ZSIC Life Repositions

ZSIC Life Limited unveiled and added two products to their bouquet at Lusaka’s Intercontinental Hotel on Thursday 26th April 2018. The colourful event was graced by the Northern Province Minister Honourable Brian Mumdubile, Ministry of Finance Permanent Secretary Budget Control Dr Pamu, Permanent Secretary Economic Management and Finance Mr Mukuli Chikuba,  IDC Chief Portfoli Officer Mr Henry Sakala, PIA Acting Deputy Registrar Namakau Ntini and other high ranking officials from both the private and public institutions.

Speaking during the launch, Dr Pamu said that Government envisages  that  with the accelerated public sensitization on the needs and essence of insurance cover by customers, Zambia will ensure it attains the envision middle income status by 2030 that will have deepened the financial inclusion of the majority 16 million populace, with a call for more products.

“We  would like to see more of the products on the market being rolled out that will address the needs and challenges of the people of Zambia….we would like to see the sector making available products which are affordable, easily accessible especially in terms of claims settlement.

Dr. Pamu reiterated Government’s unflinching desire for all parastatals to remain self sustaining unlike relying on subsidies from the central Government hinting that all players are expected to be innovative and remain abreast with the demands of the market.

Meanwhile ZSIC Life Managing Director Christabel Banda said that 2018 was a special year for her institution as it marked 50 years of existence. She said that the Company recently implement a three year Strategic Plan which will run from 1st  January 2018 to 31st December 2020. The celebration marks what she termed as the REBIRTH OF ZSIC LIFE on the Zambian market which will result in the repositioning on the business on the Zambian market with a renewed focus on customer needs, enhanced productivity, embracing IT trends to cope with modern business practice and evolution of the corporate culture. She further stated that the Company had continued to make positive strides. “We are pleased to inform you that in the year 2017, ZSIC Life Limited posted a profit before tax of K14 million with a contribution of K5.2million to the treasury.”

ZSIC Life Board Chairperson, Dr. Ernest Beele stated that it was gratifying to see that the Strategies in the Strategic Business Plan had started bearing fruit as demonstrated in the submission of Financials in time as well as the launch of the Products within the planned first half of 2018. He further stated that the Company is poised to return its market share leadership position by 2020.

At the same event, Industrial Development Corporation IDC  Chief Portfolio Officer Mr Henry Sakala said he was delighted to attend the launch of the two revised products by the national insurance corporation  as it had the potential to enhance the  much needed revenue for the Company.

“I am further delighted given that barely two weeks ago, my office received Audited Financial Statements for ZSIC LIFE Company for the year ending 31st December 2017 which showed that the Company had registered a profit” Mr Sakala said.

And Pensions and Insurance Authority Manager Policy and Analysis, Mrs Namakau Ntini implored ZSIC LIFE Limited to ensure that the products being launched were easily accessible by the majority of the population. She further urged the Company to continue playing an active role in the national consumer sensitization activities so as to increase the number of insured in the Country.

The two products launched are the CHIKWAMA Savings Plan and the KWACHA PLUS Investment Plan. Chikwama Saving Plans is a pure savings product designed to provide an investment option for both the short and long term, while the Kwacha Plus Investment Plan offers an opportunity to have both investments and life cover in one policy.