Nyaradzo Funeral expands into South Africa
Insurance24 Reporter
Harare, Nyaradzo Funeral Assurance Company now has its presence in South Africa as part of an expansion drive into the region. The company obtained a service licence in South Africa in 2015 and has now moved to set up structures in that regard to oversee the service provision.
According to a source close to the developments, Nyaradzo’s presence in the southern neighbour is currently limited to services which exclude funeral services.
“We obtained a service licence since 2015. We now have our presence in South Africa but for service only not funeral. We will have to get a certificate of trading so that we will be able to be fully operational,” said the source.
The source added that, in any case, if a customer walks in and inquire on funeral policy, the company is liable to getting sued for that.
Sometimes in April 2017, the funeral assurance company which is a subsidiary of Nyaradzo Group indicated plans to expand into the region and international markets to sign up Zimbabweans in the Diaspora as it seeks to maintain its growing dominance in the funeral assurance services sector.
An estimated four million Zimbabweans reside outside the country’s borders, the majority of them in South Africa and the United Kingdom.
According to IPEC’s 2017 first quarter Life report, Nyaradzo together with FML and Old Mutual had a combined market share of 88%.
Meanwhile, the company is currently promoting its new low cost Funeral Cash Plan known as Sahwira Lite for as little as 0.50 cents with a cash payout of up to $500 depending on the sum assured.
Sahwira Lite, a funeral cash plan provides a specified cash benefit on death of a covered member and pays out the sum assured immediately after receiving all the required documents.
