Online Reporter
Nelson Gahadza
The Insurance and Pensions Commission (IPEC) says its newly launched Regulatory Sandbox has attracted strong industry interest, with about 10 innovative products already submitted for testing.
IPEC commissioner Dr Grace Muradzikwa, speaking during IPEC’S recently held 8th Annual General Meeting, said the overwhelming response demonstrates a growing appetite for innovation within Zimbabwe’s insurance and pensions sector.
This comes as the industry seeks new ways to expand financial inclusion and improve access to insurance and retirement products.
Dr Muradzikwa said the regulator was prioritising innovation as part of its broader strategy to modernise the sector and address longstanding coverage gaps.
“We are currently sitting on about 10 applications for new products and several others are at various stages of completion.
“We are ready to evaluate these products and allow them to be tested in a controlled environment,” she said.
IPEC officially launched the Regulatory Sandbox last month, marking a significant milestone in efforts to transform Zimbabwe’s insurance and pensions industry through technology-driven solutions.
The sandbox provides a supervised environment where insurers, pension funds and innovators can test new products, services, technologies and business models before they are fully introduced into the market.
The initiative is designed to reduce regulatory barriers to innovation while ensuring consumer protection and maintaining financial stability.
Dr Muradzikwa said Zimbabwe’s insurance and pensions sector was at a critical turning point, with millions of citizens, particularly those in the informal sector and underserved communities, still lacking adequate financial protection and retirement security.
She said the sandbox would provide a practical platform for regulators and innovators to collaborate in developing products that respond to Zimbabwe’s unique economic realities.
The programme is open to local and international innovators, including InsurTech and FinTech firms, start-ups, universities, innovation hubs and licensed insurance and pension entities.
