News Room

NICO GENERAL PLEDGES TO REMAIN INNOVATIVE

Going by its slogan ‘The Natural Choice’. Nico General Insurance Company has assured its customers that it will remain innovative in its quest to provide better services. The short-term insurer’s chief executive officer (CEO) Donbell Mandala said this in Nchalo, Chikwawa on Saturday after hosting a golf tournament.

“We will improve our distribution channels, we will put mobile facilities that will improve our services. We command 36 percent share while the rest share the remainder.

That justifies our claim that we are the natural choice and market leaders. But we cannot relax. “Instead we will step up the drive [because] we still need to grow, “he said.

Mandala said they are developing policies that will enable their customers to access their products online. He also told the patrons that their clients buy motor policy, they will not pay excess in the first claim.

Nico General Insurance Company marketing manager Harry Mhone said they do not only provide solutions that are tailor-made to delight their customers.

One of the patrons, Misheck Esau, who also won the tournament, expressed satisfaction with the route Nico General is taking to improve its services, “but there is need for them and a leading insurer to reach out more to people on the importance of insurance.” 

Nico General Challenged on insurance penetration

Nico General has been challenged to penetrate its insurance services to remote areas with a view of allowing more Malawians to access insurance policies. CDH Investment Bank Chief Executive Officer, Misheck Esau, made the call in reaction to remarks by Nico General Marketing Manager, Harry Mhone, on the side-lines of a golf competition in Nchalo on Saturday. Mhone claimed Nico General is the market leader in the short-term insurance market as they command 36 percent market share. “We do not only provide insurance products and services but we provide solutions that are tailor-made to delight our customers. In regards to claim service, we commit to settling all claims within seven days after signing a discharge voucher as opposed to the 14 days required by the Reserve Bank of Malawi,” said Mhone. However, in response, Esau, said the rate of insurance penetration in the country is low as compared to the banking sector. Insurance penetration currently stands at three percent. “My plea to Nico General is that they should do more so that more Malawians access insurance. Insurance penetration in the country is still around three percent which is very low as compared to financial services at about 34 percent. “There is a lot that has to be done in the sector. You need to introduce more innovative products so that Malawians even in rural areas get to know more about insurance. The populous do not understand the importance to insure their property, lives and travels” he said. However, Nico General Chief Executive Officer, Donbell Mandala, said the company recently invested in technology to improve its penetration to remote areas. “If you talk about penetration, it is an issue of distribution channels. What we are looking at as Nico General is to improve our distribution channel so that we can get to the lowest end of the market. “Right now, we are moving into technology so that we are able to move without paying a big cost to the lowest end of the market. We are putting mobile facilities where we will allow people in the villages to access our facilities and we believe this will improve the penetration percentage,” he said.

NICO General hails Chapola

NICO General Insurance Company on Thursday bade farewell to outgoing Chief Executive Officer, Eric Chapola, at a colourful event held in Blantyre.

NICO General hailed Chapola, who was at the helm of the firm for 10 years, for turning fortunes of the company.

Speaking during the event, incoming Chief Executive Donbell Mandala, described Chapola as visionary leader who was committed to the growth of the company.

Mandala said he has learnt a lot from Chapola during the past four years they haved worked together.

Before his promotion, Mandala was Chief Operations Officer.

"He is a great mentor and a good friend," said Mandala.

In his address, Chapola who moves to NICO General's sister company , NICO Life as Chief Executive Officer, thanked the members of staff for the support given to him over the past 10 years he was in charge.

He urged the staff members to continue giving the support to Mandala for the continue giving the support to Mandala for the company to reach greater heights.

"I am confident that with the support from the staff as well as the board, Donbell will take the company to greater heights," said Chapola.

NICO General Insurance Company Limited was formed as a short-term insurance division of the National Insurance Company Limited(now NICO Holdings Limited), which was incorporated as a composite insurance company in 1970.

NICO General is the leading short-term insurer in Malawi with the largest market share.

EXECUTIVE MANAGEMENT APPOINTMENTS

We announce the following Executive Management appointments in our Group with effect from 1st April 2017. 

NICO General awards insurance brokers

NICO General Insurance Company Ltd held a special broker awards ceremony on 24 November 2016 to honor its top performing brokers in Malawi. The ceremony, which was held at Protea Ryalls Hotel in Blantyre, is also part of NICO’s annual broker engagement forums.

NICO registers 31% premium growth

NICO General Insurance Company has registered a premium income of MK6 billion for the past six months of the year, representing a 31 percent growth.

Shariff, Karuku shine in NICO General golf

Battle-hardened golfer Bashir Shariff and Connie Muguvu-Karuku’s sheer quality shone like flare on Saturday when they won the NICO General Invitational Golf Tournament at Nchalo Sports Club (NSC) in Chikwawa.

NICO General bids farewell to Mzuzu branch manager

NICO General Insurance Company Limited on Friday bade farewell to its Mzuzu branch manager Mathole Khumalo who is heading to Blantyre to take the position of assistant underwriting manager.

Taonga Sabola - The Daily Times

NICO General Insurance Company yesterday donated MK2.5 million towards the Insurance Institute of Malawi (IIM) Annual Conference slated for Mangochi from August 18 to 20, 2016.

Mphulla, Komakech triumph in NICO General golf

By Mabvuto Kambuwe - The Daily Times

National team golfer Kondwani Mphulla shone like a beacon when he won this year‘s NICO General golf tournament held at Kasasa Golf Club in Nkhotakota over the weekend.

 The Natural Choice
TOP