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Nicoz Diamond

SPARKLES AMONG THE COMPETITION

Nicoz Diamond

Written by: Tom Lloyd Produced by: Nick Norris >>>

Investing in assets and skills to create Southern Africa’s most secure insurance network

NICOZ DIAMOND SPARKLES AMONG THE COMPETITION

WITH THE LARGEST MARKET SHARE and as the first short term insurer to be ISO certified, Nicoz Diamond is sitting pretty in the

Southern African insurance ranks. However, in a competitive market, there is no room for complacency as quality of service and customer security becomes its number one priority.

BEING THE BEST

Operating in an increasingly competitive market, Nicoz Diamond has had to constantly review the service that it offers in order to maintain dominance. With very little difference in the price and product offered by insurance companies, differentiation has to come in the delivery of service, an area where Nicoz Diamond has excelled.

Responsible for this success to a large extent is the Managing Director, Mrs Grace Muradzikwa. Grace has won several leadership accolades in the market and

Nicoz Diamond Sparkling among the competition page 5

is one of the top and most respected female business leaders in the country. At the helm of the insurance giant for many years, Grace has managed to ensure the company makes good and sustainable returns during her tenure.

When accidents happen, Nicoz Diamond are there

Nicoz Diamond is on the road to success

Reinsurance Brokers Employees: 22 Industry: ReInsurance Services: Reinsurance

SUPPLIER STATS

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Ernest & Young Employees: 45 Industry: Finance Services: Accounting, Tax, Assurance, Overseas investment

SUPPLIER STATS

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UNLOCKING VALUE THROUGH OUT-OF-THE-BOX-REINSURANCE SOLUTIONS

RBI has the ability to understand the complex technical and business issues surrounding reinsurance through a personalized touch. It interweaves these into the cedant’s unique and individual visionary pursuits to form value additions that makes an impact to its long-term success.

Reinsurance Brokers International2nd Floor ,ZimRe Centre25 Kwame Nkrumah Ave.P.O. Box BE 1094Belvedere ,Harare Zimbabwe.

Tel. 263 4 772888/94 Fax. 263 4 [email protected]

Nicoz Diamond page 7

Gloria Zvaravanhu, General Manager of Corporate Services, explained:

“The differentiation in the insurance industry comes in the service, mainly in the speed of settlement of claims, the turnarounds in the underwriting process, and especially in the

Property insurance is key to the business

FBC Reinsurance Employees: 12 Industry: Reinsurance Services: Reinsurance

SUPPLIER STATS

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ZB Re-Insurance Employees: 9 Industry: Reinsurance Services: Reinsurance

SUPPLIER STATS

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FBC Reinsurance was formed in 1995 as Southern Africa Reinsurance Co. (SARE). In 2004, SARE merged with First Bank to form the FBC Group. Today, FBC Holdings has 7 Subsidiaries namely FBC Bank, FBC Building Society, FBC Reinsurance, FBC Securities, Eagle Insurance, Turnall and Micro Plan.

FBC Reinsurance, a 100% subsidiary of financial powerhouse FBC Holdings, is one of the dominant players on Zimbabwe’s reinsurance landscape. The company’s financial position is sound, on account of a well-balanced asset base. The company stands out as the most liquid reinsurer in Zimbabwe with a claims coverage period of more than 44 months and is rated A- by GCR South Africa. FBC Re’s technical results speak volumes about the company’s technical capabilities and the depth and breadth in the underwriting skills.

The FBC Group works closely with Nicoz Diamond and is proud to be associated with one of the leading insurers in the country.

For more information please contact us on:

strength • diversity • service

Tel: 263 4 706745/706647 | Fax: 263 4 772706

Website: www.fbc.co.zw


security being offered, i.e. the promise that your claim will be paid when a misfortune happens.

“We are selling the security, this is a brand that is well known in the market, and has a strong balance sheet and a proven record of expedient settlement of claims.

“This is our main differential

apart from the fact that we are ISO certified, so obviously our service is of an internationally acceptable standard that others might not necessarily be ascribing to.”

Nicoz Diamond has been granted ISO certification from the Standards Association of Zimbabwe since 2006. This level of best practice, substantial capital and a significant market share has led the Global Credit

Comprehensive & diverse reinsurance products for your

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FMRE Property & Casualty is proud to offer innovative reinsurance products to insurance

companies and reinsurance brokers in the SADC region and across Africa.

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We cover Agriculture, Bonds & Guarantees, Engineering, Fire, Marine, Liability and

Miscellaneous Accidents.

FMRE Property & Casualty Botswana(Proprietary) Limited, Millennium Office Park Plot 127, Unit 11, P O Box 47202 Gaborone, Botswana.Tel: +267 3934287/93/94Email: [email protected]: fmrepropertyandcasualty.co.bw

FMRE Property & Casualty Zimbabwe

15th Floor, Pearl House, Cnr Samora Machel / First Street P O Box CY2744 Causeway, Harare, Zimbabwe.Tel: +263 4 774478-9, 771642Fixed Mobile: +263 772 572 584-8Web: www.fmrepropertyandcasualty.co.zw

Zimbabwe Posts (Pvt) LTD trading asa Zimpost is the leading postal,

communication and financial services provider in Zimbabwe. The company has an unrivalled postal

network of over 300 outlets.

[email protected]


Gloria Zvaravanhu, General Manager Corporate Services, Grace Muradzikwa, Managing Director and Noel Manika, General Manager Operations

ZambianReinsuranceCompany Limited

Excellence in the provision of Reinsurance and Risk Management solutions

We deliver reliable, flexible and dynamic financial security through our innovative solutions and services.

T: +260 211 232820F: +260 211 [email protected]

Get in touch for more information

Rating of South Africa to award Nicoz Diamond with an A-credit rating, the highest rating that can be accorded to a Zimbabwean company due to the macro economic trading environment. The company is also the only short term insurance company listed on the Zimbabwe Stock Exchange (ZSE).

“We take pride in being the only listed short term insurer,” Zvaravanhu said. “From a corporate governance point of view, we’re there because the requirements to list and maintain a listing on the stock exchange are actually quite onerous, you need to adhere to a lot of things and we always pride ourselves that we are transparent, we publish our results, we follow the corporate governance principles, which puts us above the other companies in the market which do not necessary

Nicoz Diamond regard its employees as one of its best assetsNicoz Diamond has been highly rated


need to ascribe to some of these requirements.

EXPERIENCED MARKET LEADER

A 2002 merger between the National Insurance Company of Zimbabwe (Nicoz) and Diamond Insurance brought the current company into existence. However, both parties had been trading for some 20 years prior to the merger, developing the skills and reputation needed to succeed.

After joining forces, Nicoz Diamond became the first and only short term insurance company to be listed

on the Zimbabwe stock exchange, owing to its continually large market share and substantial stores of capital.

Since 2002, Nicoz Diamond has had the largest market share, a percentage that has

dwindled over the years due to increasing competition, but as ever Nicoz has retained the lions’ share.

There is however more to financial security than simply the market share, as Zvaravanhu explained: “I have mentioned that we are market leaders in terms of top line revenues, but we are also the market leaders in terms of balance sheet size. The minimum capital requirement for short term insurers in the country has recently been increased to US$2 million from US$300,000, but our capital is actually at $8 million, which makes us the biggest and comfortably above the minimum required.”

THE DIFFERENTIATION COMES IN THE SERVICE, MAINLY IN THE SPEED OF

SETTLEMENT OF CLAIMS, THE SPEED OF THE UNDERWRITING PROCESS, AND

ESPECIALLY IN THE SECURITY GLORIA ZVARAVANHU

Gloria Zvaravanhu, General Manager of Corporate Services


INTERNATIONAL FOOTPRINT

Spreading its wings, Nicoz Diamond has expanded its operations outside of Zimbabwe as part of its regional expansion strategy. Currently with a presence in four countries outside of Zimbabwe; Zambia, Uganda, Malawi and Angola, the ambition is to expand this to 10 markets by 2015.

Zvaravanhu explained: “I refer to presence because it could be a stake in a company, or management and technical services contracts with companies in those markets. Because of our strong technical skills, we have managed to penetrate other markets and

sell that expertise in the form of management or technical services consultancy.”

TECHNICAL EXPERTISE

An abundance of capital is just half the battle in an insurance market, and especially one that is as intensively competitive as the Zimbabwean market. Nicoz Diamond prides itself on having the highest concentration of technical skills and a strong and experienced management team.

“Insurance is a highly technical and often complicated business and you need the technical skills to be able to write profitable business. In that regard our employees are one Grace Muradzikwa, Managing Director


of the greatest assets we have as an organisation, in a market which is deficient of insurance skills.

“The high skills concentration assures the insuring public of the best delivery from a service and risk management advice point of view.”

Nicoz Diamond is part of a Group that has reinsurance, insurance broking, life assurance, medical insurance, funeral assurance, property management and actuarial services. With a wide range of services falling under the group it’s possible for the swift and regular exchange of skills within it, offering invaluable expertise and knowledge to the market.

In addition, the involvement across the Southern African region has encouraged the rotation of staff, generating long term benefits for the company.

“Zimbabwe went through a tough time in terms of macro economic performance during the hyperinflationary decade. This naturally impacted on the insurance side of things as there was loss of confidence in insurance products resulting in a flight Exposing staff to different markets throughout Southern Africa

has made them a cut above the rest


of skills to other markets. The company was at an advantage in that we could afford to still retain our skills by posting them around the region allowing us the flexibility to call them back when we need them.

“The exposure of our staff to other markets in itself makes our staff a cut above the rest in the market from both a technical and service point of view.”

TO THE FUTURE

With an ambition to be the preferred short term insurance provider across the Southern African region, Nicoz Diamond is always looking to make its products more exciting and more relevant to the customer. Innovation and investment are bywords in this aggressive expansion across the continent. afbr


Industry: Insurance

Founded: 1981 originally merged in (2002)

Headquarters: Harare Zimbabwe

Key People/Titles: Grace Muradzikwa - Managing Director, Gloria Zvaravanhu - General Manager of Corporate Services, Noel Manika - General Manager of Operations

Products: Short term insurance

Revenue: $30 million

Employees: 80

Website: www.nicozdiamond.co.zw

STATISTICS

Artist’s impression of Nicoz Diamond building once project is completed

Nicoz Diamond30 Samora Machel Avenue, Harare, Zimbabwe

Tel: +26 34 704911-4 | Fax: +26 34 700083 [email protected] | www.nicozdiamond.co.zw

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