Old Mutual sponsors K3m towards Insurance Institute of Malawi’s annual conference set for Oct. 28-30

Malaicha (right) receives the sponsorship from Dzowole

* The Indaba also set to strategise on how to make the business survive post CoVID-19

* All other financial service provider institutes also brainstorming on growth of business in the midst of CoVID-19

* Such institutes include those for accountants, auditors, marketers, procurement

By Steven Godfrey Mkweteza, Contributor

One of the country’s leading insurance administration companies, Old Mutual Malawi Plc, has sponsored K3 million as support for the successful hosting of this year’s Insurance Institute of Malawi (IIM) annual conference scheduled for October 28-30 at Sunbird Nkopola Lodge in Mangochi.

Handing over the sponsorship, Old Mutual’s head of capital executive secretary, Redson Dzowole said the annual conference was vital in the promotion of the insurance industry as it will brainstorm on how to improve it.

Dzowole took cognizance that the Insurance Institute also supports the company with quality and well qualified staff who boost Old Mutual’s  profile — hence the need to support the conference that brings together various insurance experts both local and international to share experiences to help perfect the industry.

“The experts are expected to discuss on how to make the business survive following the CoVID-19 pandemic, which has negatively impacted the insurance industry — hence the need to bring together various experts to brainstorm towards this,” he said.

On his part, IIM president Masautso Malaicha applauded Old Mutual for the timely donation, saying it would go towards making final arrangements for the forum.

“We are almost through with the preparations so far and almost everything is now set to make the event very successful than ever, which is going to be graced by the country’s Finance Minister, Felix Mlusu as our guest of honour.

“We shall have presentations, sporting activities such as golf tournaments, music  — among others,” Malaicha said.

All other financial service provider institutes also brainstormed while others are set to on the growth of business and the country’s economy in the midst of CoVID-19.

First was Institute of Chartered Accounts of Malawi (ICAM) last month, which was graced by the country’s Vice-President Saulos Chilima followed by Malawi Institute of Procurement & Supply — which was graced by renowned Pan-Africanist, Prof. Patrick Loch Otieno (PLO) Lumumba, together with Chilima.

The Institute of Internal Auditors is expected to hold theirs from November 4-7 at Sun ‘n’ Sand Holiday Resort in Mangochi as well as Institute of Marketing in Malawi on October 28 at Sunbird Livingstonia Hotel in Salima — both serious to tackle the challenges CoVID-19 has brought the country and how to accept the norm and positively move forward.

One of the serious preventive measures of the pandemic was maintain reasonable social distance and as much as possible working at home, which prompted companies and clients interacting through digital means.

This norm was positively embraced by Malawians — thus the conferences setting the pace on how to embrace other strategies being embraced amongst themselves and make them better.

Interestingly, during IIM’s annual Charter Dinner held in March last year before CoVID-19 hit the country, information and technology expert, Matthews Mtumbuka — who was the guest of honour — had said modern insurance customer has become very complex, owing to the digital transformation and that they have several insurance options to choose from as the digital age has made the customer’s access to information so easy.

Mtumbuka was to prophecy survival of insurance business — and that of any industry — “will be dependent on the firms’ ability to quickly adapt change, innovation and technology and use the same to offer customers services that are beyond traditional”.

“The question we should ask ourselves therefore is: What is it that we are offering that is innovative enough to distinguish us from our competitors that will compel the customer to choose us?

“As insurance companies which are slowly waking up to digital transformation, the current landscape is a huge opportunity.

“With cutting edge technology and innovation, insurance firms stand a bigger chance of reaping first mover advantage benefits that can emanate from digital transformation inspired ideas,” he had prophesied.—Additional reporting by Duncan Mlanjira, Maravi Express