Maravi

ZSIC leans towards agriculture as it repositions its business

ZSIC leans towards agriculture as it repositions its business
By Charles Mangwato
Mon 21 June 2010, 04:01 CAT

ZAMBIA State Insurance Corporation (ZSIC) Group of companies says it will position itself strategically so that it is not only an insurance company but a partner of all sectors in economic development.

ZSIC Group managing director Irene Muyenga said the company would particularly support the agriculture sector because of its crucial role in economic growth. Muyenga was speaking in Choma on Saturday at a cocktail party hosted for the farming community in the district.

She said as part of the strategic focus, the company would in the next five years provide adequate insurance for the rapidly developing sectors of the economy, especially agriculture.

Muyenga said agriculture had been a very strategic area of business and ZSIC would provide insurance products that would meet specific insurance demands of the farming community at competitive rates.

She said the company’s priority was prompt payment of claims within the stipulated time once a claim was lodged with ZSIC.

“I am aware that sometimes we may take long to make payments, but I would like to positively assure you that your business with us is soundly safe and we shall definitely be able to pay you,” she said.

Muyenga said ZSIC Group’s asset base could not be compared to any other insurance company in the country.

She further claimed that ZSIC Group was probably the only insurance company that returned most of its re-insurance premium back into the country for local investments.

“This should tell you that we are there to safeguard your assets and we shall continue doing that in many years to come,” she said.

Muyenga added that ZSIC Group continued to command respect, not only within the country, but also abroad.

She thanked the farming community in Choma for their continued support to the company as evidenced through the increased volume of business.

And ZSIC says it will establish a microfinancing institution that would provide financial assistance to Zambians at affordable borrowing rates.

Muyenga said the new institution would provide microfinance at reasonable interest rates as compared to other institutions that were currently exploiting Zambians.

She said this situation would inevitably force other commercial banks and microfinance institutions to review their interest rates in favour of the Zambian people.

Muyenga said this would be good for the Zambian economic landscape because people would borrow money for investment at reasonable interest rates.

She said ZSIC was better placed to manage microfinance since the company had been funding institutions that are involved in similar business.

“Then we decided that she should short-cut the process and just deal with the public directly by providing finances at reduced rates,” she said. “This will force other banks and lending institutions to reduce their interests.”

Muyenga said ZSIC was also working out products to meet the needs of the growing informal sector.

She said the company intended to establish a personal pension scheme for people who were self-employed for them to save money for their future needs.

Muyenga said the company plans to collaborate with the Zambia National Marketeers Association (ZANAMA), Bus Drivers Association and the Cross Border Traders Association in the implementation of the envisaged scheme.

“We understand that for us to succeed in our business, strategic interaction and engagement with our clientele is of crucial importance as we package our products,” she said.

Muyenga said ZSIC had been restructured to achieve growth and diversification in its streamlined operations which had become more efficient and effective in service delivery.

Labels: AGRICULTURE, INSURANCE, IRENE MUYENGA, ZSIC

posted by MrK @ 5:54 AM