Tinashe Mazhangara
Harare,George Town
Summary
As a Chartered Insurer, my objective is to become a distinguished insurance corporate business leader, entrepreneur and philanthropist in my insurance field. Accurate Senior Analyst with exceptional teamwork, leadership and communication skills. Over 10 years of experience working on large-scale projects as well handling daily operational requests. Exceptional technical understanding to meet project deadlines.
Overview
16
16
years of professional experience
Work History
Senior Analyst 1 - Insurance Division
Cayman Islands Monetary Authority (CIMA)
02.2023 - Current
- Responsible for monitoring of assigned licensees and/or responsible for engaging in risk-focused on-site inspections to achieve the first stage supervision of performance, legislative requirements and the goals and objectives of the Division and CIMA.
- Gather and analyze returns, financial statements, and other information to assess adequacy of liquidity and capital, as well as determine prudence of practices under the regulatory Acts, the AML/ CFT regime and applicable standards.
- Perform comprehensive risk assessments of all licensees and determine appropriate recommendations for issues of concern.
- Engage in formal regulatory meetings and analyze information to determine prudent business practices and adherence to the requirements of the Insurance Act, Banks and Trust Companies Act, the Companies Management Act, the Directors Registration and Licensing Law and AML/CFT framework.
- Participate with and lead a team of Insurance Analysts and other members of the team to inspect and or analyze a licensee’s records to determine the adequacy and suitability of the risk management and business operations.
- Processes applications including captives insurance new license applications/changes in shareholding and prepares memorandum submissions to the Authority’s Management Committee (MC) for, among other things, new licence applications, cancellations, liquidations, change in ownerships/control, and/or amendments to the business plan.
- Lead meetings with relevant stakeholders in furtherance of the onsite inspection.
- Review and/or prepare draft pre-inspection and inspection reports for management, including requirements for improvement based on findings, and follow up to ensure compliance with requirements.
- Review complaints and make recommendations for resolution, as well as respond to queries from licensees, other Divisions and Overseas Regulatory Authorities (ORAs).
- Research, collect and submit pertinent information to lead or assist with specific projects.
- Research and analyse insurance trends, practices and emerging supervisory techniques within the local industry and throughout competitor jurisdictions.
- Review and supervise the work prepared by Analysts to ensure compliance with all policies, procedures and guidelines.
- Provide mentorship & training and technical advice to aid in the development of Analysts to achieve optimal performance in their duties.
- Through ongoing awareness, identify impacts on the regulated sector arising from economic, social, and geopolitical trends and events (locally and overseas).
Chief Senior Analyst
Insurance And Pensions Commission Of Zimbabwe
11.2016 - 12.2022
- Responsible for leading a team of junior analysts and working with the Commissioner of Insurance and Pensions to regulate, supervise, monitor and proffer guidance to insurance and pension players in Zimbabwe
- Lead the development of cutting edge insurance and pension policies in Zimbabwe and solutions to ensure establishment on a sustainable basis, an insurance and pension industry that is financially stable and secure, strong and resilience in the face of adverse economic challenges
- Lead the design and formulation of regulatory and supervision regulations and frameworks to the insurance and pensions industry, for instance, Directors and Senior Management Due Diligence Framework, Onsite and Offsite Inspection Framework, Licensing Framework, Risk-Based Regulation (ZICARP and CARAMELS) Framework among others.
- At IPEC I designed supervision and monitoring frameworks (CARAMELS MODEL), risk-based optimisation models for insurance and pensions entities and risk-based supervision and monitoring manuals
- I have further managed to actively spearhead the approval of prescribed assets worth over USD700 million, presided over inspection of the top 20 insurance and pension companies, both offsite and onsite, registered three microinsurance entities, facilitated the design of mobile insurance regulation, policyholder protection fund and reviewed the outdated Insurance Act, Pensions and Provident Funds Act (Enacted) and Insurance and Pensions Commission Act (at the Cabinet Committee on Legislation)
- Tinashe has actively and is currently working with the Reserve Bank of Zimbabwe (RBZ), Financial Intelligence Unit (FIU) and World Bank to spearhead the country’s financial inclusion goals and advancement of Anti-Money Laundering and the Countering of Financing of Terrorism (CFT) efforts as well as spearheading the national, sectorial and institutional risk assessment
- Participated in the Country’s two AML/CFT National Risk Assessments (2015 and 2019
- Enhanced team productivity by streamlining workflow processes and implementing time-saving strategies especially insurance licensing processes, license surrenders, liquidations and assessment of troubled insurers procedures.
- Delivered accurate financial forecasts by conducting thorough insurance data analysis and research on insurance market trends and emerging risks.
- Improved regulatory and supervision efficiency with the development of key performance indicators and tracking metrics to ensure compliance to the Insurance Act, directives, corrective orders and sanctions.
- Optimized IFRS 17, AML/CFT, ICT Systems project management, resulting in timely deliverables and improved policyholder and regulated entities satisfaction rates.
- Developed comprehensive risk management strategies to minimize potential losses and safeguard the Commissions interests.
- Provided expert insurance regulation and supervision advice for senior management, contributing to informed decision-making and strategic planning.
- Collaborated with cross-functional teams to identify areas of regulation and supervision improvement, leading to increased operational effectiveness.
- Elevated insurance departmental performance through targeted training programs aimed at developing junior and senior analysts skills and expertise.
- Played a pivotal role in the successful completion of high-stakes projects by providing crucial analytical support and insights and performing actuarial reviews of actuarial reports by the regulated entities.
- Championed data-driven decision making by transforming raw data into actionable intelligence for key stakeholders, management and Government.
- Nurtured strong working relationships with regulated entities and policyholders, ensuring their complaints and enquiries are met while exceeding expectations on deliverables.
- Evaluated emerging technologies for potential integration into insurance regulation and supervision operations, driving innovation across various functions.
- Influenced policy decisions through comprehensive economic analyses that effectively communicated complex information to non insurance experts like policyholders.
- Mentored junior insurance analysts, fostering professional development while enhancing overall team performance.
- Performed regulation and supervision system analysis, documentation, testing, implementation, and user support for platform transitions like SAP, Agilis and MARS.
- Queried databases for information needed for senior management report processing through preparing quarterly and annual insurance reports, onsite and offsite inspection reports and insurance reports as requested by the Ministry of Finance and Economic Development.
- Cultivated relationships with insurance industry leaders and within the Commission to share emerging insurance industry risks and how to address them.
- Monitored compliance and filing requirements in conjunction with staff and management.
- Performed departmental budget analysis to control expenditures and predict future budget needs.
- Assessed data modeling and statistics to integrate high-level business processes with data rules.
- Analyzed insurance data and inspection reports to identify root causes of key regulation and supervision problems and recommend corrective actions.
- Developed customized insurance reports, summarizing and presenting insurance data in visually appealing format.
- Provided technical support for troubleshooting insurance analytics and insurance department reporting issues.
- Identified patterns and trends in large data sets and provided actionable insights.
- Developed complex insurance dashboards and insurance reporting tools to track insurance business performance metrics.
- A member of the IFRS 17 Committee, ZICARP Committee (Risk-Based Supervision), AML/CFT Committee, National Risk Assessment Committee and Secretary to Police-IPEC Committee which included senior members of the Zimbabwe Republic Police (ZRP).
Group Risk & Audit Officer
Heritage Insurance Group Limited
08.2011 - 08.2015
- Rose through the ranks from being a trainee underwriter and claims processor to the position of Chief Underwriter, Branch Manager, Assistant General Manager to Group Risk and Audit Officer in the Heritage Insurance Group
- Developed and taught new and existing employees underwriting and claims management practises
- Established the risk management department of the Insurance group, risk protocols, risk architecture and developed risk based audit plans for all the subsidiaries together with their departmental risk strategies each year
- Designed the company’s Terms of References (ToRs) for all board committees inclusive of policies and procedure manuals
- Established the anti-money laundering and the countering of financing of terrorism frameworks and strategies
- Designed microinsurance products to target the low income earners through provision of low cost risk transfer mechanisms
- Administratively reported to the Group Chief Executive Officer and functionally to the audit and risk committee Chairperson.
- Enhanced insurance audit efficiency by streamlining insurance processes and implementing automated insurance auditing tools.
- Reduced financial discrepancies through diligent review of financial statements and identification of errors.
- Assisted in the development of risk assessment strategies, resulting in improved audit focus and resource allocation.
- Collaborated with cross-functional teams to address internal control issues and improve overall corporate governance.
- Conducted comprehensive audits for various departments, ensuring compliance with regulatory requirements and industry standards.
- Prevented incidents of fraud by consistently evaluating internal controls and recommending necessary improvements.
- Facilitated smooth communication between management and staff during audits, fostering a culture of transparency and accountability.
- Identified areas of operational inefficiency, proposing targeted solutions that led to significant cost savings for the company.
- Maintained up-to-date knowledge on relevant laws and regulations, ensuring accurate guidance was provided to clients at all times.
- Contributed to annual budgeting process by analyzing prior year expenses and providing accurate projections for upcoming fiscal year costs related to auditing activities.
President - Business Management Society
Midlands State University
08.2008 - 01.2010
- In 2008, Tinashe was elected the President and Chairman of the famous Business Management Society at Midlands State University
- As its leader, Tinashe managed to resuscitate the society from a mere membership of 50 to over 6000 students
- I also facilitated and enabled the payment of university fees for the disadvantaged students regardless of race or ethnicity, payment of school fees for the local primary school children and provision of food, clothing and medication
- In addition, I also managed to facilitate the establishment of the entrepreneurship and retail management departments which gave rise to entrepreneurship and retail degree programs
- This was as a result of a USD10, 000.00 donation that was made by the then Founder and Group Chief Executive Officer of Kingdom Holdings, Mr Nigel Chanakira to the Society in 2008/2009.
Education
Insurance Regulation And Supervision
Financial Stability Institute (FSB) & IAIS
Basel, Switzerland09.2023
Advanced Insurance Regulation And Supervision
Financial Stability Institute & IAIS
Basel, Switzerland01.2023
Insurance Regulation And Supervision
World Bank
America01.2019
Insurance Regulation And Supervision
World Bank
America01.2018
Diploma In Insurance - Insurance And Risk Management
The Chartered Insurance Institute (CII)
United Kingdom (UK)01.2015
Enterprise Risk Management (ERM)
The Institute of Risk Management (IRM)
United Kingdom (UK)01.2014
B.Com (Hons) Business Management (Finance) - Management And Finance
Midlands State University
Gweru, Zimbabwe01.2011
Skills
- Analytics regulation and supervision Program Experience
- Technical Understanding
- Statistical Modeling
- Advanced Excel
- Data Analysis and Modeling
- Budget Planning
- Stakeholder Communication
- Business Intelligence and Stakeholder Engagement
- Industry and Institutional Analysis
- Team Leadership
- Market Research and Report Writing
- Regulatory Compliance
- Financial and Actuarial Modeling
- Performance Monitoring and Metrics
- Knowledge of insurance supervision and regulation operations
- Time Management
Websites
references
Provided on request
volunteer experience
- President & Chairman, Business Management Society (BMS), Midlands State University, Gweru, Zimbabwe, 2008, 2010
- Founder and owner, Together We Can Foundation, Harare, Zimbabwe
- Visiting Lecturer, Trust Academy, Harare, Zimbabwe, Entrepreneurship, Business Management
- Rotary International member, Rotary Club of CBD, Harare, Zimbabwe, 2014, Present
- Secretary General, Insurance and Pensions Commission Works Committee, Harare, Zimbabwe, 2018, Present
- Secretary General, Insurance and Pensions Commission, Works Council, Harare, Zimbabwe, 2018, Present
- Platinum Member, The Institute of Directors in Zimbabwe (IODZ), 2012, Present
Affiliations
- I am an well-rounded individual with the ability to balance different aspects of life through reading insurance books and journals, ega
current studies
International Diploma in Risk Management (IRM) (UK) - Expected Completion Date 12/31/2020
Timeline
Senior Analyst 1 - Insurance Division
Cayman Islands Monetary Authority (CIMA)
02.2023 - Current
Chief Senior Analyst
Insurance And Pensions Commission Of Zimbabwe
11.2016 - 12.2022
Group Risk & Audit Officer
Heritage Insurance Group Limited
08.2011 - 08.2015
President - Business Management Society
Midlands State University
08.2008 - 01.2010
Insurance Regulation And Supervision
Financial Stability Institute (FSB) & IAIS
Advanced Insurance Regulation And Supervision
Financial Stability Institute & IAIS
Insurance Regulation And Supervision
World Bank
Insurance Regulation And Supervision
World Bank
Diploma In Insurance - Insurance And Risk Management
The Chartered Insurance Institute (CII)
Enterprise Risk Management (ERM)
The Institute of Risk Management (IRM)
B.Com (Hons) Business Management (Finance) - Management And Finance
Midlands State University
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