Tanzania Insurance Regulatory Authority Director for Market Development and Research, Zakaria Muyengi (from left), Dr. Flora Minja (Strategis CEO-Medical Division) and Strategis CEO (Non Medical Division), Jabir Kigoda, opens a curtain to signify the launch of the company's Arusha sales point in Arusha at the weekend. Right is Strategis General Manager, Nirmal Sheth.
Tanzania Insurance Regulatory Authority Director for Market Development and Research, Zakaria Muyengi (Centre), poses for a memento photograph with from left; Dennis Nombo (Head of Sales and Marketing), Dr Malav Manek (Chief Operating Officer) Dr. Flora Minja (Strategis CEO-Medical Division), Strategis CEO (Non Medical Division), Jabir Kigoda and Strategis General Manager, Nirmal Sheth after the launch.
By Our Reporter, Arusha | STRATEGIS Insurance, which was among the first private insurance companies to be registered and licensed by TIRA has officially launched its office in Arusha. The office is located at Summit Center, Ground floor along Sokoine road. The company which is currently the second largest private insurer in the country has been operating for almost two decades and over.
Muyengi said: “It is only 15 per cent of Tanzanians who use insurance services, our strategy is that by the year 2030 we ensure 50 per cent of the population has access to insurance, and at the same time increase insurance literacy of the population from the current 30 per cent level to 80 per cent over the same term."
"The government on its part shall continue to set up a friendly environment to enable insurance companies to conduct business smoothly, we expect insurers to reciprocate this promise by clearing claims lodged by customers promptly. I also call upon insurers to introduce in the market products that augur with typical needs of Tanzanians, the likes of small-scale miners, livestock keepers and farmers," Mr. Muyengi added.
He also commended and requested Strategis Insurance to keep up the good work in paying out claims in a timely manner. Mr. Muyengi said: We at TIRA are happy with the way Strategis are doing business, they are solvent and pays claims on time
The establishment of this Sales Point is part of the Strategic decision that has been made by the company to enhance the effectiveness and impact of its operation in Arusha and the entire Northern zone
In the just ended year, Strategis consolidated its growth and proudly recorded a topline increase of about 20% to become the 2nd largest private insurer in the Tanzanian insurance industry by market share. While the Company continues to be the leader in private medical insurance it has also grown the non-medical insurance book by 40% in 2020. This significant growth is attributed not only to reforms undertaken by the company to strengthen its position, but also to the support from various key stakeholders
Speaking at the event, Strategis Insurance Chief Executive Officer (Medical Division) who is also acting Group CEO, Dr. Flora Minja said that the company was focusing on growing its business portfolio, opening new lines of sevice and deploying technology and innovation in the service delivery .
"We thus strive to stay abreast with new technological advances that not only create improved operational efficiency and accuracy in terms of customer information management but also incorporate technological developments happening in the industry and allow interaction with various stakeholders in real time."
The company is committed to universal health insurance coverage agenda, and that it supports the government and industry in the national goal of ensuring at least 50 per cent of the adult population use insurance services by 2030.
“Within this context, the company intends to expand its geographical presence , and the Arusha Sales point is one among initiatives anticipated to increase the company’s footprint allowing it to reach demographics,” Dr. Flora added.
Earlier speaking at the event, Strategis CEO (Non-Medical Division), Jabir Kigoda, said the company was poised to deliver top-class services in Arusha region, a move that would be beefed up by introduction of various products targeting the tourism industry and other sectors of the economy, including manufacturing and other productive sectors.
“The launch of the Arusha Sales point is a manifestation of how we are determined to serve the insurance market and thereby support the government in increasing insurance penetration and awareness in the country. Today’s launch is not just another launch of the office in Arusha. To us the launch of this office shows a commitment that we have in servicing better our clients who matters most to us."
"We believe the presence of this office in this region will bring a healthy competition to the market and assist in reaching untapped socio-economic sectors such as Tourism, Agriculture, Trade and manufacturing. We are fully confident that our presence in Arusha will be of great benefit to the entire region and will grow to become one of the best in the region. We will always strive to build and maintain reliable and secure partnerships through first class underwriting, risk advisory service and fast settlement of claims.’’ said Mr. Kigoda
The insurance sector in the country has been growing at the rate of 17.7 per cent per year, with insurance revenue shooting from Tsh 814.5bn from 2019 to 2020, up from Tsh 691bn registered the previous year. Over the same period TIRA managed to register 31 insurance companies, 100 brokers, and 780 agents.
Strategis Insurance is 100% locally owned and has a 100% local staff compliment. A part from the recently launched Sales Point, the company has two other Sales Points, one in Zanzibar located at Muzammil Center, Office No.14 along Mlandege Street and another one in Kisutu- City Center near Azania Bank in Dar es Salaam.
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