The Reserve Bank of Malawi (RBM) has hailed CIC Life Insurance Company for its innovations, which it says are boosting insurance uptake in the country.
RBM Deputy Governor Kisu Simwaka was speaking in Lilongwe when CIC Insurance launched four individual life business products.
The products are Tiwale, which provides support to education; Maziko, an investment plan; Mkuta, a funeral plan; and Sunga, a savings plan.
Simwaka said names of the products carried deep meanings and that they all spoke to the importance of life insurance.
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He urged CIC Life to live up to the meanings of the words through the services that will be offered to customers.
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According to Simwaka, in launching the products, CIC Life has reignited the enthusiasm that was brought about by the licensing of the company in 2015.
“Back then, there was great anticipation and it was our expectation that the licensing would bring about increased product range in the market and that it would foster competition and, more importantly, that it would increase customer choice.
“Unfortunately, the company had to downgrade to one class of insurance along the way. But, as it turned out, that was necessary to enable the company to assume risks in line with the company’s capacity so that it would be able to grow organically.
“It is pleasing to note that the company has finally found its footing, growing from strength to strength. I want to thank the board for the leadership that you have demonstrated in this process,” he said.
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CIC Life Board Chairperson Alinine Tembo said the company was committed to helping Malawians plan their lives properly.
On his part, CIC Africa Managing Director Zachary Wambugu said the four policies spoke directly to the needs of the people of Malawi.
He said the products would help in financial inclusion, in addition to helping people in their personal lives.
“We, at CIC, are in general insurance providing property insurance. We are also providing group life insurance. This is a group product. But when we met the people, they were asking, ‘Can you have products that can talk to us as individuals’?
“And that’s why we decided to come up with products that specifically can be bought by individuals and not groups. So through our innovation, through our product development team, we went to the market, did research and came up with these products,” Zachary Wambugu said.
