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 quality products.
South Africa-based financial services group, Sanlam, owns a 70 percent stake in African Life Assurance through the Sanlam Emerging Markets (SEM).
Answering questions from journalists after rebranding of the company that has a 35 percent market share in the Zambian life insurance industry on Tuesday night, SEM chief executive officer Heinie Werth said Zambia is an attractive market because of the country’s economic growth prospects and its important place in the southern African region.
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.
“We 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,” 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.
“We have written over 300,000 policies covering one million people and we have paid K326 million since inception in 2002,” he said.
Officiating at the function, Deputy Minister of Commerce, Trade and Industry, Raymond Mpundu said payment of claims does not only compensate loss of goods but also complements Government’s efforts in alleviating poverty.
Zambia Daily Mail