INSURANCE INSTITUTE OF HARARE - 2014 ANNUAL REPORT

Insurance Institute of Harare

2014 Annual Report

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INSURANCE INSTITUTE OF HARARE

2014 ANNUAL REPORT

Spreading Our Wings for growth and wider reach …

We have never lost sight of who we are or the

important role we play in

our members’ lives


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TABLE OF CONTENTS l INTRODUCTION 3

MESSAGE FROM THE PRESIDENT 4

2014 COUNCIL & COMMITTEES 7

COUNCIL MESSAGE TO THE PEOPLE 8

PRINCIPAL ACTIVITIES REPORT 9

MARKETING & PR REPORT 10

MARKETING MANDATE 11

END OF MONTH NETWORKING EVENTS 12

UNIVERSITY SEMINARS 12

2014 SPORTING WEEKEND 13

END OF YEAR NETWORK BASH 17

BRAND VISIBILITY 18

APPRECIATION TO OUR SPONSORS 20

EDUCATION, TRAINING & DEVELOPMENT REPORT 21

EDUCATION MANDATE 22

END OF MONTH NETWORKING EVENTS 23

UNIVERSITY SEMINARS 23

CERTIFICATE PRESENTATION 24

NUST – CURRICULUM REVIEW 24

RENEWED CII AFFILIATION 25

FINANCE REPORT 26

RESULTS OF OPERATIONS 27

FUND USAGE STATEMENT 28

STATEMENT OF FINANCIAL POSITION AS AT 31 DEC 2014 29

2015 STRATEGIC FOCUS AND OUTLOOK 30

GENERAL STRATEGYY 31

PROJECTS IN THE PIPELINE 32

CONCLUSION 32


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INTRODUCTION Welcome to the 1st publication of the Insurance Institute of Harare (IIH) Annual report. This report gives

an overview of IIH’s origins structure, management and objectives. Its goes further to give an outline of

the activities undertaken by IIH over the year 2014. Progress made in achieving stakeholder expectations

is also reported on. The report finally gives a snapshot of the institute’s financial position together with a

strategic outlook of the year ahead

OUR HISTORY

The Insurance Institute of Harare is a member led organisation that was established in 1995, for the

purpose of promoting Insurance Education & Training in the country. The Insurance Institute of Harare is

closely associated with all segments of the insurance industry which include regulatory authorities, both

public and private sector insurance related companies and insurance industry associations such as ZIBA,

ZARO, ZAFA, LOA among others

OUR ROLE

The Insurance Institute of Harare survives on the efforts of its members to maintain contact and provide

valuable support to industry professionals. We have a thriving young professional team that works to

achieve the undernoted objectives:

a) Promote good feeling and friendly relations amongst members of the Insurance Industry.

b) Encourage the dissemination of business knowledge and the inculcation of sound Insurance

practice by the reading and discussion of papers.

c) Promote and organize meetings, discussions and social activities for the benefit and interest of

members.

d) Encourage and foster high ethical standards throughout the Insurance Industry.

e) Affiliate to or associate with such bodies as may be deemed beneficial to the interest of the

Institute.

We look at what our

members need

A belief in doing things the right

way

A relentless drive to invent and build things

that matter

An Industry that

works better

THE INSURANCE INSTITUTE OF HARARE EQUATION


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MESSAGE FROM THE PRESIDENT On the 23rd of January 2014 you elected me

to be the Institute President which I humbly

accepted and pledged my allegiance to

serve the institute diligently. I thank you

most sincerely for this unique opportunity

for being part of the good cause we charted

for our institute during this period. It has

been an enormous pleasure and privilege to

serve as President of the IIH for the year

2014.

Over the year I met a huge number of

people who share my belief in the

importance of the work done by the

Institute to advance the interests of our

sector by promoting professionalism and

educational advancement. I would like to

thank everyone who has been so generous

with their wisdom and guidance.

Our genuine

commitment to

actualize the goals

we set for

ourselves

about a year

ago has

remained the

driving force

and did not

reduce in intensity throughout the period of

my Presidency. The focus on promotion of

harmonious relations, continuous

professional development and ethical

conduct within the insurance industry

became our most fulfilling targets. Because

of the overwhelming support of our

members we have achieved a lot.

2014 was meaningful year for IIH, during

which our performance was pushed into

higher gear with the passion of our team

and the significant support from the

insurance industry. We exceeded most of

our set goals and achieved significant

financial performance despite our position

as a non-profit organisation.

We also met our commitments to our

stakeholders by providing high quality

networking and education programmes in

developing the human capital of the

insurance industry. We will continue to

carry out all the various initiatives to better

support our quest to elevate the

professional standards of the insurance

industry in Harare as well as in other

surrounding cities that are part of our

constituency

“The true value of our institute is not

found on the balance sheet, but on our

people, inspiring achievement and taking

the industry forward.”

The imperatives for adequate funding and

the prudent application of the limited

resources of the institute remained one of

the focal points of the council during the

year under review. It is pleasing to report

that council was able to engender more

transparent resource management with the

support of new financial initiatives


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enthroned by the current leadership of the

institution.

The reassignment of roles and

responsibilities, increased accountability

and implementation of new financial

management tools brought about significant

and positive development in the funding

equation at the institution. The financial

management measures we applied include:

1. Setting up of proper financial

accounts

2. Setting up of rules governing the

procurement of institute’s needs

3. Creation of a balance sheet that

shows institute assets

4. Migration of the institute’s bank

account to a more secure bank and

5. Increased documentation

The successful management of the

instutution is a function of strategy

formulation, implementation and review.

The best way to achieve the above is

through constant meetings and liason

amongst council members. In view of the

same we have conducted 18 board meetings

that were well minuted.

As the President I attended all IIZ board

meetings where I represented fully the

needs of my constituency (IIH)

We conducted several monthly network

events (which again is a first for IIH),

conducetd two seminars at NUST and MSU.

The year under review was enlivened by

the scheduled social activities which took

members off their routine official schedules

for the needed relaxation and social

interaction

These includes a successful sporting

weekend that was held at RBZ Sports Club

and not the traditional ZB Sports and an

End of Year Network Event at Lake Chivero

- Belgravia Boating club.

I am happy to report that we have been able

to rekindle interest in council elections as

pledged during my investiture. This has

significantly changed the situation and

increased the stake in council membership.

What we had in the past was a situation

where council seats were not contested

because the number of contestants tallied

with the number of vacant seats. The

pending council election is therefore a

different ball game with 28 contestants

jostling for 10 vacant seats, making the

exercise not only lively but a positive

development towards the right leadership

for council. I enjoin you all vote for the best

candidate for the council. There is however

need to ensure increased participation from

Medical Insurance Companies and Funeral

Assurers

Recent developments in IIH have seen the

Institute in its transformation journey from

being a typical social event organiser to a

human capital development solution

provider. Among the major achievements in

2014 was the introduction of educational

and CPD activities which was brought about

by the realisation that the true value of our

institute is not found on the balance sheet,

but our people, inspiring achievement and

taking the industry forward.

We achieved impressive paper

presentations of 9 presentations from zero

in the previous year. As a training arm for

the Harare insurance industry, we are

committed to providing more and improved

training programmes to equip the insurance

fraternity with the best knowledge, ethical

business practice and technical expertise

that will help them in their careers.


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We were proud to have managed to renew

our affiliation status with the Chartered

Insurance Institute (UK). We have also

begun work to ensure affiliation to MSU and

NUST as they are organisations we share an

educational vision with.

In our continuous commitment to serve the

industry better and in keeping with the fast

development of information technology, we

took steps forward by setting up social

network platforms where we can interact

and share information with our members.

We set up pages together

with a skype account

insuranceinstituteharare

To enhance communication with our

stakeholders we have also set up a website

www.iihzim.com . From the new website

we are now able to communicate with our

stakeholders using IIH emails and not our

employers’ emails. The IIH emails have the

following format [email protected]

Our visibility was also enhanced through

training development territory expansion

as we extended our reach to members

outside Harare, these being student

members in Gweru and Bulawayo.

In line with the industry’s Master Plan to

establish a talent development by

developing talent at entry level and

promoting continuous learning for the

existing workforce, IIH will continue to

generate improved learning and education

programmes and facilities for the insurance

industry.

In line with our mandate of creating

harmonious relationships among industry

players we will continue to hold monthly

functions over and above the traditional

events that are harboured by our calendar.

May I convey on behalf of the 2014 council,

our immeasurable appreciation for the

contributions of both members of the

institute and corporate bodies in the

actualisation of the milestones recorded

during the year. Our success would not have

been possible without your continuous

support.

Specifically I would like to record my

gratitude to employers for their ongoing

support of the Institute through their

voluntary subscriptions/sponsorship,

permitting their staff to participate as

resources to the Institute and as volunteers,

and for the continuing encouragement they

provide to motivate their employees to

attend the institute’s events.

I would also like to thank the Alexander

Forbes executive in particular my Managing

Director Mr Gomera for providing a free

venue for all our board meetings.

My gratitude also goes to the IIZ 2014

management and board led by Dr C Makina

for their guidance and invaluable advice to

move IIH to the next level.

I also wish to express my deepest appreciation to the 2014 council members for their support during my tenure as President. Their commitment made my journey a most pleasant one. As I said to you always “you are indeed the future of our industry”

In conclusion I believe the strong

performance in 2014 has set the stage for

continued success.

Thank you.

Alson Nhari IIH 2014 President

http://www.iihzim.com/

mailto:[email protected]


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IIH COUNCIL & COMITTEES

2014-2015 INSTITUTE COUNCIL President: Alson Nhari

Deputy President: Mufaro Shumba

Immediate Past President: Wilky Manyonga

Secretary General: Brian Nyagwaya

Treasurer: Nyasha Perekwa

Education Secretary: Murairo Mukuvri

Council members: Eldrette Shereni

Tafadzwa Vukomba

Douglas Machokoto

Edwin Manyeruke

Tendekai Boyiwa

MANAGEMENT COMMITEES THE FINANCE COMMITTEE

B. Nyagwaya

T. Boiwa (Chairperson)

M. Shumba

N. Perekwa

A, Nhari

THE MARKETING AND PR COMMITTEE

E. Shereni (Chairperson)

A. Nhari

T. Vukomba

E. Manyeruke

THE EDUCATION COMMITTEE

M. Mukuvuri

A. Nhari

W. Manyonga (Chairperson)

“The valuable

commitment and desire to succeed

that this council had was

an important driver of our

Institute. Their legacy will indeed make

the Institute a success

going forward.”

Alson Nhari 2014 President


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COUNCIL MESSAGE TO THE PEOPLE

“NOTHING BEATS AN OPPORTUNITY TO SERVE A GREAT PEOPLE. I AM HUMBLED AND GRATEFUL FOR THE

OVERWHELMING SUPPORT YOU GAVE US AS A TEAM. GOD BLESS OUR INDUSTRY”

Alson

Edwin

“You motivated us to get started and you induced in

us the habit which kept us going. Our success was not

based so much on any great intelligence but on your

unlimited support and encouragement. A big THANK

YOU to the industry”

Eldrette

“All successful institutions need to adapt a "members first" approach which is what we have done at IIH over the year, resulting in all we have achieved. Thanks to all of you who supported us over the 12months of our term”

Tendekai

“It has been a year to remember, the support from the

industry was overwhelming. Let’s keep up the spirit

and make IIH an institution worth to be associated

with” It’s you who make IIH tick!!!!!”

Douglas

“Don’t leave success to luck, use every hour

that God gives you and never give up. Success

is a mix of hard work and seizing every

opportunity that comes your way. We have

seen the future in our Industry, it’s so

exciting!”

Wilky

“You cannot lead if you do not know. Most people

today mistake titles for leadership yet an

appointment is just an invitation to leadership.

Leadership is not a position but a function and so

many people are sitting on positions but are not

leading. Thanks Harare for letting us lead you as IIH

Committee 2014” Nyasha

“I am a firm advocate for servant leadership.

My position in IIH gave me an unforgettable

first- hand experience in mobilizing finances

and efficiently utilizing the resources to serve

our members’ diverse needs.”

Murairo

“I have found no greater satisfaction than achieving

success through honest dealing and strict adherence

to the view that, for you to gain, those you deal with

should gain as well. I thank the whole industry for the

support and hope they gained a lot from this team”

Tafadzwa

“My experience with IIH over the years has

shown that as young professionals we are the

future of this industry, we can only do better”

Brian

“Everything was done for the benefit of humanity”

Mufaro

“without your support we would not have

made it”


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PRINCIPAL ACTIVITIES REPORT Our roles and activities can be divided into two principal categories namely continual professional development (supported by IIZ) and creation of harmonious relationships amongst our members. These activities are supported by the financial functions of the Institute. In this regard we have 3 operational departments to report 12 months progress on and these are:

EDUCATION, TRAINING & DEVELOPMENT

MARKETING AND PUBLIC RELATIONS

FINANCE &

RESOURCE MANAGEMENT

“We will continue to do the things that we do well; focus on our members’ needs and strengthen the industry both by social and

learning programs”

Alson Nhari 2014 President


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Marketing

&

PR

Activities

Report


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MARKETING & PR ACTIVITIES “As the Marketing and PR Committee, we were voted into office at the beginning of this year and assigned ourselves several tasks which we are happy to have completed. It was a humbling experience for our committee

and a real eye opener as to how organisations

supported our cause and enabled the Institute’s

continued survival through funding the events

and projects we undertook during our tenure. We

have managed to improve our image in the

industry and have become a formidable force to

be reckoned with and a professional

voice representative of our

industry.

As the Marketing & PR

Committee, we agreed on

our strategy for this year

and formulated a plan of

seamless implementation

and execution of this

strategy. I am glad to

advise that this year alone,

our committee has increased events which have

not been done in previous years. We arranged

and successfully co-ordinated several events

which where both relevant and beneficial to a

wide spectrum of our membership and I am glad

to note that they were all well attended. We

ensured that the details of all IIH’s activities were

widely publicised and communicated

appropriately to membership and the wider

market as necessary, largely through email,

letters as well as telephonically.

I believe we have moved forward positively and

would like to thank my able team Tafadzwa and

Murairo who have really been a pleasure to work

with and have been committed members of the

Marketing and PR committee without whom our

success may have been hampered. Kudos to you

team and I thank you for all your efforts towards

ensuring that we have continually implemented

out strategic plan, seamlessly and with class.

Munendipasa Manyemwe”

2014 MANDATE The Marketing and PR mandate for the year was as follows:

To promote awareness of the Insurance Institute of Harare to the local membership and market throughout the year,

To enhance the image of the Institute and instil confidence in the IIH brand to the local

membership and market as well as improve its visibility and networking platforms with members

To raise funds for the Insurance Institute of Harare through planned events which are beneficial

to the members and increase brainstorming, networking and sharing of ideas across members and have a positive impact on the Institute’s balance sheet

To harness technology and digital platforms to increase awareness of the Institute and creating a

top of mind awareness in our membership.

Eldrette Shereni Marketing & PR


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KEY STAKEHOLDER ENGAGEMENTS END OF MONTH NETWORKING EVENTS

We held 2 networking forums which were both well attended and themed with topical issues beneficial to

the attendees and have received a lot of positive feedback from these platforms

Date Held : 24 April 2014 Date Held : 26 September 2014

Venue: MIPF Boardroom Harare Venue: MIPF Boardroom Harare Attendance: 55 People Attendance: 70 People

Theme: The rise of Fraudulent Claims Theme: Ethics in the Insurance Industry

UNIVESITY SEMINARS

We also held two educational seminars at NUST and MSU with a view of creating awareness to our

student members as well as positioning the Institute in good light with these very crucial stakeholders

and future insurance practitioners.

Date Held : 26 September 2014

Date Held : 10 November 2014 Venue: MSU Gweru Venue: NUST Bulawayo

Attendance: 85 Students Attendance: 170 students Theme: Regulation of the Insurance Industry and

career options for the students Theme: Impact of indigenization on Insurance in

Zimbabwe and Outlook of insurance industry


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2014 SPORTING WEEKEND

The 2014 sporting weekend was bigger and better than previous years, well co- ordinated and saw the

Institute raising significant funds from this event. It was held at RBZ Sports Club for a change. +20

companies subscribed to the event and over 1 000 people showed up for the event. Various sporting

disciplines were conducted as shown below. On a sad note one of our members was injured as a result of

a gas explosion, he later passed on in Bulawayo as a result. May his soul Rest in Peace.

Below are a few shots from the event:

SOCCER NETBALL ZUMBA

CHESS VOLLEYBALL BASKETBALL

DARTS

POOL

TENNIS

TABLE TENNIS GOLF

MARATHON


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SPORTING WEEKEND HIGHLIGHTS

SANCTUARY CAMP

DJ’s DESK

ZUMBA CLASS

BBQ

TEAM IIZ

TEAM ALLIANCE

TEAM HERITAGE

TEAM THI

TEAM FMRE

TEAM EMRAS TEAM BAOBAB RE

TEAM EAGLE


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TEAM MINERVA

TEAM GRAND RE

TEAM ZIB TEAM ALTFIN

TEAM QUALITY

TEAM COLLONADE RE

TEAM HAMILTON

TEAM A FORBES

TEAM OLD MUTUAL TEAM FBC RE

TEAM MARSH TEAM CIMAS


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TEAM CELL TEAM CHAMPIONS TEAM TRISTAR TEAM FML

TEAM NICOZ SANCTUARY HOSPITALITY

TEAM CBZ TEAM SANCTUARY

TEAM IIH

PRIZE GIVING PRIZE GIVING


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END OF YEAR NETWORK BASH

To wind down the year, we held an End of Year Bash at Belgravia Boating Club by the lakeside. It was a

well-attended Braai and social outing for members and feedback to date is that it was thoroughly enjoyed

by all in attendance.


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BRAND VISIBILITY

BRANDED T SHIRTS

We conducted a number of activities mentioned above where we distributed 50 branded T Shirts in

raising our brand visibility. Below are shots of the distributed t-shirts. The bulk of them were distributed

to our student members at MSU and NUST.

INSTITUTE BANNERS

We have over the year created two stand-up banners for use at our indoor gatherings. The plan going

forward is to have an additional two tear drop and two pop up banners. Below is a shot of the banners we

have created.


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ENHANCED COMMUNICATION – SOCIAL COMMUNICATION

During the period under review we managed to raise the Institute’s profile by harnessing the use of social

media instruments such as LinkedIn, Twitter, Facebook and Skype to complement our brand as well as

reach out to a wider range of audiences. This is in a bid to increase our interaction with our members as

well as move away from traditional methods of communication.

Follow us on twitter

Join our LinkedIn group

Like our Facebook page

Insuranceinstituteharare

WEBSITE DEVELOPMENT

Our focus is to utilize every opportunity and platform to enhance networking amongst members as well

as instil confidence in the Institute. In this vein, we developed a new website for the Institute

www.iihzim.com

FUTURISTIC OUTLOOK

In looking forward we hope future councils will continue to build upon the foundations we have created

which can only grow our Institute from Strength to strength

https://twitter.com/iihzim

https://www.linkedin.com/groups?gid=8206175&trk=vsrp_groups_res_name&trkInfo=VSRPsearchId%3A682249221416163147783%2CVSRPtargetId%3A8206175%2CVSRPcmpt%3Aprimary

https://www.facebook.com/pages/Insurance-Institute-of-Harare/569762836455066



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APPRECIATION TO OUR SPONSORS As an institute we sincerely thank our sponsors for their involvement. We would not have succeeded without the generous support they provided to us throughout. We deeply appreciate the willingness with which they have and shall continue to have in sponsoring our efforts to make our industry a healthier and happier place to be. We sincerely hope that our relationship with our sponsors will be maintained and that they will continue to support us in our future endeavours.

BAOBAB RE

MARATHON 1ST & 2ND PRIZES FOR BOTH MALE & FEMALE.

BRANDED T-SHIRTS

THI

HOLE IN ONE AND NEAREST TO PIN HOLE #18

ALEXANDER FORBES ZUMBA AND WELLNESS CLASS

NYARADZO FUNERAL

SEVERAL GOLF PRIZES

NICOZ DIAMOND 1ST PRIZE GOLF

FLOATING TROPHY


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Education,

Training

&

Development

Activities


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EDUCATION, TRAINING & DEVELOPMENT

ACTIVITIES

“We have over the year facilitated college

seminars and Continuous Professional

Development by way of paper presentations.

We delivered public

lectures at NUST and

MSU. We also facilitated

for paper presentations

at month end events for

the benefit of both

student and industry

members. These have

been spread across

technical and soft skills

training. The topics we

covered are;

1. Fraud in the insurance industry

2. Ethics in the insurance industry

3. Regulation of insurance market in

Zimbabwe vis a vis the international

market

4. The role of brokers and ethics in the

broking industry

5. Indigenisation policy and the outlook

of insurance industry in Zimbabwe

6. Career development and job

opportunities for students of

insurance

Certificates of Attendance were issued to those

that attended.

2014 MANDATE To coordinate the educational work of the Institute

To give assistance to members on CPD requirements and appropriate ways to maintain CPD

requirements

To act as the focal point for those seeking advice on all educational requirements in the insurance industry

To raise the level of awareness on the need to be insurance practitioners that operate in within

the right corporate governance framework

Murairo Mukuviri Education Secretary


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KEY STAKEHOLDER ENGAGEMENTS No. Activity Participants

1. 1st Networking event - The rise of Fraudulent Claims in Zimbabwe - Presentation by Mr Mudzigwa (presentation available on our website)

55

2. 2nd Networking event – Ethics in the Insurance industry Presentation by Procter Nyemba. (presentation available on our website)

70

3 MSU Seminar Overview of the Insurance Industry & Industry expectation from the students – Presentation by Alson Nhari Portfolio Manager at Alexander Forbes Risk Services Zimbabwe. (presentation available on our website) Zimbabwe Insurance Regulation Versus International – Presentation by Christopher Tapererwa – Business Analyst and International Operations Nicoz Diamond. (presentation available on our website)

85

85

4. NUST Seminar Ethics on Claims processing Presentation by Brian Nyagwaya – Account Executive at Marsh (presentation available on our website) Impact Of Indigenization On Insurance In Zimbabwe And Outlook Of Insurance Industry– Presentation by Christopher Tapererwa – Business Analyst and International Operations Nicoz Diamond (presentation available on our website) The role of a broker Presentation by Murairo Ndemo – Account Advisor at Minerva Risk Advisors (presentation available on our website)

170

170

170


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CERTIFICATE PRESENTATION

We issued certificates of attendance to our members. These certificates can be used by our members to

gain CPD hours at institutes like IISA and CII. Below is a CPD record obtained by one of our members who

is an associate of IISA through use of our certificates

MSU

NETWORK EVENT

NUST

“IISA RECOGNITION OF IIH CERTIFICATE AS A CPD ACTIVITY”

NUST – CARRICULUM REVIEW

Following our seminar at the National University of Science & Technology we were engaged by the

Department of Insurance and Actuarial Science to help them review their Bachelor of Commerce Honours

Degree in Risk Management program. The purpose of this review being to align the program to the

insurance industry needs.

Seeing that we have limited capacity in this area we then engaged our mother body The Insurance

Institute of Zimbabwe and we are currently working with IIZ’s Academic Board to ensure we give the

needed support to NUST.


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RENEWAL OF CII (UK) AFFILIATION

We are happy to report that we managed to renew our CII affiliation status which was about to be

rescinded because the institute had been inactive from a CII viewpoint. Details of this renewal are as per

email below:

PROJECTS IN THE PIPELINE

To register NUST as the centre where IIZ examinations will be done for Bulawayo Province and MSU for

Midlands Province


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Finance

&

Resource

Management


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FINANCE ACTIVITIES “We have pleasure in submitting our financial performance report for the year ended December 31, 2014. The Treasury took over a bank balance of

$560.36. The funds were wholly in a Kingdom

account. The account had a fixed ledger fee of $25

per month and this meant that in a year the

ledger fees alone would be $300, before any other

bank charges. Kingdom bank itself was

undergoing transition to being AfrAsia and the

liquidity of the bank was questionable. A

proactive decision was therefore done to transfer

the funds to MBCA which is a

bank with a sound balance sheet,

strong shareholder base

and affordable bank charges.

The process of opening an

account however took

long and the account

was only opened in May

2014 when we had

already incurred

$155.50 bank charges.

Plans were underway to minimize the bank

charges by engaging Paynet for transfers. This

would save $5 to $9 per transfer.

$18,886 was collected in the year from various

fund raising activities and $91.66 was earned as

interest. A net $720 was received from IIZ as a

grant. The fund raising activities were so

successful that the Council could afford to incur

$1,150 in education forums at NUST and MSU and

to subsidise a year-end network event to the tune

of $1750.45. Assets worth $1,009 were purchased

and this helped in building a better statement of

financial position (balance sheet). These included

an embosser which enhances the security of the

institute’s certificates and other security

documents, banners and the development of a

website.

We extend sincere thanks to the former treasury

for the smooth handover. Appreciation also goes

to all companies that heeded our calls and

contributed or participated in the fund raising

activities”.

RESULTS OF OPERATIONS The Insurance Institute enjoyed another successful year turning in an operating surplus in all social and network activities except one In 2014, our revenue increased by 368% to USD20 177 from USD4 313 in 2013, due to increased member of activities and increased participation. The positive performance earned us a higher surplus from social and networking activities, surplus that was then used to finance most of the institute’s activities as detailed in our income statement The higher revenue reported was also derived from our continuous efforts in introducing more training and education programmes in the form of monthly networking events and prudent cost management.

Nyasha Perekwa Treasurer


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FUNDS USAGE STATEMENT 2014 2013 2012

INCOME Bank Cash Total

Opening balance (560)

(560)

(1,815)

(679)

Grant from IIZ (1,200)

(1,200)

-

(1,000)

Interest received (92)

(92)

(3)

-

Networking Forums income (1,117)

(1,117)

-

-

Sporting weekend income (14,600) (500) (15,100)

(1,500)

(21,370)

End of year party – income (1,320) (1,349) (2,669)

(2,810)

-

IIH Dinner income -

-

(2,650)

(20,738)

(6,129)

(25,699)

EXPENSES

Sporting weekend expenses 10,411 500 10,911

2,749

7,232

Allowances 1,100

1,100

600

920

Networking Forums Expenses 913

913

-

-

Education forums - MSU & NUST 1,150

1,150

IIB Grant share 480

480

-

-

Assets purchase 612 397 1,009

-

345

End of year / Cocktail/ Dinner/bash 3,467 952 4,419

1,860

15,170

Withholding tax 14

14

Bank charges 406

406

359

217

20,403

5,568

23,884

Net income for the period

(336)

(560)

(1,815)

Balance per bank statement

(285)

-

-

Cash on hand

(50)

(560)

(1,815)

Expenses Distribution

Sporting weekend expenses

Expense Reinbursments

Networking Forums Expenses

Education forums - MSU & NUST

IIB Grant share

Assets purchase

End of year party/ Cocktail/ Dinnercosts

-

5,000

10,000

15,000

20,000

25,000

30,000

Year 2012 Year 2013 Year 2014

25,020

4,313

20,738

Income Generated

Year 2012

Year 2013

Year 2014

Sorces of Income Opening balance

Grant ftom IIZ

Interest received

Networking Forums income

Sporting weekend income

End of year party - income


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STATEMENT OF FINANCIAL POSITION AS AT 31 DEC 2014 FIXED ASSETS

Website 350.00

Banners 290.00

Embosser 369.00

1,009.00

Current Assets Bank 285.50

Cash 50.00

335.50

Total assets 1,344.50

Opening reserves 560.36

Surplus in the year 784.16

Closing reserves 1,344.52


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2015

Strategic

focus

&

Outlook


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2015 STRATEGIC FOCUS

We look at 2015 with great optimism; the prospects for the Insurance Institute of Harare are extremely healthy. We have the structure, human capital and financial capacity to fulfil our ambition of crating harmonious relations amongst industry players while setting up the tone for ethical and professional business practices in insurance.

INSTITUTE DEVELOPMENT As part of our broader plans to increase interaction amongst our members we anticipate a widening of the social activities going into 2015 as we look to address gaps and opportunities where there is considered demand. The institute will continue to embrace social media, in particular LinkedIn and Twitter. These seek to spread knowledge and information, increasingly using user-generated content, and encouraging members to share insight and opinions. Social media will also play a major role in the building and development of international communities. Where we will tap into the knowledge and skills base of former IIH members and leaders who are now based in the diaspora

SUPPORTING OUR MEMBERS Compliance with CPD schemes is a requirement that our members have from other institutions such as CII and IISA. To help our members in this area we will provide more CPD seminars, workshops and training courses. These will cover a comprehensive range of technical, regulatory, legislative and business topics applicable to both the general insurance and financial services markets.

COUNCIL COMPOSITION Over the years the institute councils have been dominated by brokers mainly. It would be a good thing to

have a council that is balanced. A council that is comprised of members from all industry sectors namely:

Brokers and Agents (wholesale & retail)

Insurers/Assurers (life and short term)

Reinsurers (life and short term)

Medical Aid house

Funeral Assurers

“Getting bigger and better to influence more lives”


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PROJECTS IN THE PIPELINE

1. Constitution Review - Having realised that a single term might not be adequate for a given

council to formulate, implement and review strategies for the institution we engaged IIZ with a proposal to allow all members (except the president who will be part of the next council automatically as IPP) to stand for re-election onto the IIH board for a period of 2 years before they become ineligible for re-election. IIZ is currently considering this proposal which will benefit the institute in the future.

2. Registration of NUST & MSU as IIZ exam centres for COP- we have realised the need to ensure

all students at universities studying insurance and risk management to have a COP qualification

by the time they graduate from college. In this regard we have engaged IIZ with a view of setting

up examination centres at MSU and NUST

3. Institute Banners - The plan going forward is to have an additional two tear drop and two pop

up banners.

CONCLUSION We extend our appreciation for the opportunity to serve the Insurance Institute. This truly has been a rewarding experience for us as a council. We also extend our best wishes to our successor (the 2015 council) to be elected end of January 2015. As you can see throughout this report, every decision, every action is being carried out for one purpose, to create added value for our members and contribute to the growth and development of the Insurance Institute.


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NOTES

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THE INSURANCE INSTITUTE OF HARARE

Number 41 Caithness Road

Eastlea Harare

Tel: +263 772 441 428

Email: [email protected]

Website: www.iihzim.com

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INSURANCE INSTITUTE OF HARARE - 2014 ANNUAL REPORT