Zimpapers Logo

Business Reporter

FUNERAL assurance company Doves is looking at making further investments and diversifying its product range to sustain its current growth trajectory, CEO Dr Talent Maziwisa has said. “Our growth trajectory will be supported by relevant product diversification and further investments,” said Dr Maziwisa in an interview with The Herald Business yesterday.The company, which recorded a significant 29 percent increase in premium collections in six months to June this year, compared to the previous comparable period, has set a target of becoming one of the leading life companies, at least in the short term.

During the first half of 2016, funeral assurance companies wrote about $18,7 million in net written premiums, a marginal 2 percent increase compared to the same period last year, according to the IPEC half year report for funeral assurers ended June 30.

In the period, the top three funeral assurers wrote 90 percent or $16,8 million of net business. The other six shared 10 percent or $1,8 million. Doves recorded the biggest rise in premium collections despite prevailing economic challenges. First Funeral net premiums rose 5 percent. All other funerals assurance firms recoded declines.

Weaker demand resulting from economic challenges has slowed the industrial activity and as a result restraining sales growth. Some of the challenges the industry is facing include capitalisation and compliance to prescribed asset papers, according to IPEC.

Dr Maziwisa said his company would continue introducing quality services to regain the market share.

“From Doves perspective, it is about investing in funeral provisions and key products that resonate with expectations of the markets,” said Dr Maziwisa. The company will soon launch a new fleet of buses and hearses, while a new branch will be opened in Beitbridge.

The new branch will also serve as a pick up point for bodies from neighbouring South Africa.

He said the company has also put in place a strategy to tap into the small to medium enterprises and informal sectors, which have largely remained unbanked and uninsured.

Established in 1902, Doves was the first professional funeral services establishment in the country.

Over the years, the Doves group has extended its services throughout the country and has on several occasions, been called upon to render their services offshore into the neighbouring countries.

In 2012, Doves was taken over by a consortium of businessmen led by businessman Farai Matsika.