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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
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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
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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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