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Tinashe Makichi Business Reporter
Vineyard Funeral Assurance’s introduction of a new range of products this year has started paying off with the company having recorded tremendous response from the market, a senior company official said. Vineyard Funeral Assurance managing director Mr Solomon Chikanda last week told The Herald Business that introduction of market segmentation exercise has received overwhelming support from the market.

“The company underwent a shrewd market segmentation exercise that led to the appropriate classification of its target markets. Since inception of the exercise, we have received immense support from the market and there is hope for better return going forward.

“We are confident that the introduction of these plans and the classification of our target markets will leave us at a guaranteed and better, if not best position to grow our market share,” said Mr Chikanda.

The funeral assurance company segmented its market by classifying people according to their precise risk profile.

Vineyard, however, introduced the Zunde Village Plan, which will see funerals becoming easy to handle and amicable for the majority of the rural population.

The funeral assurance company has also rolled out a product to cater for the entire small to medium sector, the first of its kind in the industry.

Mr Chikanda said the company saw exceptional potential in the sector, driven by recent efforts shown by financial institutions in embracing the sector. IPEC has been encouraging funeral players to target the informal sector as the banking and communication industries have developed money transfer platforms, such as EcoCash, Telecash and One Wallet that allow people in the informal sector to be accessed more easily than before .

The company has also come up with a Believers Group Plan that caters for churches.

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

The funeral company was recently awarded Top Emerging Funeral Services Company of the Year 2015, while Mr Chikanda was awarded Top Managing Director of Year 2015 by the Zimbabwe Business Awards.