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Old Mutual has devised strategies for dealing with both unfair and fair competition. It has increased and keeps increasing its customer base through the critical and pertinent underlying values and philosophies of deep trust, integrity, respect for customers and accountability.
“Our culture is crucial to us,” Madzinga explained. “Customers have deep trust for Old Mutual due to the ways in which we manage people’s money and resources with integrity, forthrightness and due profitability.
“We have qualified and competent employees and we leverage our global expertise and experiences to remain a top-notch company. We manage huge monies and here trust is a critical factor. We go to great lengths to protect our brand.”
Regarding risks management, Madzinga said that OMK has a fully-fledged department and framework entirely dedicated to risk mitigation. A new highly-automated due process ably mitigates fraud and even detects it and other crimes before they happen. Generally, such systems have drastically reduced fraud and other crimes in the Kenyan insurance industry.
Old Mutual Securities (OMS) is now fully integrated in the Nairobi Securities Exchange (NSE),
“We are proud of that and the fact that customers have direct and easy access to the NSE,” commented Madzinga. “Moreover, people are comfortable with our brand and strong heritage and are keen to deal with us. OMK has gained significant market share in the recent past.”
Fundamental changes and positive developments are expected in Kenya over the next 20 years, guided by the new Kenyan constitution.
“Kenya is revolutionary in the way it is conducting its affairs and the power and impact of the new constitution is great and must be appreciated and harnessed; it will be a big legacy for the current leadership,” Madzinga added.
“Big companies will continue to come to Kenya and Africa to invest since the market is still basic, retail and under-penetrated.
“The critical mass is still rising and growth still happening as contrasted to Western economies, which are already wealthy. It is much easier to operate in Africa since opportunities abound,” Madzinga concluded.
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