NICO Life values contributions from its agents in the growth of individual insurance policies; Continues to award best preforming agents

In honouring the annual awards it bestows on nationwide individual insurance policy agents, NICO Life says it places great value on their contributions to the company’s business growth, saying the rewards represent NICO Life’s appreciation and celebration of the achievements made.

This was said by NICO Life Chief Executive Officer, Eric Chapola on Tuesday at NICO House in Blantyre when he presented 14 awards — four each for Mzuzu, Blantyre and Lilongwe and two national awards — who performed exceptionally strong in the 2021 financial year.

Chapola poses with the awardees

The individual awards are highest annual premium income; highest numbers in general premium and policies; highest numbers in Tilinanu funeral plan and the best new agent — that goes together with it a certificate and K150,000 cash reward.

The national platinum award is for the Best Agent of the Year (Ison Mwandira) and Best Team Leader of the Year (Emily Gondwe) going away with K450,000 each.

Chapola said the agents contribute towards the individual insurance policies, which accords about 12% of its business in Savings Protection Plan; Child Saver (for tertiary education); Cash Plus and Festival Advance Plan.

These are complemented by corporate products that include group pension schemes; managed funds and annuities and group risk cover benefits such as life assurance; credit life; mortgage and group funeral cover.

Platinum winner of Best Agent of the Year Ison Mwandira

He said through the agents, the public has now been encouraged to participate in individual insurance covers as they inculcate the culture of saving for a rainy day.

He encouraged the agents to continue working hard to meet their budget targets that include some innovations the company has lined up in the quest to provide the best insurance services in the country.

“Just last week, we launched a new product named Kumudzi Diaspora Funeral Plan, which was initiated to enhance NICO Life as a leading life insurance company in Malawi and expect some more innovations during the year.

“We have reached this far because of your invaluable contributions to the growth of the business through inspiring the public to join our services.

“The year 2021 was full challenges and I need not remind you of what CoVID-19 pandemic rendered to the economy of this country which also affected your operations, but I must say NICO Life has been resilient throughout the period.

“Our profits of 2021 were neck to neck with the previous year’s performance showing we all have been resilient to that very challenging period.”

He applauded the public that they are now appreciating and valuing the importance of life insurance and for trusting in NICO Life through the agents, whom he encouraged to take their efforts to an extra mile.

Chapola pledged that NICO Life will continue to award the best performers to encourage competition that at the end of the day will inspire the public to trust in life insurance savings.

A representative of the awardees applauded NICO Life for sustaining the rewards, which he said inspires them to work hard and meet their budget targets — saying the reward is not just from the awards but in their own daily business endeavours.

“We don’t take these awards for granted and we promise that we will strive to take that extra mile to provide the best services to our customers, who trust NICO Life’s products and policies,” he said.

Human Resources Manager, Lawrence Kaulembe said the awards accord the agents to get motivated and in honouring them, NICO Life is stimulating other agents to aspire for their own recognition.

“This brings healthy competition amongst the agents in order to best serve their clients,” he said. “The year 2021 was tough for our sales team but the outstanding performances attests that NICO Life strives to be resilient.

“We urge you to continue adding value to the company as there is still more room to improve from. We have a tough budget for 2022 and we expect more hard work from you.”

NICO Life is a subsidiary of Malawi’s largest financial services institution, NICO Group, which commemorated its 50 years of existence and operations last year.

The NICO Group’s strong presence in the country is through financial services that range from life & general insurance, pension administration, banking, asset & capital management; infrastructure development & property management; hospitality, technology — while enjoying some remarkable business footprints outside the country.

NICO Group has been providing diverse financial solutions since 1971 and was the first to list on the Malawi Stock Exchange through NICO Holdings Plc, followed by NBS Bank Plc and Icon Properties.

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