Agents told to exploit opportunities in insurance industry!

Insurance agents have been advised to exploit the growing insurance industry in the country to improve their service delivery.

Chief Executive Officer, NIKO Insurance (Tanzania) Limited Manasseh Kawoloka, made the remarks recently in Da res Salaam at a workshop for insurance agents.

Chief Executive Officer, NIKO Insurance (Tanzania) Limited Manasseh Kawoloka

“We would like to invite each one engaged in insurance sector to join NIKO insurance in efforts to make a difference in this market because we can build a platform to service our insurance clients better,” he said, stating, “

The company will continue supporting all other companies engaged in insurance to serve our clients better,” he said.

He quoted the Tanzania Insurance Regulatory report of December 2011, as indicating that in 2011 there were 26 registered insurance companies, 89 insurance brokers and 572 insurance agents.

“This calls for each of us to do better in order to keep the existing customers and attract more customers.” he noted.

He said the insurance industry is now experiencing a new wave of aggressive marketing.

He said although the insurance market in Tanzania continues growing at an average rate of 20 percent it contributes below 1 percent to the National GDP.

“It is however expecting that market will continue growing in the years to come because the prevailing National Economic Growth Indicators show that Tanzanian’s economy was growing.

“As agents we need to ensure that we comply with all the laws which govern our business and we just have to play by the rules,” he said.

Highlighting on NIKO achievements, he said NIKO was planning to launch new products towards the end of this year. 

The company is now undergoing recapitalization process to reach the market of USD 3 million paid up capital by mid-2013 and this will boost the capacity of the company to underwrite major risks without problems and also improve service delivery.

Elaborating on mobile technology, he said according to World Bank Reports, Tanzania is one of the best countries when it comes to use of mobile technology.

“It is high time we start thinking of using this technology to boost our business,” he said.

ENDS.