Fidelity drives growth through innovation, Invest-linked products
ROBIN PHIRI
Fidelity Life Assurance is expanding its invest-linked product offerings to combat market challenges posed by de-dollarization prospects, rising inflation, and increasing competition from copycat products, ensuring adaptability and growth.
“The development of micro insurance products is evidence of our focus on constant innovation, adaptability and desire to bring to market products that are accessible and relevant. Also in the pipeline is an expansion of the Group’s invest-linked product offering,” said Group Chairman Livingstone Gwata.
“The Group will also be marrying its sustainability agenda with its market expansion programme by provided financial education and literacy to the informal, underserved and rural communities. Together with its digitalization drive that enables remote access to its products, these communities are set to be ideal markets for the Group.”
Fidelity boasted a US$6m profit in the first half of the year. The remarkable profits are a result of the country’s strong agricultural output and improved mining performance, a 14% increase as compared to the same period last year. Insurance contract revenue increased by 5% to US$8.6m, up from US$8.2m in the prior period, reflecting the continued resilience of the insurance sector in the face of deepening economic uncertainty, supported by strong performance in the individual life segment.
“The improvement was primarily driven by a reduction in claims expenses and effective cost containment measures implemented by the Group,” Gwata said.
Fidelity Life has strategically embraced Artificial Intelligence and cutting-edge technology to streamline operations, significantly reducing costs and enhancing overall efficiency, ultimately positioning the company to increase policyholder value and boost shareholder returns through improved productivity and innovative service delivery.
The group is intensifying efforts to strengthen its brand beyond Zimbabwe’s borders, specifically targeting the diaspora market with tailored invest-linked products and funeral services, facilitated through strategic partnerships forged during the first half.
“Looking ahead, Fidelity Life Assurance will continue to expand access to inclusive financial products, invest in climate-resilient operations, and strengthen its governance systems, ensuring that sustainability remains integral to our growth and impact.”
