NIC outlines strategies to scale-up insurance services

05Jul 2019
The Guardian Reporter
The Guardian
NIC outlines strategies to scale-up insurance services

THE National Insurance Corporation of Tanzania (NIC) has unveiled priorities and outlined strategies to scale up insurance services in the country.

The move is also meant to complement the government’s efforts of transforming Tanzania as a middle income nation through industrialization by 2025.

In an interview with ‘The Guardian’ at the ongoing 43rd International Trade Fair (DITF) in Dare s Salaam yesterday, NIC Director of Marketing and Customer Services, Elisante Maleko said: “As a long serving company in the country’s insurance industry, we’re focusing more on our strengths in corporate, commercial and select retail markets, where we are very well positioned to capture business opportunities.”

He added: “Our strategy seeks to better capitalize on our ability as a national and composite insurer to meet customers’ needs.”

Maleko revealed that the state-owned insurance firm intends to expand its scope of operation from urban to rural setting, from big businesses to small businesses.

He said that NIC want to explore every opportunity at its disposal, so that at the end of the day the state-owned insurer do the best and give annual dividend to the government on time.

“We’ve the reason to realize that as we have a great team with us, highly experienced and dedicated professionals whom I believe will be the core of our success.”

The insurance firm is also determined to improve claims processing system and pay claimants within shortest period of time of reporting a claim.

According to Maleko, NIC is determined to provide competitive services across the country, though the priority will be in the newly established regions, which have many economic activities such as Njombe, Simiyu and Katavi regions.

“As NIC, we’re heading to the industrial economy. We’re struggling to ensure that insurance services are available in every industry, which is being established. We’ve enough skilled human resource in the insurance sub-sector,” he noted.

He also said that NIC management is working around the clock to transform lives of farmers in the country by ensuring that they are covered with insurance package.

“We want to make sure farmers are covered with insurance so that they can be free from disasters such as drought, floods and others.”

“Farmers are a forgotten group in the society when it comes to insurance cover despite the fact that they contribute heavily to the country’s socio-economic development. It is a key sector that employs more than 75 percent of the country’s population.

He also noted that the state-run insurance company is planning to come up with micro-insurance for motorcyclist popularly known as ‘bodaboda’, petty-traders popularly known as ‘Machingas’.

“We’re also planning to ensure insurance services are available from village to the district level through insurance agents, who are almost in every corner of the country, said Maleko.

“We also intend to scale up education through different media platforms such as mobile phones and other social-media outlets on insurance so that people become aware of the service and remove their negative perception that insurance are for the well-to-do people.”

It is estimated that 40 percent of Tanzanian population owns and use mobile phones, something which make our education reach as many people as possible, he said.

“We want to see every Tanzanian in rural and urban area is covered with better insurance services.”

He said NIC has managed to come up with different insurance products to customers. “This was only possible because of satisfying people’s needs as well as paying on time.”

On industrialization agenda, Maleko said that his firm has been offering insurance services to all giant projects such as Standard Gauge Railway (SGR), Stiegler's Gorge hydroelectric project, expansion of the Dar es Salaam Port and construction of roads and bridges across the country. Others include revamping of Air Tanzania Company Limited (ATCL) and gas projects.

On the use of ICT, Maleko said that NIC has managed to install customers’ information on its database and can be easily accessed through mobile phones.

Maleko advised Tanzanians to use insurance services offered by NIC—a public entity, determined to develop and deliver superior specialty insurance products that are correctly priced to meet clients’ needs.

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