NIC scoops insurance superbrand

Jul 19, 2013

National Insurance Corporation (NIC) has a 49-year experience in the Ugandan market and was licensed under the Insurance Act 1996 to transact all classes of businesses

By Isaac Baligema
National Insurance Corporation (NIC) has a 49-year experience in the Ugandan market and was licensed under the Insurance Act 1996 to transact all classes of businesses. Over the years, the company has maintained its competitive edge through product customization to suit clients’ unique needs and pockets and its innovation has made it the leading regional insurance company.“We are the market leader when it comes to classes of products and services, which include life products and non-life products,” says Angella Ajiko, the company’s corporate communications officer.

Products

NIC’s life products include group credit/micro finance credit, whole life assurance and endowment assurance, term assurance, mortgage protection and children’s endowment assurance/school fees insurance. Other products are death in service benefit, personal pension and annuity plan, varsity sure, employees insurance plan and teachers insurance savings plan, among others.

The non-life products include group personal accident, workers compensation, contractors all risks, marine and aviation, motor insurance, computer and electronic Equipment, among others. NIC is by far the widely networked insurance company in the country with at least 17 branches, 47 outlets and 10 area offices, bringing together 54 channels that reach out to all Ugandans both in urban and the majority upcountry.


“We have maintained our reputation over the years as the first choice for organisation, institutions, government and parastatals, non-government organisations, manufacturing companies, constructions companies and individuals,” says Bayo Folayan, the company’s managing director. Ajiko explains that NIC is the pioneer in bringing insurance services to majority uninsured communities in Uganda and the entire East African region, especially those upcountry.

The brand registered sh7,826,984, 000 in 2012 as annual turnover with a balance sheet size of over sh82bn and shareholders fund in excess of Sh26bn. “NIC has continued to give good value to shareholders, making the company the investor’s choice because of its rapid and steady growth,” Ajiko explains. The company has directly and indirectly created over 3,000 employment opportunities and it is investing in the future.


Other works
With an asset base of sh82b, NIC is easily the pace setter in innovation and customer services and hence the company has become a household name and number one choice for individuals and organisations. The company was the first to launch a school fees insurance product, targeting all parents and guardians of all school going age.

In 2010, NIC became the first Ugandan insurance company to be listed on the Uganda Security Exchange after a successful initial public offer. NIC continues to hold the industry record for the largest single claim payment in the Uganda Insurance Industry. In 2007, NIC completed the payment of total sh13b in settlements of claims arising from the loss of the crashed M1-172 presidential helicopter and as a compensation to the beneficiaries of the deceased crew and passengers in the helicopter.

In 2010, NIC paid over sh8.2 b in compensation of the Uganda Police helicopter and followed up with the payment of sh10b to Makerere University in respect of the Makerere University Deposit Administration Plan scheme. Backed by strong reinsurance partners and the shareholding interest of West Africa’s biggest underwriter in oil and gas insurance, NIC’s capacity to underwrite big risks is undisputed in the Uganda insurance sector.


Corporate social responsibility

Netball is part of the NIC corporate social responsibility in which the netball team promotes the values of NIC to get closer to people. As a contribution through netball, NICL promotes the girl child by identifying talents from schools and grooming them to greater heights. Through the team, they learn to work as a team to associate and develop good leadership skills. The team has won the Netball National Rally Cup competition for the past 17 years and, in 2013, won it for keeps. The team is also the current champion of the East African Netball Club championship. NIC is the official insurer of the Uganda Cranes, the country’s National football team. They provide both funding and insurance coverage for the Cranes during the team’s matches.
 

Click here for advert..

(adsbygoogle = window.adsbygoogle || []).push({});