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DOVES is an iconic brand that has been interfacing with local households for more than a century. However, over the past decade, its fortunes have been on the decline. But of late there has been changes at the business, which saw a new group chief executive officer, Dr Tawanda Maziwisa, assuming the reins in January.
And the results have been apparent. Statistics from the Insurance and Pensions Commission (IPEC) indicate that Doves Funeral Assurance – one of the three units of the funeral services group – recorded a 29 percent increase in premium collections in the first six months of the year.
Also, the value of new business written in the period jumped by more than US$1,2 million in the period. What is more interesting are plans to further grow the business. About 12 new buses are set to be launched to the market soon, while new hearses and funeral services equipment will also be unveiled.
Last week, The Sunday Mail Business Editor DARLINGTON MUSARURWA (DM) spoke with Doves group chief executive officer Dr Talent Maziwisa (TM) for an insight into the current developments.
DM: There are some interesting statistics in the latest IPEC report, which show a 29 percent increase in premium collections for the six-month period ended June 30, 2016. What could be the reason for such notable growth?
TM: We have always believed in sustained growth driven by products that are tailor-made for various market segments.
This growth has been in tandem with investments in the service delivery infrastructure. Our funeral policies are uniquely designed and resonate with our ever-changing market expectations. We continue to boost our branch network to be where the people are.
The growth trajectory has been there for some time but it has been exponential in the past two years as the market began to appreciate the century-old brand which has been financially solid and resilient.
DM: But in 2012, the business changed hands. Has there been any attendant cultural change, or change in business ethos that usually characterises such developments?
TM: Our ethos revolve around service excellence and it is around this thrust that we have managed to drive a paradigm that embraces our traditional experience in terms of service delivery and the new needs at every turn.
We are constantly challenged to tap into our service excellence DNA, and (we) are always attentive and responsive in implementing the market drive; thus perpetuating that service culture in us.
DM: What market share does Doves currently hold and where do you see yourselves in the next five years?
TM: We currently have a 36 percent market share and intend to grow this to 60 percent in five years time. Being the pioneers in the funeral industry, we want to reclaim our position as the leading funeral service provider in Zimbabwe.
Whilst we are in the financial services sector, we will not remain limited to funeral services provision but will embrace other products within the sector and broaden our horizons to become a one-stop financial conglomerate.
DM: Which strategic business unit has been performing well for Doves?
TM: Doves Holdings comprises of three business units namely Doves Funeral Assurance, Doves Funeral Services and Silkwood Manufacturing.
These three pillars form an integrated tripod that delivers a holistic service experience.
Silkwood Manufacturing, which manufactures top-of-the range coffins and caskets, has helped us to control the quality of our products as well as the cost of service delivery.
Whilst Doves Funeral Assurance’s focus is to grow the assurance book, the services arm complements these efforts through cash service provisions for walk-in clients, repatriations and expatriations.
The same applies to Silkwood Manufacturing, which has ventured into furniture production and its products to the general public.
DM: Has there been any new investment into the business in the past five years?.
TM: During the (past) years, Doves has and will continue to acquire properties as a form of long-term investment. This way, the company will hedge against loss of premium value in the long term given the long-term nature of our business.
Our intention is to be able to service our claims from the rentals that accrue from these properties.
We have also invested in new parlours, buses, new age Ford Transit 2016 model hearses, state-of-the art Hyundai removal ambulances and funeral services equipment.
This has helped a great deal in improving efficiency as well as service delivery.
We have almost completed constructing a state-of-the-art fully-fledged parlour in Beitbridge which, apart from servicing the local community, is a key location in our repatriations from South Africa.
Currently, we are implementing a robust funeral system to enhance our data integrity and ease of information access by our policyholders.
DM: But there has been market rumour that Doves has been pushing the envelope in trying to attract new policy holders. What really has been the secret to the business success of late?
TM: Well, we have some unique products on offer. The Dove Lifestyle Product, for example, is one of our many product innovations. This product gives you the benefit of enjoying an all expenses paid holiday for you and your spouse after contributing for 12 months and another holiday three years thereafter.
In June this year, a number of our clients had the experience of a lifetime in Victoria Falls where they enjoyed a sunset cruise, a visit to the Crocodile Farm and a tour of the majestic Victoria Falls.
This product also gives you access to top-of-the-range steel caskets, courtesy vehicle and a generous grocery pay-out, among a host of other benefits.
At Doves, we believe in celebrating life with our policyholders and encourage wellness, hence most of our new products are embedded with similar elements.
DM: As in any local business that has policyholders, the changeover from the Zimbabwean dollar to the multi-currency system should have affected your clients.
What measures has been put in place to ensure that policyholders get the value that was inherent in their policies?
TM: Doves has kept its promise to its policyholders to ensure that they are given a dignified burial.
We have policies that became fully paid-up in the Zimbabwe-dollar era, meaning that the policyholder had met their end of the contractual obligations by paying premiums for the term of the policy.
We as Doves are happy to inform the public, as we have done in advertising campaigns, that their fully paid-up Zimbabwe-dollar denominated policies are still valid and they can access the benefits they signed up for. This has been made possible because the company invested heavily in infrastructure that provides for service provision. Whilst technology is changing, brick and mortar coupled with funeral service equipment continues to pay a pivotal role in funeral service provision.
Not only are we honouring fully paid-up policies, we are also inviting those who had Zimbabwe dollar policies that lapsed to revive their policies and only pay for 10 years.
DM: Doves is one of the businesses that has managed to not only roll out its services throughout the country but to the region as well. Is this still going to be continued or it will be discontinued going forward?
TM: We are continuing in our quest to grow our footprint not only in Zimbabwe, but beyond our borders as far afield as South Africa, Zambia, USA and UK.
We are currently identifying strategic partners and in some instances discussions have advanced significantly.
Our intention is to cater for those Zimbabweans working and living outside the country. We have a funeral service relationship with Doves South Africa, including repatriations and expatriations.
The regional footprint and sustained investment in Zimbabwe will guarantee perpetuity of the brand.
DM: Going forward, are there any products that are in the offing?
TM: Our clients will continue to see new product innovation from Doves.
We remain a multi-cultural service provider and our intention is to make sure that everyone gets a dignified burial regardless of social standing.
In future, our clients will be able to access a full array of financial services from us as we diversify in response to market changes.
DM: You assumed the reins of this company at the beginning of year. What do you bring to the organisation?
TM: Well, with two bachelor’s degrees and a Masters and a Doctorate in Strategic Management, as well as a diploma in insurance, not only do I bring experience of insurance and integrity grounded in knowledge, I also provide a vision which, in true context of Doves, will provide a paradigm shift towards broadening financial service provision and capacity.
However, it’s not about an individual, it’s about the strong team around me, they will help actualise our dream.
Online Reporter