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The Insurance and Pensions Commission (IPEC, the statutory body regulating the insurance and pensions business in Zimbabwe, says it has taken note of the grievances that have been raised by the public regarding funeral assurance products’ design and pricing.
IPEC said they were already talking with the industry on the need for changes to product design and broader industry reform.
There has been debate on social media platforms in recent days about Nyaradzo Group’s funeral benefits, with some commentators accusing the end-of-life industry firm of fraud.
Nyaradzo has been accused of ripping off its clients by revoking policies if the assured fails to pay subscriptions for three months when they will have been paying them consistently for three decades.
In a statement seen by Pindula News, IPEC said it is seized with the concerns raised by the public and will update stakeholders on the outcome of its ongoing engagement with funeral assurers. Reads the statement:
<blockquote>
The Insurance and Pensions Commission (IPEC) has taken note of ongoing discussions on social media, regarding funeral assurance products and pricing in Zimbabwe.
IPEC acknowledges the concerns that have been raised by the public on the matter and wish to advise that prior to the current discussions on the matter, IPEC, in line with its mandate of protecting the interests of policyholders, was already in engagement with funeral assurers through their association Zimbabwe Association of Funeral Assurers (ZAFA) on these and other issues.
These engagements, which also centre around product design and pricing, are expected to culminate in reforms that will ensure the vibrancy and sustainability of the sector and the protection of policyholder interests.
IPEC will update stakeholders on the progress regarding this exercise.
</blockquote>
IPEC said policyholders with complaints against any of IPEC’s regulated entities, can raise their complaints with IPEC using the contact details below:
HEAD OFFICE- 160 Rhodesville Ave, Greendale, Harare, Zimbabwe +263 (242) 443358/59/61 1443322 1444033 +263 772 154 281-4
COMPLAINTS HANDLING OFFICE HARARE-Kingstons House, Cnr Leopold Takawira/Kwame Nkrumah Avenue, Harare, Zimbabwe
+263 (242) 749491/94
COMPLAINTS HANDLING OFFICE BULAWAYO- Office Number 18, Bulawayo Centre, Cnr Joshua Nkomo Street &amp; 9th Ave, Bulawayo, Zimbabwe +263 (292) 261 822
WhatsApp No: +263772154281
Email: enquiry@ipec.co.zw
Website: www.ipec.co.zw

Pindula News

Insurance Regulator Wades Into Debate On “End-of-life Industry” After Nyaradzo Is Accused Of Fraud

Nyaradzo Group founder and Chief Executive Officer Philip Mataranyika has responded to the debate around the company’s funeral benefits.
Posting on his Facebook page, Mataranyika sought to explain that the company was not giving its clients a raw deal. He wrote:
<blockquote>
Just to give perspective to the discussion that has been raging on social media for the past few hours.
I would like to let the public know that we have policies that mature and those that do not because for two reasons, pricing and flexibility.
Over the years, we have had policies that mature and could cover only principal members.
Because we are an organisation that cares about and understands the African and Zimbabwean culture we introduced a new generation of policies that were flexible and affordable. 
The first of those policies was the six-pack whose highest premium for all six is US$57. Because clients saw value in a policy transaction that covered six members of the family including parents from both sides, they opted out of the traditional policies that mature and migrated to the six-pack plan.
The traditional policies almost died as fewer and fewer people signed up for them, but we have kept them on our books. Let me take this opportunity to work out the possible scenarios.
With our six-pack plan, which covers six people of any age the highest premium is US$57 per month. Let’s work it out together so you see what this means. $57×12=$684. Multiply that by say 20 years which is $13680.
Now among those that can be covered under the six-pack plan are parents of both spouses, four of them who may all be above the age of 70 and may die within the twenty-year period.
Assuming the cost of funeral services for each is about US$10000. Multiply that by 4 which gives you US$40000 and you still have the husband and wife to go.
Assuming they both die within the twenty-year period, the cost of service provision goes up to US$60000.
Even if you say the cost of service provision for each of them is US$5000 the total cost of service provision for all is US$30000 in the event they die within the twenty-year period which is a possibility.
That is still more than double the total premium of twenty years. Tell me why anyone thinks we are out to give clients a raw deal.
Even if we work it out at US$4000 per person, the cost of service provision at US$24000 for all four is still more than the total premiums paid.
Remember also that children of the principal member are covered for free and could also die as death doesn’t come only to the aged.
</blockquote>

Nyaradzo Group Boss, Philip Mataranyika, Responds To Debate Around Company's Funeral Benefits

Nyaradzo Group has defended funeral assurance policies saying they allow bereaved families to give their departed loved ones decent burials without hassles.
Nyaradzo Group, which is one of the major players in the end-of-life industry, was responding to posts on social media accusing insurance companies of ripping off their clients. The company said:
<blockquote>
We are aware of the posts doing rounds on social media concerning the purported absurdity of funeral cover and insurers’ dishonesty and would like to assert that the claims made therein are as untrue as they are misleading.
Funeral assurance policies have for generations helped give decency to our dear departed without hassle.
Whereas in the past, families not only had to deal with the pain of loss, but the logistical nightmare of arranging the funeral of a loved one, often with little or no resources – today, families now have a chance to celebrate the life of their loved ones and carry out a seamless send-off, thanks to funeral assurance products.
We are happy to engage in more meaningful discussions and debates regarding the importance and factual technicalities of funeral cover and look forward to sharing more about our products and services.
</blockquote>
Nyaradzo did not get into details on the alleged social media posts but one <a href="https://twitter.com/alistarchibanda/status/1582443150362423296">Alistar Nyamarai Chibanda</a> recently criticised insurers for “scamming” the insured.
Posting on her Twitter page on 18 October 2022, Chibanda, said it was unfair for Nyaradzo to revoke the insured’s policy for failing to pay subscriptions for three months when they will have been paying them consistently for three decades. She wrote:
<blockquote>
Nyaradzo Funeral cover monthly premium is ZWL$12 771,15 =US$20.57 *Per year: US20.57 ×12 =US$246.84 *Per 30years: US$246.84 ×30= US$7405.20.
If u died: coffin US$300, fuel US$500 Nyaradzo will use US$800 to bury u but iwe wakavapa US$7400 zvoreva kuti wabirwa US$6600 cash!
Ukasabhadhara subs for 3 months &amp; then wofa, zvatovharana havakuvige. Am not saying don’t stop paying Nyaradzo. Some are comfortable nazvo… so continue.
But chandoziva ini hakuna munhu akafa akasavigwa, policy or no policy unovigwa chete. Burial society iri nani pane policy!
</blockquote>
Chibanda was not amused by the statement issued by Nyaradzo saying the company avoided directly responding to issues she had raised. <a href="https://twitter.com/alistarchibanda/status/1582959611879256064">She said:</a>
<blockquote>
Instead of answering the questions, Nyaradzo Group put an arrogant and pompous response. It would have been wise for Nyaradzo Group to answer the questions raised i.e cashbacks, policy maturity &amp; that 3-months lapse issue. Address those than saying its untrue. What’s untrue?
Nyaradzo Group statement is empty. It did not address the problem or the absurd claims that they’re refusing to bury people who have defaulted premiums for 3months.
They simply said it is not true. What’s not true; Is Nyaradzo burying people who have not paid their premiums for 3-months?
</blockquote>

Nyaradzo Group Defends "End-of-life Industry" After Criticism On Social Media

At least two people have died in a head-on collision between a Nyaradzo Funeral Services bus and a haulage truck near Mahatshula in Bulawayo.
The driver of the truck and a woman in the bus died on the spot, while a number of passengers suffered injuries.
The driver of the bus escaped death but his legs were broken.
ZimLive reports that over a dozen people have been taken to hospital after sustaining injuries. Watch video footage from the scene.
<div class="wp-video" style="width: 640px;">
<video class="wp-video-shortcode" controls="controls" height="360" id="video-219405-1" preload="metadata" width="640"><source src="https://t792ae.c2.acecdn.net/wp-content/uploads/2021/11/NYARADZO-BUS-ACCIDENT.mp4?_=1" type="video/mp4"/><a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2021/11/NYARADZO-BUS-ACCIDENT.mp4">https://t792ae.c2.acecdn.net/wp-content/uploads/2021/11/NYARADZO-BUS-ACCIDENT.mp4</a></video></div>
The accident blocked both lanes on the busy Harare-Bulawayo highway.
A witness said the  Nyaradzo bus driver was overtaking and then slammed into the haulage truck that was carrying bricks. 
Below are pictures from the scene of the crash. 
 
<img decoding="async" src="https://pbs.twimg.com/media/FEkaJAvXMAc36Yt?format=jpg&amp;name=large"/><img decoding="async" src="https://pbs.twimg.com/media/FEkaaD5XMAIHVar?format=jpg&amp;name=large"/><img decoding="async" src="https://pbs.twimg.com/media/FEkabuAXwA0S30S?format=jpg&amp;name=large"/>
More: ZimLive; <a href="https://www.chronicle.co.zw/two-killed-after-bus-collides-with-haulage-truck-in-bulawayo/">The Chronicle</a>

UPDATE On Nyaradzo Funeral Bus And Haulage Truck Accident

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