Investments boost Nyaradzo’s funeral business market share
Own correspondent
Vic -Falls, Nyaradzo Life Assurance Company’s investments into capacity over the years has seen it commanding 70% market share in funeral business and 26% in life insurance to date.
The group has been enlarging its footprint from funeral life insurance, events management, furniture and many others as it looks to put all its services under one roof.
Early this year Nyaradzo launched a funeral policy called Sahwira International Plan (Sip) meant for Zimbabweans in the Diaspora.
Nyaradzo Life Assurance Company General Manager, Tendayi Kanjanda told delegates attending the institute of charted secretaries and
Administrators (ICSAZ) in Victoria Fall last week that the group was moving back the value chain to leverage on the insurance market.
“I must say it wasn’t easy to market a company with an indigenous name to the market as it was easily be dismissed as “Museyamwa”
business but we are glad that we now command 70% on the market share in the funeral business and 26% in the life insurance coming after Old Mutual.
“On the insurance side we started at the tail end but we are now going to be moving back the value chain to offer wide policies.
“We attained our licence in 2018 so we will be bringing them on the market just as you know we introduced Sahwira international plan which targets the diaspora and we have set up shop in South Africa” he said.
Kanjanda said diversification of the company into the various other initiative was in line with its efforts to establish a strong brand adding that the group had made a number of partnerships with other key organisations in environmental rehabilitation it a target of 100 nurseries.
“Together with our partners we plant to plant 500 million trees by 2026. Some of them are Zimplats, Mimosa, Ok Zimbabwe, Old Mutual, and
Standard Chartered, Current we are at 20 billion and we were planning on 100 nurseries,’ he said.
