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NicozDiamond Insurance Company Profile 2017
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Contents
About us
Our competitive strengths & differentiators
Regional expansion drive
What we offer
NicozDiamond Directors
Key team members
Where to find us
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About usA tried and tested brand that promises you security, peace of mind and exceptional service - should you get cover with NicozDiamond.
NicozDiamond Insurance Limited (NDI) was born out of a merger of National Insurance Company of Zimbabwe (NICOZ) and Diamond Insurance Company on 1 January 2002, and subsequently listed on the Zimbabwe Stock Exchange (ZSE) the same year.
NicozDiamond’s brand is consistently one of the most recognised in Zimbabwe with six branches in Zimbabwe, regional operations in Uganda, Malawi, Zambia and Mozambique and Bancassurance arrangements with banks.
Corporate Governance issues are highly prioritised and there is fervent commitment to the principles of lucidity, integrity and responsibility.
Since 2006, NicozDiamond has subscribed to the Global Credit Rating Company of South Africa and has consistently enjoyed an A-rating for claims paying ability. It is one of the few short term insurance companies which are ISO certified by the Standards Association of Zimbabwe.
Since 2006, NicozDiamond has subscribed to the Global Credit Rating
Company of South Africa and has consistently
enjoyed an A-rating for claims paying ability.
It is one of the few short term insurance companies which are ISO certified by the Standards Association
of Zimbabwe.
Professionalism - To be trustworthy, competent, respectful, considerate and acting with integrity.
Accountability - Have authority, responsibility, ownership, and meet stakeholders expectations and transparency.
Teamwork - Have shared purpose to achieve common goals.
Innovation - Doing something differently, adding value and being cost effective, continuous improvement and new ideas.
Excellence - Being the best, have the art of mastering and should have superior quality.
To be a highly visible and preferred provider of innovative risk solutions in our chosen markets.
To provide superior risk solutions underpinned by a highly competent, innovative and dedicated team for the benefit of
all stakeholders.
Our Vision Our Mission
Our Values
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Our unique selling propositionProviding responsive risk solutions.
Our underwriting philosophyNicozDiamond is committed to provide relevant risk solutions through prudent underwriting.
This is achieved through the following:• A highly experienced and competent
underwriting team.• Analysis of risk exposure through risk
surveys.• Conservative ratio of exposure to
shareholders’ funds.• A balanced geographic spread of risks
and premiums.
Our claims philosophyNicozDiamond is committed to diligent management of claims.This is achieved through the following:
• Empathy and speedy settlement of claims.• Timely provision of responses and updates
to clients.• A highly experienced and competent
claims team.• Adherence to clearly defined and documented
service delivery standards.
Financials - Income figures$’000 2011 2012 2013 2014 2015
Gross premiums written 21,243 22,721 28,063 27,164 28,943
Net premiums written 13,407 12,638 16,746 16,368 18,378
Premiums earned 12,596 12,730 15,303 16,441 17,715
Claims incurred 7,032 6,337 7,423 7,605 9,423
Net commission paid 1,257 1,312 1,607 1,430 1,814
Total operating expenses 4,192 4,832 5,451 6,150 5,992
Underwriting profit/(loss) 115 249 822 1,255 486
Investment income 538 949 667 119 412
Profit before taxation 468 1,198 1,483 1,374 73
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Our competitive strengths & differentiators
• Good governance practices.• Strong and highly recognised brand.• Prompt claims payment.• Customer centric.• Par excellence service.• Large market share.• Huge balance sheet.• Highly skilled manpower.• Only listed short-term insurer.• A-rating for claims payment.• ISO certification.
NicozDiamond is committed to providing relevant risk solutions through prudent underwriting.
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United General Insurance Company Limited (UGI) is one of Malawi’s leading short term/general
insurance companies that has been operating in Malawi for over 40 years. UGI’S head office is located in Blantyre and has branch offices in Blantyre, Lilongwe and Mzuzu.
Bywell Blair ChiwoniManaging DirectorBywell Blair Chiwoni started his insurance career at ABC Associates Insurance Brokers in 1999 before moving on to United General Insurance Company Ltd
(UGI) in 2002.
Mr. Chiwoni has both local and international exposure, having worked for local insurance firms and three years in Tanzania as an insurance broker. He rejoined UGI as
the General Manager of Operations. He possess more than 15 years of uninterrupted insurance experience.
Mr. Chiwoni is a chartered insurer and an associate of the Chartered Insurance Institute (CII) of London, UK and has a Masters in Business Administration (MBA).
Contact address: Michiru HouseVictoria AvenueP O Box 383, Blantyre
Contact numbers: +265 1 821 770
Email address: [email protected]
Website address: www.ugimalawi.com
Regional expansion driveNDI currently has a presence in four African countries namely Zimbabwe, Malawi, Zambia and Mozambique. One key motivating factor for regional expansion which remains relevant to this day is the need to diversify away from Zimbabwe’s country risk. NDI has taken a portfolio approach regarding its regional investments.
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Diamond Companhia de Seguros (DSM), SA is a Mozambican Company which was established in February
2014 and specialises in non-life insurance.
Ana Gunde – DSM Chief Executive Officer; AIISAAna is a young and dynamic insurance practitioner with over 10 years of experience in the Mozambican
market. She is an Associate in Insurance and currently pursuing Fellowship with the Insurance Institute of South Africa.
Contact address: Diamond SegurosNo. 382 Kenneth Kaunda AvenueP O Box 8244, Maputo
Contact numbers: +258 21 484932-21/484955/494885
Email address: [email protected]
Website address: www.diamondseguros.co.mz
Regional expansion drive
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Regional expansion drive
Diamond General Insurance
Company Limited (DGI) is a privately owned short term insurance company incorporated in the Republic of Zambia on the 25th of October 2001. The head office is in Lusaka with branches in Kitwe, Ndola, Livingstone, Chingola and two branches in Lusaka.
Contact Address: Stand No. 35184Base Park Alick Nkhata RoadP O Box 37041, Lusaka
Contact Numbers: +260 211 253739 /253723 /253740
Telefax: +260 211 253775
Email address: [email protected]
Website address: www.diamond.co.zm
Edna Kalenga – DGI Chief Executive Officer MBA (EBS), BA in Public Admin (University of Zambia), ACII
Edna is a seasonal insurer with over 20 years of work experience
in the industry. She holds a Master of Business Administration with Herriot-Watt University, and a Bachelor of Arts Degree in Public Administration with the University of Zambia as well as an Advanced Diploma in Insurance.
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NicozDiamond products & product packages
Motor vehicle insurance Covers third party, fire & theft and comprehensive:
• Third party – covers the motorist’s liability to others for damage to vehicles and/or other property, death and injury to third parties.
• Third party fire & theft – covers insured vehicle for damage due to fire or theft plus the benefits for third party.
• Comprehensive – most extensive form of insurance which, in addition to providing the cover listed above, provides accidental damage cover to your vehicles.
Home plan insurance Covers house owners section and house holders section
• House owners section – covers private dwellings, outbuildings, walls, fences and gates for the cost of re-building following
damage caused by fire, lightning, explosion, storm, flood, earthquake, theft and accidental damage to fittings and fixtures. Cover extends to the cost of rentals in similar accommodation for a specified period.
• House holders section - covers all movable contents of the home for replacement value less depreciation. Perils are the same as above and extends to include theft from washing line, deterioration of foodstuff, property of guests and domestic workers or injuries caused to other persons by domestic pets e.g. dog bites.
Personal accident insurance Covers the insured person in case of death or bodily injury caused by accidental violent and visible means. Cover extends to include permanent disability, temporary disability and medical expenses.
Golfer’s plan insurance A policy designed to cover risks associated with golfing for both amateurs and professionals alike.
Travel insuranceCovers traveling emergencies such as; emergency medical expenses, journey cancellations and loss of luggage.
What we offer
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Commercial insuranceThis policy caters for the varying needs of Corporate-type businesses. Underwritten on an asset based policy wording incorporating buildings, office contents, stock in trade etc. against fire, consequential loss and most types of crime, such as burglary and theft of money and accidental damage types of risks. The broader classes listed below are further split into numerous insurance products providing cover against most insurable risks. As the scope of insurance is so broad, those covers
which have broad similarities are grouped together.
Marine & aviation insurance Covers damage to hull and liability to passengers carried therein and loss or damage to cargo.
Mining insuranceIn addition to covers provided under the other sections for damage to assets, the company offers environmental impairment insurance to cater for liabilities arising from mining activities.
Engineering insurance Covers machinery breakdown and resultant deterioration of stock, plant and erection all risks, contractors all risks and resultant liabilities.
Farming insurance Covers the crops against hail, wind storm and farm equipment.
Christiansure insurance package A unique scheme for Churches and their congregants where the church benefits 10% of the premiums paid.
Staffsure insurance package A packaged product offering for staff with premiums being paid through a stop order deduction facility.
Edusure insurance package A product package designed for educational institutions – schools, colleges, universities.
SMEs product package Special insurance plans for the informal sector.
Hotelliers product package A unique package designed to offer all - around protection to hoteliers in their day-to-day operations.
Chengeto product package A product package designed for high density residential areas.
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NicozDiamond directorsBoard ChairmanActing Chairperson Managing Director
James KaridzaThembiwe Chikosi-MazingiGrace Muradzikwa
Thembiwe Chikosi-Mazingi – Board Vice ChairpersonBL (UZ), LLB (UZ), MBA (UZ).Thembiwe holds a Masters in Business Administration (MBA), Bachelor of Laws and Bachelor of Law degrees from the University of Zimbabwe and Advanced Corporate Law and Securities Law, Advanced Programme in Value-Added
Tax and Post-graduate Certificate in Advanced Taxation (UNISA) among other qualifications. Thembiwe is registered as a legal Practitioner of the High Court of Zimbabwe.
Grace Muradzikwa – Managing DirectorBachelor of Administration (University of Zimbabwe), MBA (UZ), AIISA, FIISA.Grace holds a Masters in Business Administration and Bachelor of Administration degree from the University of Zimbabwe. In addition, she is an Associate of the Insurance
Institute of South Africa (AIISA) and Fellow of the Insurance Institute of South Africa. She is an Insurance Practitioner with over two decades of insurance experience spanning all facets of Short-term and Reinsurance.
James Karidza – Board ChairmanBAcc (UZ), CA.James joined the Board in 2005 and has been the chairman of the Investments Committee as well as served on the Audit and Risk Management Committee and
ICT Committee. James is a qualified Chartered Accountant and a holder of a Bachelor of Accountancy degree from the University of Zimbabwe.
He did his articles of clerkship with KPMG. He has served as the Chief Finance Officer for Cimas Medical Aid Society, Group Finance Director for Migdale Holdings (Private) Limited and Group Finance Director for SMM Holdings (Private) Limited. James has been on a number of Boards of Zimbabwean and foreign companies including manufacturing, banking, mining and services operations where he chaired various board committees.
Directors
Non-Executive Directors
Mr Cron van Seidel Daphine TomanaBruce CampbellRachel KuparaKiritkumar NaikNester Mukwewa
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Daphine Tomana – Director LLB (Hons)Mrs Daphine Tomana holds a Bachelor of Laws (Honours) degree from the University of Zimbabwe. Daphine is a registered Legal Advisor, Legal Practitioner and Corporate Secretary.
She has more than 18 years experience as a Legal Practitioner, Bank Examiner and Corporate Legal Services and is currently the Company Secretary of Zimbabwe Newspapers (1980). She is a Non - Executive Board Member for Agribank and Deputy Chairperson of NSSA.
Mr Cron van Seidel - DirectorBAcc. (University of Exeter - UK).Mr Cron van Seidel is a Chartered Accountant (ICAEW) with a Bachelors Degree in Business Science from Capetown University. He has vast experience in fund management acquired over 24
years. He currently sits on the Zimre Holdings and Dairiboard Boards.
Bruce Campbell – Non-Executive DirectorMBL (UNISA), Bachelor of Arts (NU) FIISA.Bruce Campbell is a qualified and seasoned insurer who is a Fellow of the Chartered Insurance Institute of London and also holds an Associateship from the same institute.
He holds a Master of Business Leadership from UNISA and has a Bachelor of Arts Degree from Natal University.
Rachel Kupara – Non-Executive DirectorB.Acc (Hons), CA (Z) MBA.Rachel Pfungwa Kupara is a Chartered Accountant (Zimbabwe) who holds a Masters in Business Administration (MBA) from the University of Bradford, England and has vast experience in insurance.
Kiritkumar Naik – Non Executive DirectorAdvanced Diploma - Mechanical Engineering technician City & Guilds Institute, LondonMr Kiritkumar Naik is the Managing Director of Rank Zimbabwe. He currently serves on the Boards of TSL Zimbabwe, Dulux Zimbabwe and is the current
President of the Hindoo Society. He has previously served on the Boards of Turnall Holdings, William Bain and Co., ZNCC, Steelnet, Art Corporation, Capitol Insurance and Trinidad Industries.
Nester Mukwewa – Non Executive DirectorMaster in Policy Studies, BSc Honors Social Science and AdministrationMrs. Nester Mukwewa is currently the Human Resources Director of Hunyani Paper and Packaging since 2008. She is also a Board
member of NSSA, Chairman of the National Employment Council for the Printing and Packaging Industry, Independent Arbitrator of the Ministry of Public Service and Social Service, Chairperson of Emcoz Labour committee and UZ Council member. She is a highly experienced human capital specialist and holds a Master in Policy Studies and a BSc Honors Social Science and Administration well as various HR diplomas.
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Gloria Zvaravanhu – General Manager Corporate ServicesMBL (UNISA), B.Acc (RU), CA (SA), CA (Z).Gloria is a qualified Chartered Accountant and is also a holder of a Master’s in Business Leadership from UNISA and a Bachelor in Accountancy from Rhodes University. She has more than ten years experience in financial management, auditing, corporate finance and treasury.
Noel Manika – General Manager OperationsMSc. Risk Mgt. (NUST), MBA (UZ), BSc. Honors Econ. (UZ).Noel holds a Master of Science in Risk Management & Insurance (NUST), Bachelor of Science Honors degree in Economics and a Masters in Business Administration degree (UZ) among other qualifications. He has vast experience in insurance, reinsurance risk and claims management.
Gugulethu Ngwenya – General Manager Business DevelopmentMBA (UZ), BSc General (UZ), BSc Honours (UZ).Gugu holds a Master of Business Administration, a BSc General and a Bachelor of Science Honours degree both from the University of Zimbabwe. She is an experienced insurance practioner, having worked in the industry for more than a decade.
Key team members
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Tinashe Masvaya – Head Operations (SBU1)Bsc Hons in Economics (UZ), AIIZ (IIZ)Tinashe holds a BSc Honours Degree in Economics from the University of Zimbabwe, an Associateship Diploma inInsurance (IIZ) and various other qualifications in insurance. He is currently studying towards a Master’s degree in RiskManagement and Insurance with NUST.
Cathrine Musakwa – Head Operations (SBU2)FIISA, AIISA, B. Com. Risk Management (UNISA), Part MBL (UNISA)Catherine is a Fellow and Associate of the Insurance Institute of South Africa and holds a Bachelor of Commerce RiskManagement degree from UNISA. She has vast experience in insurance, risk management, reinsurance and claimsmanagement having worked in the insurance industry for more than a decade.
Odiline Kava – Head Marketing & Priority ServicesMBA, BBA Marketing (SA), Diploma in Marketing Management (IMM), MDP (UZ), Part IOBZOdiline is a holder of a Master in Business Administration, Bachelor of Business Administration in Marketing and a Diploma in Marketing Management from the Institute of Marketing Management South Africa. She was awarded a Certificate in Management Development Program from the University of Zimbabwe and is an accredited Marketing Practitioner. Odiline is a board member of the Marketers Association of Zimbabwe and Vice President of the Zimbabwe Ladies Golfers Association. She is a committee member of the Insurance Institute of Zimbabwe Public Relations committee, and has sat in the AIO 2011 PR Committee and other committees at different associations. She has more than 20 years of experience in Communications, Public Relations, Marketing, Brand Management, Event Management and Training.
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Where to find usHARARE – Head OfficeInsurance Centre30 Samora Machel AvenueP O Box 1256Tel: +263 4 704 911-4Fax: +263 4 704 134Email: [email protected]@nicozdiamond.co.zwWebsite: www.nicozdiamond.co.zw
BULAWAYOFidelity Life CentreFife Street & 11th AvenueP O Box 158Tel: +263 9 62001-4Fax: +263 9 71535Email: [email protected]
GWERUMIPF Building7th StreetP O Box 688Tel: +263 54 222661Fax: +263 54 222663Email: [email protected]
MASVINGOZIMRE CentreHughes StreetP O Box 306Tel: +263 39 263937Fax: +263 39 263937Email: [email protected]
MUTAREManica Centre118 Herbert ChitepoP O Box 331Tel: +263 20 63255Fax: +263 20 63200Email: [email protected]
CHINHOYIBarclays Building5308 Magamba WayP O Box 305Tel: +263 67 22186/25425Fax: +263 67 22062Email: [email protected]
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How may we help you?Customer complaints/compliments
NicozDiamond underlines the fact that it is a customer driven organization which is responsive to customer complaints and resolves complaints fully and in the shortest possible period.
For all customers the first port of call for complaints or compliments is their branch/unit where the Unit Heads/Branch Managers are expected to resolve their problems promptly and efficiently. Customers can lodge their complaints or compliments in the register found on all branch/unit counters.
The customer can also get in touch with Marketing & PR Division through:Email: [email protected] | Telephone: 704 911-4 | Head Marketing direct line: +263 4 796 923
