The country’s oldest funeral services provider and life assurance company Doves has re-aligned its products in line with strategic angling for addition on new life assurance products.
The exercise, commenced in October last year and has seen unbundling of product packaging to allow for individual choices for benefits from the products bouquet.
An internal source within Doves Holdings (Pvt) Ltd who declined to be named confirmed the realignment.
“There has been the separation of dependants from the Family plan with each dependent now paying a premium of $30 monthly,” said the source.
“The Family plan is now exclusively reserved for a policyholder, their spouse and biological children. There has not been movement on the family premium despite a spike in the cost of funeral services.
“In order to augment the grocery allowance on various schemes, policyholders now have an option to select grocery allowance levels at specified premiums per category,” he said.
This paper understands that the re-alignment seeks to address the issue of dependants which were riding on the family premiums for a number of schemes especially those for civil servants and the uniformed service.
An internal memorandum from the managing director, Dr Talent Maziwisa, to staff — a copy of which was seen by this paper — for onward transmission to clients reads; “dependants will pay $30 each from March 1, 2020, while the family premium remains unchanged”.
The funeral assurance industry has been hit hard by inflation especially from the time the economy de-dollarised with industry players facing a challenge in that any inflation-related adjustments to remain competitive could price products out of market’s reach.
Doves is one of those that have adjusted its way of doing business in an effort to contain costs and remain afloat.
In the face of a steady increase in its market share over the last few years, Doves has been reinvesting in its hearse fleet so as to meet client demand.
Sources at the funeral services provider and life assurance company, have confided in this publication that the firm has ordered modern hearses which are expected to be delivered before June this year.