Harare — THE 2009 Insurance Institute of Zimbabwe conference opened in Nyanga on Sunday with a call on insurance companies to gear up for opportunities unfolding in the economy.

The Deputy Minister for Industry and Commerce, Mike Bimha who opened the conference said the insurance industry should derive strength from the foundations that have been laid by the country's leadership that has brought about investor confidence and liberalisation of the economy.

"As the insurance industry you should get impetus to play your part in rebuilding our economy from the vibrancy in the economy and the well-meaning goodwill of our leaders who are tirelessly working for the betterment of the people," he said.

However, in order to achieve this, Deputy Minister Bimha said the industry needs to re-invent itself in order to restore confidence in the sector that has been eroded by the previous challenges in the economy.

"It is an open secret that most of your clients had their fingers burnt when they were told that the policy funds that they have been contributing for years had come to zero.

"As an industry you need to regain the public's trust and offer them insurance solutions that address their needs.

"We do not want to see a situation where you are not offering value to individuals and companies through your products, services and expertise," he said.

The deputy minister also called on the industry to revert to basics as dictated by the current state of affairs in the economy.

"In the middle of the challenges that we faced in recent years you had resorted to non-conventional business practices for survival.

"Now that we have gone past that phase you should revert back to basics as pronounced by the conference theme 'Getting back to basics'."

In this regard he urged insurance companies to think outside the box and to be creative in their approach.

"You had your highs and lows and now it's time to be innovative. Start thinking of ways to expand your businesses and of bringing new products onto the market that are consumer-friendly.

"Industry can only insure or buy insurance products if they have confidence in the industry and when they know the benefits thereof.

"However, innovation can only happen when you have expertise and an inquiring mind," he said.

To this end, he congratulated the institute for its role in capacitating the industry with skills that are most sought after within and beyond the country's borders.

The deputy minister while acknowledging that the insurance sector was on the rebound however noted that some sub sectors such as the life sector's turnaround would be slow until people start receiving enough disposable incomes.

He also indicated that Govern-ment was working hard to ensure that companies increase their production which in turn would help boost insurance business as companies' balance sheets improve.

Speaking at the same occasion IIZ's president Mr Simon Mkondo also called on insurance companies to revert to basics in view of the changing operating environment in the country.

University of Zimbabwe lecturer, Mr Simon Badza who gave a presentation on the political dynamics in the country said that the inclusive Government was unlikely to collapse as it was the most suitable arrangement at the moment.

He said that the current problems were normal and were not unexpected given the current set-up in the political sphere.

Mr Mkondo said there was need for political restraint in the demands by the MDC-T for the resolution of outstanding issues and that the removal of sanctions would depend on the actions of the inclusive Government and not speeches and promises.

He however, advised delegates to the conference to be cautious when planning their business in view of the current political set-up.

The IIZ conference which ends today is expected to come up with resolutions that will help the industry regain the confidence of its clientele, rebuild a vibrant workforce and also craft strategies to take it forward.