Thirty-Five Years in Insurance: From Old Mutual Clerk to Nyaradzo Founder
Thirty-five years ago today, on July 1st, I joined Old Mutual as a pensions administration clerk. On that same morning, I was also expected to start at the Customs and Excise department, but I chose Old Mutual. My young mind reasoned that rising through the ranks would be easier in a private enterprise, and the salary was a dollar more—a big difference back then.
A Reluctant Start and a Shift in Ambition
I didn’t think I would last long. At heart, I was a motor mechanic in waiting. But after a disappointing interview at Duly's Masvingo and two years of trying to get an apprenticeship, I gave up and decided to build my career at Old Mutual. I settled on studying marketing with IMM, a choice that came naturally as I was already selling everything from photos to vegetables in my spare time.
After five years as a clerk with little movement up the ladder, I was frustrated. In 1992, a year after marrying my sweetheart Mavis, I joined the Old Mutual field force as a sales representative. My enthusiasm was rekindled. I worked hard, and promotions followed quickly, eventually leading me to become the youngest Financial Advisor in the elite Financial Advisory Services (FAS) unit. Times were good.
The Birth of an Idea: Nyaradzo
As I rose to become the top financial advisor for five years in a row, clients kept asking for a funeral assurance product. I gave the feedback to management, but the response was dismissive: "We don't do funeral policies, it is too low for our station." With so many inquiries, I decided to register a funeral assurance company myself. I agonized over a name before settling on Nyaradzo, the Shona word for memorial services, which were becoming more common.
When Old Mutual launched a fund for small businesses, I applied, hoping for the million-dollar capital required for licensing. I was even prepared to cede majority shareholding. They didn’t see merit in my proposal. Undeterred, I remortgaged our family home, which secured the one million dollars I needed. On March 1, 2001, I walked into Livingstone House—an Old Mutual property—not as an employee, but as a tenant, marking the beginning of the Nyaradzo journey.
While my Nyaradzo journey could have been easier with Old Mutual's support, I remain thankful for the training they gave me. However, in our twenty years, we have turned to them for assistance several times, often hitting a brick wall.
In 2004, we were desperate for a bailout after rising interest rates ballooned our debt on our first funeral parlour. We proposed a deal where they would prepay for our bus services for their staff, but after months of stringing me along, they said no. It was possibly the lowest point in my life, but instead of surrendering, it strengthened my resolve.
Later, in 2009, they launched their own funeral cash plan and asked us to be the service provider. We proposed a mortgage loan from their sister company, CABS, to expand our service centers for the benefit of both our clients. "We are the Green Giant, and will not be cornered into such kind of deals by upstarts like you," came the response from a senior executive. My cardinal sin was always being hopeful that Old Mutual was my refuge. But we resolved to work harder, building a robust network on our own.
To their credit, the Green Giant has now come around. We are partners in environmental efforts and in our project to export services to Malawi. It is my hope this partnership can be replicated across the continent.
Lessons from a Legacy
As I celebrate thirty-five years in insurance, I am mindful of what could have been. Had I not left, I would be celebrating this milestone as an employee. I look back and see how little I knew until Old Mutual gave me a chance. After fifteen years of training, I knew enough to set up my own company, just as John Fairbain did in 1845 when he founded Old Mutual.
When I face challenges today, I think about the many trials Old Mutual has survived—wars, depressions, apartheid—and I find inspiration. I think about what John Fairbain would have done. Today, Nyaradzo is the second-largest life office in the land, second only to Old Mutual themselves. It would be an honour to have my name one day in a "founders club," alongside that of John Fairbain.
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