FBC Insurance seeks technology driven growth as it partners SSP Insurance
Insurance24 Reporter
HARARE, FBC Insurance in its quest for growth and lowering costs has partnered SSP Pure Insurance, a global provider of technology systems and solutions across the entire insurance industry.
According to the company’s website, SSP is a global provider of technology systems and solutions across the entire insurance industry, using expertise to enable customers to transform their business and increase their profitability.
FBC Insurance managing director, Musa Bako was quoted in a statement from SSP as saying FBC wanted a system that would enable it achieve growth on reduced costs.
“We needed a system that will enable us to achieve our growth and cost-cutting objectives “Investing in SSP, a technology partner with a broad footprint on the African and global markets, took the risk out of the decision-making process.
“In addition to its knowledge and experience of the Zimbabwean market, SSP demonstrated it has the financial stability to support our evolution over the long term,” he said.
SSP said FBC Insurance will focus on its transformation from being an intermediated bancassurer and move into direct writing.
“Currently, a large proportion of business is driven through the FBC bancassurance sales force, and FBC Insurance now has a platform that will help it achieve exponential growth of its direct distribution,” read the statement.
FBC has in the recent past engaged in massive initiatives aimed at growing its insurance business.The Group’s insurance units are FBC Reinsurance Limited and Eagle Insurance Company Limited. Eagle Insurance Company Limited is in the process of being re-branded to FBC Insurance.
Recently, Group CEO John Mushayavanhu said FBC Holdings was awaiting approval from the Reserve Bank of Zimbabwe (RBZ) to set up an offshore re-insurance unit in Mauritius as the group seek to address nostro and liquidity challenges obtaining in Zimbabwe which is resulting in delays on settling foreign payments.
