Doves assets include investment properties, land and buildings
Business Reporters
Doves Funeral Assurance last Friday took delivery of seven new hearses which are expected to help grow premium income from the current $4,2 million. The company’s premium income increased by 30 percent to $4,2 million in June 2014 from $3,3 million recorded to June last year.
The company boasts a six months stock cover and assets valued at about $15 million in June 2014, up from $12,1 m in 2013 representing a 25 percent increase.
Doves assets constitute 33 percent of the total assets in the industry according to the latest IPEC report.
“The increase is attributed to new product development and innovation and continuous improvement in the quality of funeral service.
“In a bid to continuously improve service provision the company has acquired new buses and hearses,” said Albert Maungwe.
Doves Funeral Assurance last Friday launched its new product known as Smartdove which it said is the cheapest product on the market.
Monthly premiums range from $1 for each immediate family member and $2 for each dependent and $2,50 for each line-holder.
“Many people in Zimbabwe have the belief that funeral policies are a preserve of the middle to the upper class, yet the industry has products that are designed to suit all market needs and market segments,” said Mr Maungwe.
He said market penetration has been low for the informal sector segment and the unbanked market because of the premium remittance challenges leading to high rates. These markets have on numerous occasions tried to prepare for funerals by setting up family funds, burial societies among other initiatives.
However these initiatives have failed to provide long term solutions since the funds are frequently abused.
“The Smartdove product will address these challenges as well as increase funeral policy accessibility to the mass market since the product will be sold in supermarkets and by airtime vendors,” said Mr Maungwe.
He said prospective clients can register using their mobile phones. The same platform allows members to add their dependants at additional premiums.
Payments can also be done using vouchers that will be distributed in OK supermarkets while all mobile money wallets are linked to the Doves payment system. Doves assets include but are not limited to investment properties, land and buildings, equities, money market and other assets.