Andrew
Champions Insurance’s new managing director Lovemore Madavo says he will aggressively pursue the company’s product diversification plan, which includes home insurance, legal aid, travel insurance, livestock and crop insurance and cyber security insurance that will increase the company’s revenue streams going into the future.
“We are going to increase our product diversification to meet the emerging needs of our clients and economic conditions.
“This approach will broaden our revenue base as we grow to become a top player in the short-term insurance sector,” said Mr Madavo.
Currently, Champions Insurance is among the biggest players in the Zimbabwean insurance industry.
“In our quest to improve customer convenience, clients can insure their motor vehicles, pay for ZINARA and ZBC licensing using our Champions Insurance mobile application,” he added.
“However, the company is not resting on its laurels as it launched a number of new products.
“We now have products that include a huge book on small-scale farmers, crop and climate monitoring system as part of risk management for farmers.
“Besides making strides in home insurance, Champions now has exciting new products that include Uthando Medi Cash (hospital cash back), Small-Scale Miners’ Insurance Scheme, SME Business Insurance and Personal Cyber Security cover.”
These new products are in sync with economic developments and emerging needs of clients and stakeholders.
Zimbabwe is projected to have a US$12 billion mining industry by 2023, as announced by Mines and Mining Development Minister Winston Chitando.
This will represent a huge leap in mining production and it comes with associated benefits to the insurance sector, hence, the company’s Small-Scale Miners’ Insurance Scheme.
The Covid-19 pandemic has changed how most businesses operate, especially the use of information technology products in their daily operations.
However, the cyber world has its own challenges such as security breaches, identity theft and ATM card cloning.
This has made the Champions Insurance Personal Cyber Security cover an integral part of today’s living.
Government’s thrust to empower small- scale farmers has witnessed the introduction of a number of initiatives such as the Pfumvudza/Intwasa programme, the Presidential Cotton Inputs Scheme and the Tobacco Input Credit Scheme.
“Champions has bundled a scheme for small-scale farmers offering field to floor crop insurance cover, including the Uthando Medi Cash and farm infrastructure insurance,” said Mr Madavo.
Bongani Ndlovu
Online Reporter