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Tinashe Makichi Business Reporter
Vineyard funeral Assurance said the company has undertaken a shrewd market segmentation exercise that has led to the appropriate classification of its target markets. Managing director Solomon Chikanda told The Herald Business soon after winning the award for the most innovative exhibitor at the SME’s expo last week, that following the classification of target markets the firm is in a better position to grow its market share.

“We have segmented our market where we are classifying people according to their precise risk profile since risk determines premium. So it does not make sense to charge the same premium to a civil servant and those in the mining sector because their risk profile is different,” said Mr Chikanda.

The company has introduced the Zunde Village plan, which will see funerals becoming easy to handle and amicable for the majority of the rural population. “We classified our markets into segments and we came up with Zunde for chiefs and villagers. They organise themselves and come together in setting up a group funeral policy. That has been the norm in community food reserves,” said Mr Chikanda.

The company has also come up with a Believer’s Group Plan that caters for churches. “Innovative as we are, our efforts picked up on this unique Believers’ Group Plan. Many a times, churches lose their members to death when there is no funeral plan, giving the burial responsibilities to church authorities. This by nature is disturbing and creates an unfair impression to the church. Believers’ plan is here to announce the takeover of the burden from church leaders.

He said Vineyard also introduced STEMPS plan specifically for state employees and this is in consideration and appreciation of their different risk profile.