Insurance Can Boost Investments, Chilufya Ngoi-Nyirenda says

CHILUFYA Ngoi-Nyirenda was recently named Chief Executive Officer of the newly formed Stanbic Insurance Brokers Zambia (SIBZ) – a Stanbic Bank Zambia subsidiary.And now the Insurance Brokers Association of Zambia Honorary Treasurer and insurance guru aims to revolutionise Zambia’s insurance sector.On July 10 this year, Stanbic Bank became the first bank in the country to obtain an insurance brokerage license from the Pensions and Insurance Authority (PIA) when it launched SIBZ.Stanbic Insurance Brokers Zambia offers tailor-made industry leading solutions designed to protect clients’ assets and provide the ultimate peace of mind with regards to unforeseen risks. The company provides a wide variety of products ranging from personal loan protection plans and enterprise life insurance cover to comprehensive motor insurance and homeowner’s protection plans.Mrs Nyirenda, holder of an executive qualification in Strategy and Innovation from the University of Oxford, Said Business School, says Stanbic Bank seeks to intensify its contribution to private sector development by providing a range of flexible products designed to support sustainable long-term growth for individuals and businesses, while protecting its clients’ investments.She said: “What Stanbic is trying to achieve in getting the insurance license was to position ourselves as a one-stop shop for our clients’ wider financial needs. We want to be an industry leader in terms of quality modern insurance products and efficient service in Zambia.“Though Bancassurance is a relatively new concept in Zambia, I have worked in it for over six years now. Having served in the insurance industry for so long, I have accumulated a wealth of experience in sales, management and strategy formulation, and I am more than ready to lead my team in revolutionising Zambia’s insurance sector,” said the CEO.She says this cannot be achieved alone, and that the company will work to form strong strategic partnerships with other sector players to accelerate transformation and growth in the industry.“We want to align SIBZ with the overall Standard Bank Group bancassurance strategy and ensure we exploit the vast opportunity within the country’s insurance sector. The goal for SIBZ is to bring about and sustain private sector growth through affordable lending and appropriate risk protection,” she explains.The new SIBZ boss, who also holds a Master of Science Degree in Global Consumer Marketing from the University of Liverpool (UK) and a Post-Graduate Diploma in Marketing (CIM) has served at the helm of key departments for some of the country’s leading insurance providers.She started her illustrious career – spanning 18 years and counting – as a sales representative in life assurance at a local insurance provider in the year 2000.From there she quickly worked her way to the top eventually leading the Bancassurance section of a prominent Zambian bank in 2012, before moving to Stanbic Bank – Zambia’s largest bank by balance sheet – as Head of Bancassurance in 2017.“My job as a sales representative at the start of my career may not have been as glamourous as my subsequent roles but I believe it gave me valuable insight into the country’s insurance market by allowing me to engage with clients directly. It played a vital role in shaping me into the leader I am today. You can’t climb a tree starting from the top, your feet must be planted firmly on the ground before you start working your way up.“We want people to recognize insurance as more than just a means to protect themselves against unexpected losses but as a tool they can use to help their investments thrive and move their lives forward. SIBZ is here to create new frontiers for growth in the local economy for the public’s benefit.”She added that Stanbic had established itself as a bank that seeks to make a positive difference in people’s lives by being an active partner in clients’ personal and professional growth – and that SIBZ would help enhance this position.“With the introduction of SIBZ, our resolve to drive Zambia’s growth at individual, business and national level has rarely been more apparent,” she concludes. Post Views: 1