Beauty with brains: Nyaradzo Group celebrates Rutendo Magorimbo

From time immemorial, breaking the glass ceiling has been an uphill struggle won by individuals who are made of sterner stuff. Across demographics, many can relate to this metaphor. This rings true particularly to our women folk who still have to break many barriers on their way to achieving greatness, notwithstanding the progress made in creating equal opportunities for all, regardless of one’s gender, race, religion, tribe, or creed. As late as the 1980s, several professions were still being perceived as no-go areas for the fairer sex, either on account of their physical nature or simply due to the fear factor.

But as more women take up science subjects and graduate with flying colours for that matter, it won’t be long before we cross the Rubicon. Surveys show that women are still under-represented in fields such as medical sciences, engineering, actuarial sciences, etc. Crucially, disparities also exist at managerial levels, where less than 40% of roles are held by women. A lot more needs to be done at the top where less than 10% of leadership positions in the workplace are occupied by women despite them constituting 52% of the country’s population. However, several phenomenal women are standing their ground and writing their own pieces of history in areas that were previously enclaves for men, proving that there is really nothing that men can do which the girl child cannot.

In the actuarial field, it took a former student at Chisipite Senior School, Marjorie Ngwenya, to shatter the glass ceiling when she became not only the second Zimbabwean woman to practice as an actuary after one Pelagia Kafesu but also the first black African, the youngest and third woman to hold the position of President of the Institute and Faculty of Actuaries in the United Kingdom. And early last week, women in the actuarial field added another feather in their cap when another ex-Chisipite Senior School student, Rutendo Magorimbo, was elevated to the position of managing director of Old Mutual Life Assurance Company (OMLAC), effective 1 June 2021.

To appreciate the significance of the appointment, a few anecdotes might help. OMLAC is probably the biggest unit within the Old Mutual Zimbabwe family and has evolved since the insurer was formed way back in 1845 by Scotsman John Fairbairn in Cape Town. Upon Old Mutual’s incorporation in 1902, in what was then Rhodesia, the life business was part of that maiden foray into what would at independence in 1980 become Zimbabwe.

OMLAC generates over US$25 million annually in insurance and pension contributions; a figure that dwarfs the market capitalisations of a cluster of lower-tier counters on the local bourse. Apart from providing cover to their clients, a life business of the size of OMLAC plays a critical role in capital formation. What makes Rutendo’s appointment music to the ear is that her pathway to the top was no stroll in the park.

When I left Old Mutual to form Nyaradzo in 2001, Rutendo was clearing her desk at First Mutual Life (FML) to join one of the continent’s oldest insurers as an assistant divisional manager in the actuarial department. She has never looked back ever since she set foot at Old Mutual. Hers has been a rewarding professional journey that has taken determination and the ability to shine amongst the stars. Throughout her career, Rutendo has demonstrated key competencies and self-confidence that are hard to ignore. My hearty congratulations, therefore, go out to her for a well-deserved promotion which is a testament to her hard work and ability to juggle between being a professional woman, a single mother of two children, and a community leader.

Rutendo was born in Mutare on the 17th of December 1975 to Lydia and Elijah Mutowo, being the eldest in a family of five girls. She attended Hallingbury Primary School in Mabelreign and proceeded to Chisipite Senior School for her secondary education where she studied mathematics, chemistry, and biology at A’ Level.

It was during her days at “Chisi”, as the senior school is affectionately known, that she set her sights on becoming an actuary at the behest of her career guidance teacher who had seen her potential.“I did not know what an actuary was or what they did. There was no Google back then, and research was mostly by word of mouth. What drew me to wanting to become an actuary was the fact that there were less than a handful of actuaries in the country and none of them was a woman,”

Rutendo opened up in one of her interviews with a local daily. Being girls only in their family, Rutendo grew up knowing that they had to do all the tasks by themselves, including those that society would ordinarily defer to boys. Her foresighted father had long started toughening his girls. He would buy them boy toys such as cars and robots and getting them involved when fixing broken electrical appliances. This made Rutendo fall in love with the sciences at an early age.

Upon completing her high school education, she went to study a BSc (Hon) in Actuarial Mathematics and Statistics at Herriot Watt University in Edinburgh, Scotland the home of the founder of Old Mutual. While at Herriot, it became clear for her that she had her work cut out. To start with, there were less than a handful of girls in her class; hence she had to adjust quickly since she was coming from an all-girls school.

As if that was not enough, competition in class was stiff. Having been put in a class with other students who had also distinguished themselves in high school, she looked average despite having been a trailblazer at Chisi. Nonetheless, she refused to be intimidated. After graduation, Rutendo returned in 1998 and immediately joined FML as an actuarial trainee and started sitting for her professional exams. She left FML in 2001 to join Old Mutual as an assistant divisional manager in the actuarial department.

Ever since Old Mutual has been her home. In 2009, she became an associate of the Institute and Faculty of Actuaries (IFA). At the time, she had one exam left to attain fellowship. But after two unsuccessful attempts, Rutendo decided it was time to change her career path. In between 2001 and 2009, she was blessed with two children Tatenda and Natasha. In 2014, she enrolled for part-time studies towards her MBA at the University of Cape Town, while concurrently starting a new role at Old Mutual as head of the strategy.

She completed her MBA in 2015. In May 2016, she took up a new role in Johannesburg as chief risk officer for Old Mutual Africa, which meant that she had to make the difficult decision of leaving her son, Tatenda, who was then in Form 3 with her parents. “Any mother will tell you that it’s one of those tough decisions you need to make but it was made easier because I knew he was in good hands,” she recalls. Whilst working in South Africa, her mentors enquired into the reasons behind her failure to complete her actuarial exams and after taking a hard look at herself, her reasons started to look more like excuses and Rutendo decided to give it another shot. “the decision to tackle the fellowship paper was something I felt I had to do -not for anyone else but for myself just to prove that I could do it” Much to her relief, the gamble paid off and she was admitted as a fellow of the Institute and Faculty of Actuaries.

In 2017, Rutendo returned to OMLAC as general manager, rising through the ranks to become the managing director of the life business on the 1st of June. Rutendo bears testament to the truism that the ceiling can indeed be smashed and that through the support and encouragement of others – men and women, alike – nothing is impossible. Rutendo is also pleased to see women increasingly batting in each other’s corner, with those who have made it is an inspiration to others, especially the girl child.

These include Dr. Grace Muradzikwa (the head of the Insurance and Pensions Commission); Pelagia Kafesu (an actuarial statistician in the field of pension, general insurance, health, and life insurance); Tracy Mutaviri (a top marketer at Dairbord Holdings) and Dr. Charity Jinya (former managing director of Nedbank Zimbabwe).

Men have had a role to play too. Rutendo singles out Jonas Mushosho – the former chief executive officer for Old Mutual – who took the role of not only being her boss but parent away from home. Looking back, Rutendo says hers has been a journey that made her appreciate that learning never ends.

“When you are young, you make a lot of mistakes both in your personal and work life. For this reason, you always need that voice of reason to point you back on the right path and give you the necessary support to enhance your talent and help you up when you fall. The key takeaway from that is that falling is a part of life. What is important, however, is to be able to get up after a fall,” she said.

In another of her interviews, Rutendo whose life philosophy is based on her Christian faith and beliefs, as well as the values inculcated in her during her upbringing, said: “I believe one’s actions follow one’s values. I need to cherish my core values, so I remain true to myself. I bear responsibility for how I treat others, be it as a citizen, mother, daughter, sister, and colleague, the choices I make personally and professionally and the environmental footprint I leave”.

She has also sought to give back to communities around her whenever she can while also helping women realise their dreams, encouraged by the wise words of Indra Nooyi who said “breaking the glass ceiling will only come to pass when women help other women to undo barriers.

“I wholeheartedly believe in workplace equality and diversity. My vision for girls and women is not to be held back by limiting belief systems,” said Rutendo, who wishes to see more women rising to managerial and leadership positions across all industries. Even though 55% of employees in the insurance industry are women, their representation at the top is far less. It is also estimated that the country only has approximately eight resident qualified actuaries. In fact, there are more qualified actuaries outside of Zimbabwe who are paid up members of the Actuarial Society of Zimbabwe.

With women such as Rutendo at the top, my hope for the future is raised. She joins several other terrific women who are heading some of Zimbabwe’s large entities, amongst them my friends and colleagues Natalie Jabangwe at EcoCash, Angeline Vere at Telecel, and Sibongile Moyo at Nedbank. When the glass ceiling is broken, in whatever field, it is cause for celebration.

And so, today I celebrate Rutendo who didn’t cower at the prospect of taking up a career involving the complexities of analysing and modelling random variables using probability distribution functions. If anything, she felt it was an opportunity for her to prove her mettle. Through her endurance and rounded character rooted in values and beliefs inculcated in her from an early age, she is standing out today amongst those who defied the odds.