Life insurers embrace compensation models
The Life Offices Association of Zimbabwe (LOAZ) says implementing optimised compensation models in the country could significantly drive performance and growth in the country’s insurance sector.
LOAZ is the representative body of all life insurance companies in Zimbabwe.
“Well-designed models that include competitive base salaries, commissions, bonuses and other incentives can motivate sales teams, underwriters and claims professionals to perform at their best,” LOAZ general-secretary Mavukeni Rufai told NewsDay Business in an interview.
“This can lead to increased sales, improved customer service and better risk management all of which contribute to the overall profitability and expansion of insurance businesses
