LOA pushes innovation drive as pressures mount on insurers
STAFF WRITER
The Life Offices Association of Zimbabwe (LOA) has urged insurers to innovate and adapt to rising technological demands as disruption and economic volatility tighten their grip on the sector, Business Times can report.
The call comes as the industry remains burdened by nearly US$3bn in policyholder value wiped out during the hyperinflationary era, a legacy issue that continues to erode confidence.
New risks are also emerging from Zimbabwe’s shift towards a mono-currency regime, threatening the viability of long-term insurance products.
Compounding the strain, global geopolitical tensions in the Middle East are expected to trigger an inflation resurgence into 2026, squeezing disposable incomes and pushing insurance further down consumers’ list of priorities.
LOA secretary general Mavukeni Rufai told delegates at the recent Third Annual Life Offices Association Agents Conference that survival will depend on the industry’s ability to generate practical, real-world solutions.
“This year we meet under the timely theme ‘Innovate to Elevate: Transforming Financial Advisory in a Dynamic Landscape.’ Economic shifts, regulatory changes and rapid technological advancements are redefining how we advise and serve clients,” Rufai said.
“Yet these same forces present opportunity for those prepared to adapt, innovate and put clients at the centre of everything they do.”
Rufai stressed that insurance agents must reposition themselves as trusted financial advisors rather than mere product distributors, noting that their conduct will determine public trust in the sector.
“Every policy you place is a promise of protection and hope for families across Zimbabwe. That responsibility demands higher standards, adoption of best practices and embracing technologies that improve client outcomes,” he said.
He added that the conference’s practical training sessions are designed to drive tangible performance, from sharper prospecting and needs-based advisory to stronger retention and ethical upselling that delivers real value.
Rufai urged industry players to act decisively, leveraging innovation to rebuild trust and future-proof the sector.
“Let us innovate, elevate our craft and strengthen trust in financial advisory across Zimbabwe. Above all, let us act so the industry becomes more resilient, client-centred and impactful,” he said.
