Maravi

ZISC aims to stay atop in insurance business

ZISC aims to stay atop in insurance business
By Justin Katilungu in Kabwe
Wed 18 Nov. 2009, 04:00 CAT

ZAMBIA State Insurance Corporation (ZISC) managing director for general insurance Gilbert Sikazhwe has said the corporation will endeavour to be a market leader in the insurance industry.

During a Golf tournament reception held at Kabwe Golf Club, Sikazhwe said the re-branding of the corporation into ZISC Limited as the holding company, ZISC Life Limited and ZISC General Insurance Limited as subsidiaries was vital for future business of the group.

In conformity with the amended insurance Act No. 26 of 2005 which made it illegal for any insurance company to transact both life and non-life business, the corporation has been split into a group of companies.

"The birth of these companies encompasses the vision the company has had for many years that of growth and diversification which has led to this phenomenal re-branding exercise," he said.

Sikazhwe said for 40 years, ZISC had stood its undoubted status as Zambia's premier composite insurance company providing all types of insurance for life, general and administration of pension funds.

"We shall therefore endeavour to be market leaders in the insurance business. The strategic focus for the two subsidiary firms in the next three years will be to provide adequate insurance for the rapid growing sectors of the economy," he said.

Sikazhwe singled out the sectors with mega-risks as mining, agriculture, tourism, manufacturing and construction.

In anticipation of the growth, Sikazhwe said the corporation had created higher and broader underwriting capacities internally and externally in conjunction with its reinsurance partners.

He said ZISC would always continue to enhance its products and product delivery to its clients.

Sikazhwe stressed that in its quest to enhance effectiveness and efficiency, the company would continue to tailor products aimed at catering for every unique insurance need in the country.

For Kabwe, he said the corporation had products on offer - according clients a one-stop shop for their various needs such as the farm pack, which provided major types of risks that a farmer needed to protect their assets and human capital.

"ZISC will continue to stretch its presence so that we get a clear understanding of problems that our clients are facing and adequately communicate on the changes taking place in our environment," he said.
With one renewal and one premium, administration costs are reduced enabling ZISC to give out discounted rates depending on the number of sections selected.

Sikazhwe commended royal clients for supporting the insurance company and assured them of improved customer service and product delivery.

Labels: INSURANCE, PARASTATALS, ZISC

posted by MrK @ 4:41 PM