer (CEO), Jonas Mushosho, walked away with the Achievement Award “in recognition of an outstanding contribution to the development of the insurance industry,” while Alice Chieza Shumba was among the industry’s high-flying executives to be rewarded for their dedication and leadership.
Shumba was awarded the exceptional insurance leader of the year accolade.
“In recognition of outstanding contribution to the development of the insurance industry. The winner was actively involved with Women in Insurance as the Next Generation chairperson grooming young female leaders including those in university and tertiary institutions,” a panel of judges that worked on the survey said.
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Reginald Chihota, CEO at the Zimbabwe Stock Exchange listed financial services group, Fidelity, walked away with a special award “in recognition of astute leadership in critical and complex company situations to transform, create, preserve and recover value.”
“The winner transformed his company from a loss-making position in 2021 swinging back to profitability in 2022,” the panel noted.
In his address to insurance sector executives at the ceremony, Alpha Media Holdings editorial board chairman and leading executive, Muchadeyi Masunda said it was important for the insurance industry to provide sound services to the market.
“Our insurance industry is tasked with provision of sound policies to citizens,” said Masunda.
“As one of the major goals of Vision 2030 is to improve quality of life, the insurance industry is also tasked to provide better governance solutions as well as ensuring innovations that advocate for a better environment and climate change.
“For the insurance industry to thrive while going hand-in-hand with development objectives, its prosperity heavily relies on its ability to adapt to technological changes and adopt new innovations such as artificial intelligence to operate smoothly in the future. Moreso, in order for insurance companies to effectively support the achievement of Vision 2030 and build a world-class insurance industry, the insurance companies should appreciate that technology is rapidly evolving, and insurers need to invest in artificial intelligence, because as we know it, the world will be much further advanced in 2030, such as intelligent credit rating systems using big data and analytics.” Masunda added.
- Funeral Assurance Company of the Year
WINNER: Moonlight Funeral Assurance and Services
- Reassurance Company of the Year
Winner: Emeritus Reinsurance Company Pvt ltd
1st Runner Up: FBC-Reinsurance Company
2nd Runner Up: ZEP-Re
- Micro-insurance Company of the Year
Winner: Coverlink Micro-Insurance
4 Best Insurance Broker of the year
Winner: Minerva Risk Solutions
1st Runner Up: HRIB Insurance Brokers
2nd Runner Up: Hunt Adams Private Limited
- Best Re-Insurance Broker
Winner: Minerva Reinsurance Brokers (Pvt) Ltd
1st Runner Up: Bright Reinsurance Brokers
2nd Runner Up: PanAfrican Re Insurance Brokers (Pvt) LTD
- Short Term Reinsurance Company of the Year
Winner: WAICA-Re
1st Runner Up: ZB-Re
2nd Runner Up: ZEP-Re
- Most Innovative Insurance Company
Winner: Nhaka Life (Pvt) Ltd
Alternative Risk Transfer product- In recognition of the innovative cattle investment project in Zimbabwe
Winner: Fidelity Life Assurance of Zimbabwe Alternative Risk Transfer product. In recognition of launching innovative Vaka Yako product
Winner: Zimnat Lion Insurance Company Limited.
In recognition of Innovative advertising strategies.
- Short Term Insurance Company of the year
2nd Runner Up: Old Mutual Insurance Company
1st Runner Up: NicozDiamond Insurance Limited
Winner: Zimnat Lion Insurance Company Limited
- Life Assurance Company of the year
2nd Runner Up: Doves Life Assurance Company
1st Runner Up: Nyaradzo Life Assurance Company
Winner: Old Mutual Life Assurance Company
- Achievement Award
In recognition of an outstanding contribution to the development of the insurance industry.
Winner: Jonas Mushosho
- Exceptional Insurance Leader of the Year
The winner was actively involved with Women in Insurance as the Next Generation chairperson grooming young female leaders including those in university and tertiary institutions. Alice facilitated training in various platforms to include AIO,IIZ, WIZ and NUST.
Winner: Alice Chieza Shumba.
This special award is in recognition of astute leadership in critical and complex company situation to transform, create, preserve and recover value. The Winner transformed his company from a loss making position in 2021 swinging back to profitability in 2022.
Winner: Reginald Chihota
- Overall Insurance Company of the Year
Winner: Old Mutual Life Assurance Company
1st Runner Up: First Mutual Life Assurance Company
2nd Runner Up: Nyaradzo Life Assurance Company.
