The Industrial Development Corporation (IDC) has inaugurated the new Board of Directors for ZSIC Life Plc, its wholly owned life assurance company.
IDC CEO Mr Cornwell Muleya said the decision to bring in new leadership was part of IDC’s broader strategy to enhance performance in its group of companies, with a specific focus on governance reform.
Mr. Muleya was confident that under the new Board, ZSIC Life would realize its vision of becoming Zambia’s preferred provider of high-quality life assurance, pension, and fund management services.
He advised the company to navigate the industry changes brought by the new Insurance Act No. 38 of 2021, which mandates insurance companies to meet a capital adequacy of 150% by 2025. He was confident in ZSIC Life’s ability to meet this requirement within the set time frame.
Mr. Kennedy Siamuwele, the Acting Managing Director of ZSIC Life, reflected on the company’s journey over the last five years, highlighting the various measures the company had undertaken to transform itself, such as improving claims settlement, product development, prudent investments, and digitalization.
And the newly appointed Board Chairperson, Mr. Maurice Mulomba said he was committed to providing leadership alongside the rest of the Board. He stressed the importance of motivating management and staff to follow a well-structured strategic path to distinguish ZSIC Life in the market and reach untapped segments.
Mr. Mulomba applauded the remarkable 32% growth in the company’s Gross Written Premium from K164.95 million in 2021 to K218.49 million in 2022 and pledged the board’s support in achieving further growth.