Finance and Investment Promotion Deputy Minister David Mnangagwa has called on the insurance industry to shift from transactional dealings to long-term, trust-based relationships while embedding technology, climate resilience and financial inclusion at the core of their operations.
Speaking at the Southern Africa Insurance Indaba, Mnangagwa said the future of the sector hinges not only on digital transformation but on the industry’s ability to place customer dignity and needs at the centre of its strategies.
He said technology — including AI, blockchain, mobile platforms and data analytics — must be viewed as tools that enhance service delivery, rather than ends in themselves.
“We must leverage these technologies, but always with customer needs, dignity and inclusion at the centre,” he said. “Trust is the currency of insurance.”
Mnangagwa urged insurers to rebuild confidence through transparent communication, fair claims handling and consistent ethical conduct, noting that the industry’s reputation depends on how it treats clients during their most vulnerable moments.
Turning to climate change, he stressed that environmental risk can no longer be treated as a distant concern.
“Climate change is not a future threat — it is a present reality,” he said. “Every underwriting decision, every investment choice and every product design must integrate climate considerations.”
The Deputy Minister also underscored the urgent need for the sector to broaden its reach and support inclusive economic growth. He said insurance must be accessible to all Zimbabweans — from farmers and rural communities to informal traders and young entrepreneurs in cities.
“Insurance must not serve the wealthy and connected only,” Mnangagwa said. “Financial inclusion is not charity; it is smart business and a national imperative.”
Participants at the Indaba said the industry’s transformation will depend on how quickly insurers embrace innovation while remaining accountable, ethical and responsive to the needs of ordinary citizens.
The conference continues this week with panel discussions on digital disruption, regulatory reforms and climate-risk financing.
