One of the country’s life assurance companies, Nico Life, on Friday signed a memorandum of understanding (MoU) with the Malawi Post Corporation (MPC) which will see Nico customers paying insurance premiums at various post offices across the country.
Nico Life Chief Executive Officer, Eric Chapola, said the agreement would ease payment of premiums for his firm’s customers.
“We are very happy to have entered into this partnership with Malawi Post Corporation. It will help our customers not to travel long distances when they want to pay insurance premiums.
“As you are aware, post offices are in all the districts of the country and this means that all those wishing to pay premiums will just have to visit the nearest post office,” Chapola said.
He said Nico intends to start selling insurance policies via the post office.
The partnership between Nico Life and MPC comes at a time insurance penetration in the country remains minimal at 1.4 percent.
Through the initiative, MPC will be earning a commission for handling Nico Life customers.
Post Master General, Henry Shamu, said the partnership would help boost business for post offices.
Shamu said MPC members of staff have been equipped with the relevant skills to effectively handle Nico Life customers.