NICO Life CEO Eric Chapola
Maravi Express
NICO Life has successfully paid out over K1.6 billion in CoVID-19 related death claims in 2021.
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In an interview, NICO Life Chief Executive Officer, Eric Chapola said the company understands the burden that comes along with the loss of an employee or a loved one and strives to provide the necessary support to the beneficiaries of the deceased.
“The CoVID-19 pandemic came with a spike in deaths in Malawi and around the world,” Chapola said. “For us, this meant still ensuring that all genuine claims are paid expeditiously.”
He added that the company is determined to be a solution and not a burden to its clients, saying “everyone has been affected with this pandemic”.
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“Despite the challenging operating environment, we made good on our promise to pay out legitimate claims, whilst companies closed, people lost their jobs and loved ones were lost.
“We strive to support our customers and to ensure that we positively contribute to the socio-economic development of our country.”
Chapola further said that NICO Life is committed to protecting individuals, business owners and their employees with life insurance policies, funeral plans, annuities and other insurance products.
“We have learnt a lot of lessons from this unprecedented event and we’ll redouble our efforts to improve consumers’ trust in insurance products.”
NICO Life registered a consolidated profit after tax of MK9.3 billion for the year ending 2020 hence a growth of 29% from prior year.
NICO Group also assisted towards the fight against CoVID-19
Since the onset of the pandemic in 2020, NICO Group has made donations worth over K200 million with funds being directed towards the purchase of health equipment, personal protective equipment, student’s gadgets, and food for vulnerable families.
When NICO Group officially launched its 50th anniversary celebration media campaign as one way of engaging with the public that it is geared to continue being the most diverse financial services firm in Malawi, Group Managing Director Vizenge Kumwenda said as a responsible corporate citizen, the company is committed to playing its part in curbing the spread of the pandemic.
He had said: “The past 18 months have been a challenging period for businesses the world over as we grapple with the CoVID-19 pandemic. We have all been forced to be more creative in how we do business, how we communicate and how we deliver our services.
“Despite this new challenge, I am proud to say that the NICO Group has, so far, managed to continue to deliver superior financial products to our customers and to maintain our entire staff complement.”
