11 Jul Interview with Dr. Manuel Gamito, Chairman of Fidelidade Ímpar, Mozambique
How would you characterize Mozambique’s current economic situation and what significant changes or trends have you observed in the past few years?
Mozambique’s economy is fragile, especially given the global challenges that even the strongest economies are facing today. As part of the international market, Mozambique is affected by these disruptions. However, despite these challenges, there has been significant progress in the local economy, creating potential for further growth. This is where our role in the insurance sector becomes crucial. After the COVID-19 pandemic, we established Fidelidade Moçambique, which helped revitalize the country’s insurance market. Today, Mozambique’s economy has grown to the point where the insurance sector can significantly contribute to the growth of the public sector.
Could you provide an overview of Fidelidade Ímpar’s journey in Mozambique, including its mission and the key objectives it aims to achieve?
Fidelidade is a Mozambican company established in 2022. Shortly after its founding, we introduced the commercial brand Fidelidade Ímpar. This brand was created from the merger of two significant experiences: one with Seguradora Internacional de Moçambique (The International Insurance Company of Mozambique), known as Ímpar, which has 30 years of experience in the Mozambican market, and the other with Fidelidade, a company with 200 years of experience operating in 15 countries. This merger strengthened the Mozambican market and greatly improved the expertise that Fidelidade Ímpar had developed as Mozambique’s first private insurance company.
Fidelidade Ímpar offers a wide range of life and non-life insurance products and has established a strong presence across the country. We operate through our network of Fidelidade branches and in partnership with the banking sector, allowing us to reach 450 branches across Mozambique. Additionally, we work with 250 intermediaries, brokers and service providers and we collaborate with 250 health service providers, including central, provincial and district hospitals and private clinics.
Today, we serve around 330,000 customers with the support of our 244 employees. Fidelidade Ímpar has become a key player in the Mozambican insurance market by committing to the economy and the well-being of citizens. We’ve made promoting financial inclusion a priority, particularly in light of Mozambique’s low insurance penetration rate of around 2.6%. However, with a strong growth trend of over 80%, we are dedicated to raising awareness and understanding of insurance in the economy and society. We aim to continue providing top-tier services while contributing to Mozambique’s economic and social development.
How does Fidelidade Ímpar set itself apart from other insurance companies in the Mozambican market and how can the company support foreign investors looking to expand their operations in Mozambique?
With 30 years of experience in the Mozambican market, formerly known as Seguradora Ímpar, Fidelidade Ímpar has a solid foundation. Our company has earned international recognition, including high ratings from “I Am The Best,” a leading rating agency in the UK and the US. We are proud to be rated as a very stable company with the financial strength to engage in international business. Our stability and quality are reinforced by our certifications and our connection with the Fidelidade Group, which operates in Latin America, Europe and Africa. This broad experience helps us navigate insurance regulations effectively and consistently apply best practices.
We also have a strong network of reinsurers in the US, UK and Switzerland, improving our ability to meet international standards. Although we operate locally in Mozambique, we maintain a global perspective. Our insurance policies in Mozambique hold the same value and credibility as those issued in other locations, including Angola, Spain, Mexico, Paraguay and Portugal. We are the only Mozambican company to be audited and rated by “I Am The Best” for over four consecutive years, a testament to our commitment to transparency and excellence.
Furthermore, our financial statements are published online, consolidated at European and national levels and audited annually by KPMG. This thorough review ensures our compliance with international standards.
How is technological innovation shaping the insurance sector and how Fidelidade Ímpar is leveraging technology to improve its services?
We are committed to innovation, sustainability and growth. We’ve made great progress using technology, such as developing websites and apps and building a strong tech foundation. We’re proud to be the first insurance company in Mozambique to use artificial intelligence for handling claims, which is showcased in our ‘MyFidelidade’ app.
The technology sector has a lot of growth potential. While we haven’t fully realized it, our global reach helps us move forward faster. With operations in Africa, Europe and Latin America, we make sure our systems and customer interactions reflect our international presence. Our software and information systems are consistent across all our markets, including Mozambique, Latin America, Peru, Spain and Angola and we’re starting to bring these improvements directly to our customers.
One challenge is network availability, which depends on telecommunications infrastructure. This sometimes slows us down and requires us to work with multiple operators. However, we’re making progress and our partnership with South Africa should improve telecommunications efficiency. Within the company, our technology is already adding value. Users can take photos and upload them with their smartphones, which are quickly added to our database. This helps us locate the injured party, estimate costs and speed up the process.
Fidelidade is ahead in terms of technology, which can undoubtedly help in fraud prevention. How does the company handle fraud detection and manage any related challenges?
Fraud is a persistent issue in society and while we may never fully eliminate it, we are dedicated to minimizing its impact. Our approach is proactive, focusing on developing mechanisms to reduce fraud. Currently, cybersecurity and electronic fraud are our biggest challenges due to our reliance on information technology. To address this, we partner with American and European cybersecurity firms to meet international standards. The anti-fraud tools we use in Mozambique are the same as those used in Europe, with adjustments to fit our local context. This means our security levels are on par with countries like Portugal, Spain and France.
Our previous company, Ímpar, had grown significantly in the Mozambican market but needed a partner to expand further. We partnered with Fidelidade, which was already making strides in health insurance in Mozambique, while we had a strong presence in property, work accident and auto insurance. This partnership created a strong synergy. Fidelidade brought valuable international market experience and we began attracting global clients. By integrating internationally accepted practices and standards, we ensure that a travel insurance policy issued in Mozambique meets the same requirements as one issued by TAP Air Portugal.
To achieve this, we developed robust security programs, including cybersecurity and document security policies. Although paper is still common, our sustainability policies are shifting us toward digital processes. Today, we handle everything from scheduling appointments to processing claims digitally, which supports our growth.
American investors can be confident that our insurance company in Mozambique adheres to international standards, is open to business and acts as both a risk-sharing partner and an advisor. We are committed to further developing the insurance sector and providing security to our clients. For example, we work with Swiss Re, a global partner of Fidelidade, which connects us to the international market. If you take out travel insurance in Mozambique and travel to Portugal or Spain, where Fidelidade operates, you’re still covered under the same network. Our clients can access medical care using your card and receive discounts through Fidelidade. In countries where we don’t have a direct presence, like India, we have agreements with hospitals in cities like New Delhi and Mumbai. If you need medical care there, you can pay for the services upfront and once you return, simply submit your receipts to be reimbursed within 15 to 30 days. All you need is the documentation proving your expenses, which is verified electronically by the hospitals.
Could you share a final message for the millions of USA TODAY readers?
Our focus is on development, sustainability, innovation and inclusion to drive economic and social progress in Mozambique, particularly within the insurance sector. The insurance industry is vital as a social support system. Fidelidade Ímpar is dedicated to providing this support by sharing risks with citizens and businesses.
We hope Mozambique continues to progress towards greater well-being and economic growth. As a company, we are committed to improving our microinsurance offerings to better serve the low-income population. Many Mozambicans cannot afford expensive insurance but still need coverage that meets their needs. For example, during the COVID-19 pandemic, we introduced affordable insurance covering testing, hospitalization and treatment. This was especially beneficial for those working in the informal economy — people without stable incomes who still deserve protection.
We also recognize the need for microinsurance to support women, particularly during childbirth. By developing public-private partnerships, we aim to ensure women have access to local clinics when they give birth, rather than traveling long distances to public hospitals. This insurance would cover them from the start of their pregnancy, providing the security they need.
We are currently studying this initiative and plan to implement it soon. The experience we gained from supporting the population during COVID-19 has been invaluable. With my background in economic development, I believe we must prioritize support for disadvantaged sectors of society. While insurance is important for the wealthy, it is even more critical for the poor, who have fewer options.
Having lived in Europe, I understand that different societies have different social structures. We must adapt our business model to local needs while maintaining international standards. This dynamic — continuous study, commitment to public-private partnerships, social responsibility and inclusion — is what I am fostering within our company.
Additionally, we must focus on sustainable development, economic expansion and widespread innovation within the insurance sector to better serve the public and attract potential investors. Although it is a significant challenge, it is achievable. The obstacles we face today are similar to those that Singapore, Dubai and Qatar overcame in recent decades. These economies expanded quickly and we can do the same by embracing global best practices and striving for continuous improvement.