KABANDA CHULU, Lusaka
AFRICAN Life Assurance, which has paid over K300 million in claims since 2002, has now rebranded to Sanlam Life Insurance Company, with a commitment to improve service delivery of its products.
Sanlam, the South African-based financial services group, owns a 70 percent stake in African Life Assurance through the Sanlam Emerging Markets (SEM).
Answering questions from journalists after the rebranding of the company recently, SEM chief executive officer Heinie Werth said Zambia is an attractive market because of the countryâ€™s economic growth prospects, and its important place in the southern African region.
â€œSanlam has the expertise and experience to add value to the life insurance business in the country. We offer our partners world-class products and services that create sustainable value for our clients,â€ he said.
Earlier, Sanlam Life Insurance Zambia chief executive officer Simachila Makwembo said rebranding of African Life Assurance to Sanlam Life Insurance will contribute to stronger business performance for the company and offer Zambians access to a range of innovative products.
â€œIt will also provide customers with greater access to meet their life insurance needs. We look forward to use this opportunity to strengthen our relationship with clients and business partners to further entrench the Sanlam way of doing business to a wider range of clients.â€
â€œWe have a market share of 35 percent by revenue in life insurance, but we view it as customer endorsement, and this is what we will continue to build on and create value to our clients,â€ he said.
And Sanlam Life Insurance Zambia chairperson Michael Mundashi said rebranding is a renewed commitment to improving lives of customers and the community in which the company operates.
â€œWe have written over 300,000 policies covering one million people and we have paid K326 million since inception in 2002,â€ he said.
Officiating at the function, Deputy Minister of Commerce, Trade and Industry Raymond Mpundu said payments of claims does not only compensate loss of goods but also complement Governmentâ€™s efforts in alleviating poverty.
KABANDA CHULU, Lusaka