NICO Record Gross Revenue of K100 million during first half of 2017
NICO Insurance Zambia Limited has recorded a gross revenue of K100
million in the first half of this year against a target of K110
million.
And over 1,000 individual customers and 53 corporate companies failed
to renew their policies with the Insurance Company due to their bad
credit record.
NICO Insurance chief executive officer Geoffrey Chirwa said the
company recorded a K100 million as at June 2017, compared to K97
million which was recorded over the same period in 2016.
“NICO Insurance recorded a gross revenue of K100 million during the
first half of 2017 compared to a K97 million which was recorded over
the same period last year.
“Our target was to raise a K110 by June 30 this year,” Mr Chirwa said.
Mr Chirwa explained that NICO Insurance recorded a minimal increase
because the company had come up with a scheme where it was not
renewing policies for customers bad credit record in terms of payment
of premiums.
“Now you realise that for us we have come up with a commitment to the
market where we would like to pay all dully completed claims within a
period of seven days and we have started this for individual
customers.
“So what we are saying is that we cannot effectively implement this if
customers are lagging behind,” he said.
Mr Chirwa said the company had come up with a robust debt management
system where it was screening customers both existing and those coming
on board for the first time.
He said this was so because if customers lagged behind in terms of
payments, it would affect the company’s ability to pay their claims on
time.
Mr Chirwa said the company was targeting to raise revenue in access of
K250 million by the end of 2017.
This is in comparison to K234 million which was raised over the same
period in 2016.
Mr Chirwa said the company’s decision not to renew bad debtor’s
policies had affected 1,000 individuals and 53 small to medium
enterprises.
“For individual customers... we are talking about over a 1,000 that
have been affected. Our appeal to the public is to help us in ensuring
that when they buy policy, they should pay for it immediately.
“And ask for a commitment endorsement from NICO Insurance where they
will sign up to commit to the company to pay claims within seven
days provided they paid premiums upfront,” he said.
Mr Chirwa also said that the company was expected to raise K3
million from its newly launched “Legal Expenses Plan” product in
the first year.
million in the first half of this year against a target of K110
million.
And over 1,000 individual customers and 53 corporate companies failed
to renew their policies with the Insurance Company due to their bad
credit record.
NICO Insurance chief executive officer Geoffrey Chirwa said the
company recorded a K100 million as at June 2017, compared to K97
million which was recorded over the same period in 2016.
“NICO Insurance recorded a gross revenue of K100 million during the
first half of 2017 compared to a K97 million which was recorded over
the same period last year.
“Our target was to raise a K110 by June 30 this year,” Mr Chirwa said.
Mr Chirwa explained that NICO Insurance recorded a minimal increase
because the company had come up with a scheme where it was not
renewing policies for customers bad credit record in terms of payment
of premiums.
“Now you realise that for us we have come up with a commitment to the
market where we would like to pay all dully completed claims within a
period of seven days and we have started this for individual
customers.
“So what we are saying is that we cannot effectively implement this if
customers are lagging behind,” he said.
Mr Chirwa said the company had come up with a robust debt management
system where it was screening customers both existing and those coming
on board for the first time.
He said this was so because if customers lagged behind in terms of
payments, it would affect the company’s ability to pay their claims on
time.
Mr Chirwa said the company was targeting to raise revenue in access of
K250 million by the end of 2017.
This is in comparison to K234 million which was raised over the same
period in 2016.
Mr Chirwa said the company’s decision not to renew bad debtor’s
policies had affected 1,000 individuals and 53 small to medium
enterprises.
“For individual customers... we are talking about over a 1,000 that
have been affected. Our appeal to the public is to help us in ensuring
that when they buy policy, they should pay for it immediately.
“And ask for a commitment endorsement from NICO Insurance where they
will sign up to commit to the company to pay claims within seven
days provided they paid premiums upfront,” he said.
Mr Chirwa also said that the company was expected to raise K3
million from its newly launched “Legal Expenses Plan” product in
the first year.