Zimnat Brochure 2018

Zimnat:

Digital disruption in Zimbabwe’s insurance sector

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Digitally disrupting the insurance sector in Zimbabwe

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WRITTEN BY PRODUCED BY

DALE BENTON JUSTIN BRAND

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Through a digital transformation, Zimnat brings Zimbabwe’s insurance space into the digital age

F

or over seven decades, the people of Zimbabwe have placed their trust and belief in

Zimnat to protect their assets, manage 04

their wealth and ensure that their assets and funds are passed onto future generations. Over the past two decades, however, the global financial services industry has radically trans-

industry is evolving and as Zimbabwe

formed, and technology has become

further opens its arms to technology

the key driver.

and innovation, we want to be at the

As the global industry continues this

forefront,” says Mustafa Sachak, CEO

evolution, Zimbabwe has been playing

of the Zimnat Group. “We want to

catch up. But with over 15mn mobile

position ourselves as the first ones to

customers and around six million

both create and implement a digital

internet users in 2018 alone, now is the

offering to customers here in Zimbabwe.”

time for Zimbabwe to fully embrace the

As the industry evolves, so does the

technology conversation and leading

customer and Sachak is keen to stress

companies like Zimnat will play a key

that when Zimbabwe fully embraces

role in this shifting landscape.

technology, it will be defined and driven

“From a global perspective, the

by the customer. With more than 15mn

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“ Through our digital transformation we have been able to find customers who would never be able to find us through traditional means” — Mustafa Sachak, CEO, Zimnat

digitally enabled customers, through internet and mobile usage, the financial customer of today demands one thing: speed. “People want convenience and they want ease of use,” he says. “The CEO of Amazon Jeff Bezos put it best when he said that the customers of today are divinely discontent as their expectations are never static.

“They will see insurtech offerings happening on the global financial stage and they’ll expect that from us. That’s what set us on our journey.”

E X E C U T I V E P R OF IL E

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Mustafa Sachak Mustafa is the CEO of the Zimnat Group which includes Zimnat General Insurance, Zimnat Life Assurance, Zimnat Asset Management, Zimnat Microfinance, Grand Reinsurance and Botswana Insurance Company. The Zimnat group has partnered with Sanlam which is now the largest non-banking financial services group in Africa.

Mustafa started his career at Motorola in the USA where he spent 10 years in various roles starting as a process engineer before moving to Zimbabwe in October 1996 to pursue a different career path.

Mustafa has a BSc in Chemical Engineering from University College London, a BSc in Electrical Engineering from Florida Atlantic University and an MBA from Florida International University.

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“ Our digital journey speaks to our responsibility to educate them and change that perception. That’s our purpose, making people’s lives better. That’s what drives us”

That journey is an ambitious digital transformation, not only of Zimnat’s insurance offering but of Zimbabwe’s entire insurance space. As the company prepared to embark on this transformation journey, it needed a roadmap defined by the customer experience.

Sachak notes that in this digital age, it is no longer good enough to satisfy the customer. A company has to go above and beyond to exceed the customer expectation and ensure that it is providing the greatest customer experience possible. In the insurance space, the customer journey

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begins from the very moment they lodge a claim. “From that moment, to the time we

CLICK TO WATCH : ”TOGETHER WE CAN MAKE LIFE BETTER” 09 actually pay the claim, there are a series

from protecting customers from risk

of touchpoints along the way,” he says.

with financial products to actually

“This digital journey is all about under-

preventing risk in the first instance.

standing and improving that customer

“Data is the new gold,” he says. “Big

experience. Companies that create

Data, Blockchain, Artificial Intelli-

exceptional customer experiences can

gence… technologies like these will

really set themselves apart from their

enable us to leapfrog the competition.

competitors and that’s what we are striving to achieve with Zimnat.”

In order to better understand the

“Having the ability to use digital technologies to actually help prevent risk from occurring through making

customer experience, Zimnat has

intelligent predictions, that would be

invested in data analytics. For Sachak,

completely game-changing.”

the long–term ambition will be for

The challenge that comes with data

Zimnat to be able to utilise Big Data and

capture, particularly as an insurer with

Artificial Intelligence in order to move

millions of clients and customers, is w w w.z i mna t . co. z w

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turning that data into a real and quantifiable value. To this end, Zimnat has implemented a number of dashboards that are readily accessible to all internal staff and advisors. Through these dashboards, Zimnat can dig deep into customer data to create a rounded picture of the customers and their behaviour in order to provide them with relevant services and solutions. “Through data analytics we can really personalise our service offering for customers because not all customers will want the same insurance cover,” says Sachak. “Once you start to analyse that customer and look at how they engage with Zimnat then we can offer solutions specific to them.”

“At the moment this is very generic, but as we grow and the technology

“ Through data analytics we can really personalise our service offering for customers because not all customers will want the same insurance cover, once you start to analyse that customer and look at how they engage with Zimnat then we can offer solutions specific to them” — Mustafa Sachak, CEO, Zimnat

matures here in Zimbabwe there is incredible potential.”

experience. Additionally at the senior

Data analytics in particular is

level, the Zimnat Group has recruited

something that Sachak is extremely

a Chief Digital Officer and a Group

passionate about and has ensured

Marketing Executive.

that Zimnat has invested in the right

As a result of challenging economic

resources to support this data

environment over the past 20 years,

enablement, creating a full time data

insurance penetration in Zimbabwe

analytics role as well as a marketing

has been stuck at around 1.5%. Rewind

and digital officer to continue to better

the clocks back to the 1990s and

understand and improve the customer

insurance penetration painted w w w.z i mna t . co. z w

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ÂŁ70mn Approximate revenue

1946

Year founded

540

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Approximate number of employees

a different picture, reaching as high as 6%. Under the leadership of a new President, 2018 represents a changing tide for Zimbabwe and the insurance space and Zimnat’s responsibility to cement confidence in the sector is one that Sachak recognises.

“A major challenge we have faced is getting everyone in the leadership team and all of our stakeholders to fully appreciate that this digital transformation is real and that we have to embrace this technology,” he says. “This extends to our customers. We have not been able to access a large part of our population because the penetration of insurance and the education we can provide for them hasn’t been there.

Technology and digital platforms will allow us to reach them.

“Through our digital transformation we have been able to find customers who would never be able to find us through traditional means. It’s actually increasing the market for us.”

Sachak feels that educating the market is a critical ingredient, not only in growing w w w.z i mna t . co. z w

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DATA ANALYTICS

PRODUCT DEVELOPMENT

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the company but developing the

responsibility to educate them and

insurance sector in Zimbabwe. He

change that perception. That’s our

points to the company’s purpose of

purpose: making people’s lives better.

“making life better” and how that starts

That’s what drives us.”

with changing a negative perception

Key to moving forward and to

that insurance and insurance compa-

making people’s lives better is listening

nies have in Zimbabwe.

to people and recognising where the

“There’s a general view that insur-

company is both succeeding and

ance companies simply take money

failing and ultimately, responding.

from the public and then don’t pay up

Sachak understands that in order to

when it comes to claims,” says Sachak.

understand how the company is

“Our digital journey speaks to our

performing with the customer it must w w w.z i mna t . co. z w

“ What we’re doing right now, and what we will continue to do, is strive to make sure it’s not only a seamless experience for the customer but an experience that has them saying, ‘Wow. This was superior’” 16

— Mustafa Sachak, CEO, Zimnat

ask the customer. “We can sit and pontificate as much as we want but in reality, the customer defines that conversation,” he says. “It’s never been easier for a customer to move to another provider, so we have to ensure that we are looking after their interests and delivering on our promise.”

The insurance space in Zimbabwe will continue to evolve and so too will the customer prompting Zimnat’s digital transformation to evolve with it.

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Over the next 12 months the company

a customised experience for the

will increase its investment into data

customer,” he says. “What we’re doing

analytics in order to establish and

right now and what we will continue to

provide a loyalty reward platform.

do, is strive to make sure it’s not only

Sachak notes that Zimnat will continue

a seamless experience for the customer

to dive deeper into emerging technol-

but an experience that has them saying,

ogy trends and assess how it can bring

‘Wow. This was superior.’”

those technologies from all around the world into both the company and the Zimbabwe market.

Ultimately though, Zimnat will continue to do one thing. “It’s really about w w w.z i mna t . co. z w

ZIMNAT HOUSE Corner 3rd Street & Nelson Mandela Avenue P.O. Box 2417 Harare, Zimbabwe T +263 24 701 179/80 | www.zimnat.co.zw