NICO Insurance Zambia Limited commenced operations on 1st October, 1997, as a short term insurer. At the time, the company was wholly owned by NICO holdings, a financial services company, listed on the Malawi Stock Exchange. The brand was further enhanced by the equity restructuring that happened at the close of 2013 when Sanlam Emerging Markets (SEM) took a direct 49% equity stake at company level. Among other advantages, SEM will assist with technical support to the company, including risk management. Over the span of its existence, NICO Zambia has operated as a strong general insurance company providing quality service to both corporate and retail customers. The company sells its insurance products through the main office in Lusaka, with branches at Acacia Park (Lusaka), Kitwe, Chipata, Livingstone and a sub branch in Choma. The company is the second largest insurer in the market by gross written premium. VISION: To be the leading general insurance company in Zambia. MISSION: To be a strong insurance company in Zambia providing security and value to all stakeholders. VALUES: Innovation Integrity Professionalism Quality Collaboration Transparency BUSINESS SEGMENTATION In order to serve our customers in a focused manner, we have segmented our business in three tiers as follows: [a] SME and Retail lines – to ensure that our retail customers and SMEs are given the best attention and efficient service. In addition, we pay all fully documented claims in 7 days, provided the premium was paid upfront in full. [b] Corporate Business Unit – for all Corporate Accounts with annual premiums above K100,000 but below K1,000,000 (and the equivalent). We advise our Corporate Customers to ensure they sign Service Level Agreements, with their expectations clearly spelt out. [c] Specialized Risks Unit – for all mining, energy and construction sector customers. In conjunction with our world-class re-insurers, we arrange risk management site visits and together with our customers work on risk improvements. This is predominantly for customers whose annual premiums are in excess of K1,000,000.