About First Mutual Life
First Mutual Life is a wholly owned subsidiary of First Mutual Holdings Limited whose primary business activities are the provision of life assurance, retirement benefit products and other long-term financial security products.
Vision
To be the leading provider of life assurance and related products in Africa.
Mission
To create wealth for our stakeholders through the provision of relevant, innovative life assurance and related financial solutions.
Values
Teamwork
Integrity
Innovation
Entrepreneurship
Service Excellence
Responsibilty
Professionalism
Zeal
Behavior
Team first
Engage with respect
Execute with speed
Respect for time
Net cash oriented
Stakeholder intimacy
Passion for ideas (exposure, exploration, mindshifts)
Market Overview
The life assurance industry is currently comprised of many players, namely First Mutual Life, Old Mutual Life Assurance Company Limited, ZB Life, Fidelity Life Assurance of Zimbabwe Limited, Zimnat Life Assurance Company Limited, Altfin Life, Evolution, IGI and CBZ life. First Mutual Life is currently the second largest life assurer in the market on a gross premium income basis.
Although most sectors had been affected negatively for the past few years by the economic downturn, the insurance industry has managed to work extensively on regaining consumer confidence and recent statistics reveal a welcome increase in new business sales. This emphasizes the success of the industry in reforming itself and winning back the faith of the Zimbabwean consumer.
In efforts to diversify services that meet clients’ needs and various tastes, First Mutual Life offers a wide range of insurance services. In addition, a regional expansion programme is being actively pursued.
Prospects
The company sees opportunities in the future that will arise out of providing a consistently high level of service through improved technology and above average investment returns, as well as the replication of its successful model throughout the region. Several markets in the region are currently being examined and considered.
Competitive Advantages
First Mutual Life has significant advantages and strengths at its disposal, which include:
A strong distribution network
First Mutual Life has branches and agents throughout the country. The company currently employs salaried staff, who are complemented by tied agents and independent agents.
A good reputation with clients and regulators
The company’s life business has enjoyed a high reputation for quality service delivery and superior investments returns, which First Mutual Life is conscious of the need to maintain. First Mutual predecessor, the Society, had an exceptionally good and close relationship with industry regulators, a situation that has prevailed for many years and which First Mutual Life is committed to maintaining.
We offer unique and comprehensive product solutions
We allow you access to your life insurance cover in times of need
We guarantee objectivity when we assess claims
Your whole body system is covered
We offer global protection
Your benefits change according to how your needs change
Skilled and committed staff
First Mutual Life has a comprehensive program for the continuous development and up-skilling of its staff and agents. Incentives for relevant academic achievement are in place, along with sound human resources practices.
High quality products and services
First Mutual Life boasts a highly skilled personnel base whose expertise has been instrumental to the culture of continuous innovation that has ensured a consistent provision of relevant and quality products designed to suit a changing market. The products and services offered which include:
Medical cover
First Mutual Health
First Mutual Health is a medical fund open to corporate and individuals and offers a hybrid product different from the traditional approach comprising elements of insurance and savings. The contributions from members are split 15% and 85% into the medical savings pot and insurance respectively.
Medical expenses are paid from both the savings pot and insurance portion when members seek treatment. However, in the event of the members not utilizing their cards, upon exit, the credit balance in the family savings pot is refunded subject to tax. The member has convenient access to medical treatment when they are not feeling well and in good health times they accrue balances in the savings pot.
Members are also entitled to 25% of their savings pot balance back as cash after every two years of continuous membership provided the claims ratio is less than 25% of the savings pot balance; thus ensuring that our members who do not use their card do not forfeit all their contributions.
The naming of our seven plans after precious gemstones is a reflection of how we perceive the value of our clients and reflects the healthcare service that members enjoy and their different needs without diminishing their value.
Platinum Plan
University Cover Plan
Funeral Cash Plan
Wealth Life Plan
Ultimate Life Plan
Employee benefits
Retirement Benefits
Preservation Fund
These are sufficiently diverse to ensure maximum choice and flexibility for customers.
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