Zimbabwe: Cassava Smartech's Insurtech Revenue Up 15 Percent

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26 October 2021

Cassava Smartech Zimbabwe Limited (CSZL) insurance business revenue contributions to the group recorded a 15 % amid plans to pin future growth on the technology driven platforms.

Presenting the group's financial performance for the year ended February 28 2021, CSZL board chairperson, Sherree Shereni said the Insurtech segment revenue contributions recorded significant growth.

"The year saw a growth in the Insurtech contribution from 9% recorded in the past financial year to 15 % largely attributed to the growth of the short-term non-motor insurance business.

"The Vaya Technologies business also uplifted its performance contribution from 2% to 7% in 2021. The group's revenue diversification strategy is paying off, as evidenced by the exponential revenue growth in the Insurtech and the Vaya Technologies business units," she said.

During the period under review, EcoCash revenue contribution at 60% was 15 % lower than revenue contributions recorded in 2020.

The decline is attributed to the revenue diversification strategy that saw growth in the Insurtech and VAYA Technologies business.

Steward Bank's contribution remained stable and is expected to continue the upward trend, on the back of the system upgrade completed in April 2021.

Although Group revenues closed the year at $14 billion compared to $19 billion in the prior year, due to the impact of regulatory changes and the Covid-19 pandemic, this was mitigated by a rigorous cost-cutting drive.

Going forward, Shereni expects the strength and agility of the business, combined with the professionalism, resilience, and innovative foresight teams, to carry the business into the future, resplendent with digital opportunities.

The technology-driven platforms and processes offer significant advantages and continue to drive innovations and deploy them where the need is greatest.

Consistent with that, the group has continued to take advantage of this accelerated digital thrust to come up with new products and services that better respond to the evolving needs of our customers, guaranteeing a strong business that is transforming and is well placed to deliver sustainable growth into the future.

"We, therefore, continue to leverage our robust business model to innovate around on-demand technology platforms, creating customer convenience and maximising value for our shareholders," added Shereni.

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