The Insurance Institute of Zimbabwe (IIZ) is actively seeking collaborations to drive growth and innovation in the country’s multi-million-dollar insurance industry. Faced with challenges that demand adaptability and forward-thinking, the institute is positioning itself as a leader in fostering partnerships that can enhance the sector’s resilience and relevance.
In recent years, the Zimbabwean insurance industry has encountered significant headwinds. These challenges, which include economic instability and evolving consumer expectations, have necessitated a more innovative approach to ensure the sector remains robust. Recognizing this, IIZ has placed a strong emphasis on collaboration, not only within the industry but also with other sectors that can contribute to its development.
Last week, the IIZ concluded its annual Winter School in Nyanga, a key event that brought together industry professionals to discuss the future of insurance in Zimbabwe. The discussions at the Winter School underscored the importance of strategic partnerships as a means to equip the insurance industry for the future. The theme of the event, “Disruption and Opportunity: Equipping the Zimbabwean Insurance Industry for the Future,” highlighted the dual challenges and opportunities facing the sector.
During the event, IIZ General Manager Davison Choeni spoke about the institute’s efforts to engage with various players across the economy to foster collaborations that can drive economic growth. He expressed optimism about the potential of these partnerships to create a significant impact. “I think we have created excitement already. You remember, we were just rewarded. We are getting some awards. But, there is the Zimbabwe network for CEOs [chief executive officers] that have recognized us a month ago on the programs that we are doing and we believe we need to continue in that trajectory,” Choeni said.
Choeni emphasized that collaboration is not just a goal but a necessity for the insurance industry’s growth. The institute is exploring opportunities to collaborate with emerging sectors, including the proposed launch of an Artificial Intelligence Institute of Zimbabwe. By entering this space, IIZ aims to leverage AI to benefit its stakeholders and improve industry practices.
In addition to these new ventures, IIZ is also engaging in ongoing discussions with established organizations like the Marketers Association of Zimbabwe (MAZ). Choeni highlighted the potential benefits of this collaboration, particularly in improving the industry’s customer service. “We need to work together with institutions like MAZ. That way, we believe the issue that we spoke to, about the timeous claim payments, will be solved. This is because our people will then understand the importance of being customer-centric,” he noted. He stressed that a customer-focused approach would help address delays in claim settlements, which have been a persistent issue in the industry.
The discussions at the Winter School also emphasized the need for continuous learning and development. Choeni explained that IIZ is looking beyond the event itself to ensure that the knowledge and insights gained are applied in practice. The institute plans to engage with organizations that participated in the Winter School to assess the impact of the event on their operations. “We want to see the powerful lessons that came from these sessions on the ground. We want to see them being operationalized or executed,” Choeni said.
He suggested that IIZ may consider creating additional platforms for learning and skill development to ensure that the ideas discussed at the Winter School lead to tangible improvements in the industry. This approach, he believes, will help to address the challenges facing the sector and equip insurance professionals with the skills needed to navigate the future.
Choeni also emphasized the importance of not allowing discussions on emerging technologies like artificial intelligence and machine learning to remain theoretical. He pointed out that these technologies have the potential to revolutionize the insurance industry, but only if they are effectively integrated into business practices. “We have spoken about artificial intelligence. We have spoken about learning machines. We have spoken so much about these things. But, it mustn’t just be talk and ends there,” he stated.
The institute’s efforts have not gone unnoticed. Recently, IIZ received recognition from the Zimbabwe network for CEOs for its innovative programs and contributions to the industry. This acknowledgment serves as an encouragement for IIZ to continue pursuing its vision of a modern, resilient insurance industry.
