Volume 3, Issue 1 January /February 200 7

Are insurers going to benefit

from regionalisation?

egional integration is a topic that challenge that comes into mind is the has of late taken center stage in differences in product structures and extents of R discussions of most policy makers cover. For instance the products in Did you know? on all continents. The issue has been South Africa are advanced to such an extent Democritus (460-370 BC, a Greek philosopher prompted mainly by the looming that some add-ons offered on policies, for and physician, chose a diet rich in honey and globalisation and world integration of example car hire options on motor policies in he lived until he was 109 years old. economies which seem to pose more of a case of an accident will obviously attract (Golden Blossom Honey) threat than gain to developing countries customers from other markets that do not offer especially in Africa. The issue which has such fancy benefits . This means that insurance been on the table for decades now has companies now need to adopt products and Market Buzz finally been given top priority and pricing structures that are compatible in other propositions made long time ago are being countries. ZIMBABWEANS were ranked the top dusted from the archives and negotiations in spenders in S.African economy in 2006, process. It does not mean that regionalisation will bring spending up to R2.2bn mainly on groceries and electronic goods. Americans spent R1.4bn and catastrophic effects only to the insurance Australians and Asians 1.1bn. This saw a The Secretary general of United Nations companies and other industries; there are also growth in S.Africa’s retail business by 8.7% in Conference on Trade and Development great benefits that are most likely to be reaped June to 12.3% in November in 2006 . Business (UNCTAD), Reuben Ricupero from the exercise. To begin with there will be Herald 9 Feb. 06 characterized regionalisation as “ an implicit a bigger market created by opening up of

‘Insurance policy” for the developing borders thus enabling innovative and CBZ HOLDINGS could be the biggest banking and financial group listed on ZSE following the countries” in case globalisation and aggressive companies to grow. Issues of liberalisation produce undesirable capacity have been very thorny especially in take -over of Beverley Building Society for over £3.5mn.The take-over deal follows a more consequences.(Spore, CTA ). It is with no inflation raked countries like . doubt that sooner or later African countries Regionalisation will increase capacity as risks aggressive market expansion following a shareholder approval for the group to acquire are going to be forced to open up their can be placed without flouting regulations of complementary business. Zim. Ind. Business borders within the existing regional externalisation of risks. Digest 19-25 Jan 07 groupings and relax trade regulations in a bid to protect their weak economies from Better and more attractive products will STOCK on Zimbabwe Stock Exchange is being overwhelmed by open markets and obviously spread through out the region, expected to rise in the year 2007.Market developed countries. thus creating a sort of a revolution or analysts predict that an investor can randomly rejuvenation of the industry, especially in pick a stock at the ZSE stock chart and expect Regionalisation is mostly likely to bring countries where insurance is not treated as a that stock to rise by over 1000%. This is on the backdrop of depressed returns in the money two faced effects when implemented in prime need for economic success. This will Southern Africa. This is mainly because of market and other investment vehicles available. be facilitated by a common currency in use Fingaz 11-17 Jan 07 the differences in economies the various that will ease challenges of pricing and rate countries have. To begin with, countries that conversions. Companies will now be able to MONETARY POLICY for 2007 came with have minimal manufacturing levels like have mutual business relationships across some surprises to most Zimbabweans when

Botswana, Swaziland, Lesotho and RBZ did not devalue the local currency against boarders that will aid better service delivery. Mozambique in Southern Africa are going major outside currencies. Most people to be turned into shopping baskets. It is a The major regional groupings in the ACP especially in the business circles expected a significant devaluation level mainly against the given fact that some industries will be countries include Economic community of forced to fold while others will be booming US dollar citing business viability problems. West African countries (ECOWAS) RBZ Monetary policy 31 Jan 07 given a wider market base created by the Economic Community of Central African opening up of borders and relaxation of States (ECCAS), Southern Africa THE Zimbabwe Association of Reinsurance trade conditions. Development Community (SADC), Offices (ZARO), a governing board for re- Common Market for Eastern and Southern insurers announced a list of minimum rates for The great question is “How are insurance Africa (COMESA) and other groupings. Assets All Risk policies for over 87 of the companies going to benefit from However regionalisation in most ACP country’s major risks. The move was mainly regionalisation” and if there is any benefit prompted by major claims which were incurred countries has not become the powerful force in 2006 that nearly whipped out the reserves in that will be derived, are the companies predicted and it is not clear if it is going to positioning themselves for the looming the local m arket. come true or simply remain an illusion. changes in trade and economies? The first

Superior service -How SMEs can get a competitive edge

ou can use customer service as a not a burden for customers to complete, and into a deadline and deliver early. Estimate powerful way to set yourself apart make sure they know they can decline to that a job will cost more than you think, Yfrom your competition. Its one of participate. Always let customers know the and bring it in lower. the strengths a small business has, and by purpose of the survey is to serve them better. If emphasizing customer service, you can they fill out the survey and have no problems, Many small businesses make the mistake compete with larger companies who may it is a reminder of what good service you offer. of reversing this maxim - over promising offer more variety, lower prices, and other If issues do arise, they can be addressed. and under delivering. This is a true recipe perks you can't afford. But many small for disaster. You may get the business, but businesses fall short in the customer 3) Stay Flexible your level of service will make it difficult service category. Why? Ignorance is one to compete. If 24-hour turnaround is reason. There simply are not a lot of You must be flexible when it comes to your excellent service in your industry, don't examples of good customer service on customers and clients. This means doing a promise it in 12 just because the customer which to model your company. project for a client in a pinch, having an early requests it. morning meeting even if you like to sleep in, To make sure your business' customer and meeting on Saturday even if you usually (Source: Excerpted from the American Express service is top notch, find out what your reserve your weekends for yourself. Open Small Business Network: www.sme-solutions- center.com) competition is doing and then copy and exceed it. Read books or listen to Flexibility can also mean getting audiotapes by people who have studied information for your client, even though it customer service-driven companies such may not be in your area of expertise. Say, as Neiman Marcus and see what lessons for example, you're catering a wedding and you can learn from these giants. your client needs information on Irish Successful entrepreneurs are always wedding customs. It's just as easy to make a looking for ways to improve all aspects of call to your local library and fax the SERVICE their business. information to your client as it is to say "I Are you not satisfied by the service that we In the meantime, here are five maxims to don't know anything about that." And are giving you? Or do you have a complaint help make sure you leverage your small making that extra effort will ultimately pay or suggestion you want to give us to improve business status to provide the best off with a very satisfied customer. our service? If your answer is yes please E-mail us at customer service possible. 4) Always Say "Yes" [email protected] 1) Apologize, Don't Debate This doesn't mean giving up your personal If a customer has a problem, apologize will to your customers but it does mean and fix the problem. Make sure to let finding a way to help customers with their customers vent their grievances, even if requests. If you run a gift business you Buzz Corner! you are tempted to interrupt and correct might wrap a present for an important client, them. Then give them a refund, new item, even if you don't usually provide gift or whatever will fix the problem. wrapping. You might stay up late to finish a Debating or haggling over a refund project if a client suddenly has a deadline The Honeybees have turned three! On 1 creates ill will. Repair mistakes moved up, or travel in a snow storm to meet March 2007, Cell Insurance celebrated immediately. Keep in mind that a a client even if it means an unpleasant trip its third anniversary and the ever complaint about your company is an for you. Always saying yes, means the growing success of the Rent-a-cell self opportunity to turn the situation around words "that isn't possible" should be insurance product. We could not have and create a loyal customer. Obviously, forbidden from use in your business. You gone this far without our customers’ there will be some customer requests that cannot afford to use them. If this sounds support. Visit our website are too outrageous to comply with. If expensive and inconvenient, it is, but it is www.cellinsurance.co.zw for more that's the case, do your best to offer a less expensive than losing a customer and information. moderate, appealing alternative. having to spend money and time landing a new one. Hotline 496235 2) Feedback Keeps You Focused rd Association Box No. 57, 3 Floor Ask your customers to rate your service 5) Under Promise, Over Deliver Bothwell House , Corner First Street and on a regular basis. This can be done via a Jason Moyo Avenue short questionnaire included with every Make your customers believe they are product sold or mailed to key clients. important to you by always appearing to Keep the questionnaire short so that it is go the extra mile. Build a little cushion

HARARE HEAD OFFICE: The Cell House 3 Boston Avenue Eastlea , P O Box A1727 Avondale Harare Tel: 04-443614, 04-496235, 04-490120, 496136, 091416275, 091415783, 091416277,091271832, 091429191, 011 410941, 091416276, 091289976 Phone Fax: 04-496235 Claims outside working hours: 091416275,091416277 BULAWAYO BRANCH : The Beehive Center, 3 rd Floor Intermarket Life Towers Cnr 9 Th Avenue /Main Street P O Box 2082 Bulawayo Tel: 09–887375-78, Claims outside working hours: 011632980 E-mail: [email protected] , [email protected] , Website: www.cellinsurance.co.zw