AON Risk services
business? To the foreign investor, Zimbabwe is seen as a high-risk country so who better to help you dodge the potholes and manage risk than Aon?
By Ian Armitage
Susan Mutangadura 2
Aon focus INSURANCE
nsurance giant Aon needs little introduction. Many of us instantly recognise it as the sponsor of soccer giants Manchester United. They’re very proud of that fact. But Aon is much more. In terms of risk management, insurance and reinsurance brokerage it is a global leader. It employs more than 61,000 people worldwide in over 120 countries and has been repeatedly named as the world’s best broker, best insurance intermediary, reinsurance intermediary, captives manager and best employee benefits consulting firm. Aon Zimbabwe maintains the position of number one risk advisor in Zimbabwe. It has three operating divisions: Aon Risk Solutions, Aon Consulting and Aon Benfield, and has operated in Zimbabwe for 65 years. Managing director Susan Mutangadura is keen promote the company’s strengths and attract new business. She talks exclusively to South Africa Magazine… Susan thanks for your time. Tell us more about the services Aon Zimbabwe provides? Our Aon Risk Solutions (ARS) division deals with short-term insurance. That is our largest division. Our
Aon Zimbabwe guests and colleagues at the 2011 golf day, during prize giving
second largest in terms of income is Aon Consulting. Globally Aon Consulting is now known as Aon Hewitt after the acquisition of Hewitt Associates. Hewitt had offices in more than 30 countries and employed approximately 23,000 associates. Prior to the merger, Aon was number one global reinsurance broker, number one global manager of captive insurance companies and number four global employee benefits firm. Following the merger, Aon became a global leader in all areas of business. Our third operating division is Aon Benfield. It is the world’s leading treaty and facultative broker and was
born out of Aon Re Global’s acquisition of Benfield Group International in 2009. At the time, Aon Re Global was the world’s premier reinsurance intermediary. Benfield was a leading independent reinsurance consultant and had an international network of more than 50 offices and leading presence in major insurance and reinsurance markets including the US, the UK, Continental Europe, Bermuda and Asia. As a business locally we provide services to 42 percent of the Zimbabwe Stock Exchange Listed companies in industries like banking, mining, retail and manufacturing. We also have a huge portfolio of the nonlisted entities on our books. www.southafricamag.com
Aon focus insurance
Colleagues pose for a photo with the Mayor of Harare, his Worship Muchadeyi Masunda at the Town House, just before the Global Service Day clean up
Fantastic. This is Aon’s 65th year in Zimbabwe. What does that longevity say? Our origins date way back to 1947 and J.H. Minet & Alfred Blackmore (now Aon Risk Solutions). In 2001 Aon Minet rebranded to Aon Zimbabwe, as we have been known since then. Our longevity tells that Aon Zimbabwe is here for “good”. We believe in the future prospects of this country. Establishing long-term relationships with stakeholders is key to our vision as a business. We want to ensure sustainability not only for ourselves but also for those we provide advice to, so, Aon Zimbabwe takes a long-term view in all our business planning. On 21 June 2012, we celebrated our 25th anniversary as a global brand, in what was called 4
Global Service Day. Aon colleagues globally provided 25,000 hours of service in the communities that we conduct business. Aon Zimbabwe colleagues in Harare took time to clean the City Centre of Harare and to donate rubbish bins to the City. In Bulawayo, Aon colleagues took time to clean up King George VI, a home for the disabled. On the same day Aon also released its 2012 Global Citizenship Report, which presents the full scope of the firm’s ability to empower results for clients, colleagues and communities around the world. The report highlights Aon’s mission and social benefit, the work it performs on behalf of clients, its focus on ethics, governance and sustainability, and its global charitable contributions.
Continental Reinsurance, the leading pan-African reinsurance company listed on the Nigerian Stock Exchange (NSE), offers a full suite of non-life and life reinsurance services to African insurers across the Continent. It is through AON Re Zimbabwe that Continental Reinsurance writes both treaty and facultative business in Zimbabwe, Swaziland, Malawi and Mozambique, focusing particularly on reinsuring against mega risks in the southern Africa markets. AON Re Zimbabwe is one of Continental Reinsurance’s leading brokers in southern Africa. As part of a wider corporate focus on delivering specific and targeted products that are driven by the requirements of the markets in which it operates, Continental Reinsurance is working with AON Re Zimbabwe to develop innovative products such as agriculture, tour operators liability and directors and officers liability covers in response to the ever changing client needs in southern Africa. Continental Reinsurance’s prompt claims payment record and strong market differentiators coupled with AON Re Zimbabwe’s professional attitude have proven a great success with clients in the region. Continental Reinsurance is rated B+ (Good) by AM Best for financial strength and credited for robust riskadjusted capital. It recently announced its fully licensed subsidiary in Nairobi, Kenya and has business activities in 43 African countries.
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Zimbabwe is a challenging environment. How are you performing? Just like any business in Zimbabwe, Aon Zimbabwe was heavily affected by the economic meltdown that took place prior to 2009 when hyper inflation made business activities virtually impossible. Most company’s balance sheets were virtually reduced to zero and most companies had to recapitalise on introduction of the multi currency regime. Aon Zimbabwe’s success has to be seen in light of this fact. We had to recapitalise our operations and to date we have given a return to shareholders above market expectations. To that end we believe that Aon Zimbabwe has been successful. 2011 was a good year, however like most businesses in Zimbabwe, the performance was weighed down heavily by the structural market inefficiencies that resulted in modest growth in the economy. We were particularly pleased because we met our top line objective and we recorded significant new business growth especially in our consulting unit. However these accomplishments were affected by increases in cost especially wages which were pushed by aggressive negotiation by unions. Going forward the management of costs will be a significant strategy in retaining margins and profitability. The general economic environment has been significantly affected by lack of longterm credit facilities which are as a result of Zimbabwe’s inability to access significant lines of credit from multinational institutions. This inability to access long-term credit significantly impacts on industries’ capacity to recapitalise their operations. Foreign direct investment is limited and this restricts the growth of the firm. In spite of these negatives, our strategy has been to focus on areas where opportunities exist in spite of the broader challenges and this aggressive and innovative approach to business has been the basis of our phenomenal growth. We also pride ourselves with the way we have positioned the Aon brand locally. 6
Aon Zimbabwe Managing Director, Susan Mutangadura hands a prize to Mr. Nyakudya , who is one of the long serving and respected insurance practitioners in Zimbabwe
Delight Kadzura, one of the recipients of the Aon Zimbabwe CSR programme which supports people living with albinism is given an opportunity to tell her story
12 Lanark Road Belgravia Mob: +263-773-420 635 Tel: +263-4-252675, 796157, 796171, 796572, 796578 Fax: +263-4-250800 Web: www.newhorizons.com Email: firstname.lastname@example.org
For the past 30 years our innovative, award-winning learning methods have revolutionized the way students learn, retain and apply new knowledge 2012 marks New Horizons delivering 30 years of computer training to more than 30 million students worldwide. Today, New Horizons is the world’s largest independent IT training company with 300 centers in 70 countries.
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Aon focus insurance
EBSphere At EBSphere we nurture a very particular culture. Our principles of Innovation, Integrity, and Trust drive everything we do. Why do we do this? We believe these three words sum up the key attributes that will continue our success and best serve our customers.
Aon Zimbabwe colleagues busy cleaning the streets of Harare, during the Global Service Day
What sort of year is 2012 shaping up to be? This year has been challenging because of the micro economic environment, the persistent talk of elections has not helped the situation, as investors tend to adopt a cautious approach. However as Aon Zimbabwe we have recorded growth in the business brought about by the development of new products and organic growth. The most successful aspect of the business in the last 12 months has been the retention of clients, which is above 99 percent. The areas of improvement are cost management and optimisation of IT investments. We have 8
also recorded a high talent retention ratio and therefore continue to reap the benefits of the investment that we have made in training and development and up skilling our employees. Are there lots of opportunities for the company? The current state of the industry is characterised by low rates and stiff competition; most observers believe that the insurance market in Zimbabwe is over-traded. Opportunities for Aon Zimbabwe exist in growing the current book and developing new products and positioning ourselves to capitalise on the sectors of the economy that are registering significant growth.
Innovation We are always thinking about how we can improve the customer experience. This is not just in terms of product innovation. We are open to new ideas and to exploring them constructively. The reputation of our people and systems is central to our business ethos. We ensure that the information provided by the system is of the highest quality and integrity. Integrity Keeping promises is vital in building trust and loyalty with our customers. Whether itâ€™s as simple as telling someone youâ€™ll do something and then doing it or providing reliable, quality products on time to the marketplace, integrity is central to maintaining our credibility. Trust We see all our clients as long term business partners. The implementation of the Everest System provides a scalable and customisable solution, that will ensure all the requirements of our clients will be catered for well into the future.
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innovation EBSphere builds and manages IT solutions that enable companies to collaborate like market leaders.
EBSphere builds and manages IT solutions that enable companies to collaborate like market leaders. Our Company's unique combination of specialist skills means that we can provide the solutions our customers need to operate seamlessly.
8th Floor, Cabs Centre 2nd & J.Moyo Harare Email: firstname.lastname@example.org Tel: 00263 4 703 780/0772395905 Patch Solutions (Pvt) Ltd is an ICT Company specializing in full system integration. Patch Solutions provides long-term commitment support to clients, helping them derive full benefits from their information technology investment. With the strategic partnership and alliances with other global information technology suppliers and the special links with Compaq Corporation, IBM, HP, EPSON, and 3Com, Patch Solutions provide clients with a wide range of software communication and hardware products.
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TristarInsurance congratulates AON on their continued success. We are proud to be associated with them.
email@example.com www.tristarinsurance.co.zw Call 04 777 915/8 Pearl House, First Floor, 61 Samora Machel Ave, First Street, Harare
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RM Insurance RM Insurance is one of Zimbabweâ€™s biggest and most stable short term insurance companies. At RM Insurance, we offer a diverse range of insurance products and services. Our long history of business partnership with AON Zimbabwe, and the expertise from both companies reflect continued professionalism in discharging services to our mutual clients. We at RM Insurance value the broking and risk management services that AON Zimbabwe provides to the Zimbabwean market.
What are your future goals? Our future goal is to grow Aon Zimbabwe into a significant player in the Aon Africa family by contributing to the profitability of the group given the potential of the Zimbabwe economy and also its past history. Aon Zimbabwe is a natural leader in human capital development, which is a good platform for growth in our industry. Like every business must, we will focus on profitability and giving our shareholders a return on investment. We will also continue to invest in training so as to become the employer of choice with leadership in developing talent that will meet the unique needs of our clients. Aon Zimbabwe will continue to leverage on Aon global resources to introduce new innovations and new products into the Zimbabwe market. One area is in Aon Consulting and Aon Risk Solutions where we currently do not provide the full suite of services offered by Aon globally. We believe that Aon Zimbabwe has the ability to tap into our global resources so as to give 10
our clients local solutions that will support the growth and development of our economy. The vision for Aon Zimbabwe cannot be divorced from the global vision, â€œAon seeks to be universally recognized as the premier global risk and human capital advisory firm.â€? However there is need for customisation of that global vision to suit local conditions. In that regard, I see the vision of Aon Zimbabwe as being the undisputed leader in the fields of risk management and human capital consultancy. To do this the business will need to develop new competencies in line with the global brand. We see ourselves expanding to offer new services in areas, which hither to had not been associated with a corporate broker of our size. Opportunities exist in micro insurance. We recognise the role of small to medium enterprises in the growth of our economy and as Aon Zimbabwe we will respond with tailor made products for this segment of our economy. Our vision is to provide solutions that will support our clients to
achieve their stated business and personal objectives. You have invested heavily in restructuring and adding new technology to your IT Systems? We have. Aon Zimbabwe believes that the investment in new technology is the way to go for a 21st century company. Indeed ICT is the enabler of innovation and brings about real efficiencies. To that end we have introduced new operating systems for our core business and have upgraded some existing ones. We have embarked on extensive training of the operators to ensure optimal use and to derive benefit from the investment in ICT. Aon does not believe that this is a cost per se but an investment in the future of the firm. As things stand, all operating units are either fully automated or are in the process of being automated.
Aon focus insurance
You’re a socially responsible business? It is our mantra globally to give back to the communities in which we operate and CSR to me personally is a very important component of good corporate governance. In 2009, Aon Zimbabwe launched its CSR programme that supports people living with albinism. We support people living with albinism by providing them with sunscreen lotions, lip balms, hats and protective clothing. Recognising that people living with albinism
usually have difficulty with their eyesight, we are also providing spectacles, especially to schoolchildren. We also give them access to a dermatologist who assists with looking after their skin. To date we have a total of 900 recipients in various parts of the country including Chitungwiza, Chinhoyi, Masvingo, Victoria Falls and Bulawayo. This is our major CSR programme although we have assisted in other areas of need, like during Global Service Day which I mentioned before.
FBC Reinsurance Limited FBC Reinsurance was formed in 1995 as Southern Africa Reinsurance Co. (SARE). In 2004, SARE merged with First Bank to form the FBC Group. Today, FBC Holdings has 7 Subsidiaries namely FBC Bank, FBC Building Society, FBC Reinsurance, FBC Securities, Eagle Insurance, Turnall and Micro Plan. FBC Reinsurance, a 100% subsidiary of financial powerhouse FBC Holdings, is one of the dominant players on Zimbabwe’s reinsurance landscape. The company’s financial position is sound, on account of a well-balanced asset base. The company stands out as the most liquid reinsurer in Zimbabwe with a claims coverage period of more than 44 months and is rated A- by GCR South Africa. FBC Re’s technical results speak volumes about the company’s technical capabilities and the depth and breadth in the underwriting skills. FBC Reinsurance, which pioneered the development of foreign currency denominated products in 2004/5 to tame hyperinflation in Zimbabwe, has once again shown its innovativeness by partnering Aon Benfield in coming up with new products in Zimbabwe. Aon continues to be a top drawer partner for FBC Re, currently broking a great deal of both facultative and treaty business. Aon is also an important broker on the company’s retrocession arrangements, and through this partnership, FBC Re has a financially strong and reputable set of securities backing its business. FBC Reinsurance 4th Floor, FBC Centre 45 Nelson Mandela Avenue Harare Zimbabwe
Aon Zimbabwe colleagues, spending time with the orphans of Nenyere Day Care Centre in Mbare.
Underwiting: +263 4 706745/706647 General: +263 4 704462/704481/2 Fax: +263 4 772706
Zimbabwe is of course a neigbour to many fast growing sub-Saharan countries. Are you well placed to take advantage of the opportunities in Africa? Aon is represented in 15 African countries mainly in the English speaking countries. All these countries work in close collaboration to take advantage of the opportunities at a pan African level. The latest IMF report states that out of the 10 fastest growing countries in the world, nine are from Africa. We believe therefore that we are well placed to take advantage of the opportunities in Africa. Zimbabwe is in growth mode and considering its vast resource base the upside potential is huge. We will contribute to Africa’s growth by harnessing the opportunities in our territory.
What do you believe is the key to the Aon Zimbabwe’s success? The key to the company’s success is embedded in its ability to attract and retain top talent. Since we sell human capital consultancy it is imperative that we align our human resources strategy with the company’s broader strategy. The key to Aon Zimbabwe’s long-term success is the ability to manage and align our human resources to our company growth strategy. In simple terms, I have the privilege of working with a young, dynamic and energetic team. There is a strong desire to succeed within Aon Zimbabwe, and a culture of excellence, which is shared by the team. Steering a team with so much enthusiasm makes it very easy to succeed. Our ability to attract and retain www.southafricamag.com 13
Aon focus insurance
FMRE Property & Casualty â€“ insuring the insurers FMRE Property and Casualty is a leading reinsurance firm in Southern Africa and offers traditional short term reinsurance products which are backed by a comprehensive range of risk management services and technical support. The company provides exceptional treaty and facultative reinsurance services and resources for clients to operate irrespective of their size and underwriting philosophy.
At the office with Manchester United legend, Gary Bailey
clients will also inform our growth and success. We know that each client is unique, and we provide tailor made solutions, all the time focusing on delivering distinctive client value. Susan, on a personal level, you are a female CEO. Is that in itself a challenge? I totally embrace my femininity and believe it gives me certain strengths and qualities that my male counterparts many not immediately identify with. I also accept that being a female CEO brings about many challenges. I know that I have to work that much harder to prove my capabilities. However that is an advantage in itself as it ensures that I never become complacent and must continuously invest in improving myself. I also recognise that I have become a role model and my performance must exemplary. It is my hope that I can encourage and inspire other women to have 14
FMRE also offers a range of sophisticated advisory and consulting services which include alternative risk transfer support, technical training, reinsurance programme structuring, and portfolio run off administration. For more information, visit the website www.fmrepropertyandcasualty.co.zw or www.fmrepropertyandcasualty.co.bw
My femininity enables me to pay more attention to detail and brings about empathy in dealing with difficult situations
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ZIMNAT LION INSURANCE COMPANY
Global insurance broker
Global manager of captive insurance companies
US wholesale broker
Global reinsurance broker
US employee benefits consultancy
Global employee benefits consultancy
450 of the Fortune 500 companies are our clients 7 of the top 10 Airlines are our clients 66 of the Top 100 Movies ever made were & are insured by Aon 1 in 3 chance that the petrol in your tank has been insured through us 10 of the top 20 Power companies are our clients
Zimnat Lion boasts a rich heritage, being one of the largest and oldest short term insurance companies in Zimbabwe. With over 60 years of experience, its age brings with it unparalleled maturity and courage to enter the market with not only a wide range of products, but also very innovative solutions designed to meet your personal needs. With an entire risk management department dedicated to assisting the client and Zimnat in risk management and product definition. Service excellence is the hallmark of Zimnat and we continue to invest in solutions that improve our service to clients. As we continue to expand in distribution and clientele, we have recently invested in a new information system which will allow us real time service delivery. The year 2012 for Zimnat started on an exciting note, with a new management team, which we believe is more than capable to further steer the ship in this dynamic era. At Zimnat, we are thrilled to attend to every client we meet. We receive you with the highest level of service excellence. Many times, our relationships become lifelong partnerships, promising to walk with you throughout our journey, with our chief reputation being that of â€˜we pay claimsâ€™. Having proven ourselves over and over again, by paying significantly large claims for some of the largest corporations in Zimbabwe, we can safely attest to our motto - We pay claims!
Managing Director : Livingstone Magorimbo Livingstone is a qualified actuary with extensive experience in the Southern African region and West Africa, recently coming from leading a large corporation in Nigeria. A young but mature leader, his reputation precedes him. He is not only known for management excellence, but also for his innovative and supreme business acumen.
the confidence to realise their full potential. I am particularly grateful for all that I have achieved and must quickly point out that I owe it all to God who has surrounded me with people that have encouraged and inspired me to reach the level that I have. I owe a lot to my parents who taught me from an early age to understand that whilst I would have to work extra hard to attain my goals, my gender should never be a hindrance to my progress. The important thing is to have a vision, set goals, and remain focused and work hard to achieve the set objectives.
Our future goal is to grow Aon Zimbabwe into a significant player in the Aon Africa family
Zimnat is proud to be associated with AON. With a great partnership that has survived decades and AON continuing to be our largest provider
Being a boss in a male dominated industry comes with huge challenges. However it brings about many opportunities on which I chose to focus. My femininity enables me to pay more attention to detail and brings about empathy in dealing with difficult situations and of course the most important resource in any organisation, the team. I enjoy what I do and continuously look for opportunities to improve my teammates, the organisation and myself. END
To learn more visit www.aon.com/zimbabwe www.southafricamag.com 17
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Aon House Corner 14th Avenue and G. Silundika Street P.O. Box 1475 Bulawayo, Zimbabwe Tel: (263) 9. 64513/64514/64515