STATEMENT BY THE MANAGING DIRECTOR/CHIEF EXECUTIVE OFFICER OF INTERNATIONAL INSURANCE COMPANY (SL) LIMITED ON THE OCCASION OF THE FORMAL OPENING OF IIC’S LIFE OFFICE AND UNVEILING OF SEVEN LIFE ASSURANCE PRODCUTS.

PROTOCOLS:

1. Special Guest of Honour, Hon. Minister of Finance and Economic Development, ably represented by Hon. Deputy Minister II, Mr. Momodu Kargbo
2. The Nigeria High Commissioner, Ambassador Godsen Echegile
3. The Mayor of Freetown Municipality, His Worship Herbert George Williams
4. The Chairman of the occasion/Chairman Board of Directors of IIC Mr. Henry Akin Macauley
5. Hon. Minister of Information and Communications, Alh. I. B. Kargbo
6. Hon. Minister of Trade and Industry, Mr. David Carew
7. Hon. Minister of Employment, Labour and Social Security, Alh. Minkailu Mansaray
8. The Governor, Bank of Sierra Leone, Mr. Sambadeen Sesay
9. Vice Chairman, Board of Directors, Chief Tony Chinyere
10. Other Board members of IIC here present
11. Members of the Diplomatic and Consular Corp
12. The Commissioner of Insurance, Mr. A.A. Kanu
13. The Chief Executives of the Insurance Companies, Bank Chiefs and Captains of Industry
14. Distinguished Guest
15. Gentlemen of the Press
16. Ladies and Gentlemen

INTRODUCTION

I wish to join the Chairman of the occasion to once again welcome you all to this formal opening of our Life Assurance Office and the launching of our seven new life assurance products. I am particularly delighted and appreciative of the fact that you were able to attend inspite of your busy schedules.

Secondly, I would like to use this opportunity to express our gratitude to the Government and the wonderful people of Sierra Leone for the opportunity to operate in this country. We have truly enjoyed their support.

My thanks also go to our numerous customers for the confidence they reposed in us by their loyalty in doing business with us. These customers cut across government institutions, local and foreign institutions, mining, manufacturing and trading organizations; local and international non-governmental organizations (NGO’s); small and medium size businesses; high net worth individuals, and the ordinary people. Indeed we are grateful to all of them because they are all our valued customers, without whom we will not be in business.

OUR MISSION IN SIERRA LEONE

When we started operation in Sierra Leone some seven years ago, our intention was not just to come and add to the number of insurance companies in this country, we came with a clear vision of what we want to do and the role we wish to play in the socio-economic development of this country which just emerged from civil war. This was because, we believe that as West Africans, no one else can have genuine interest in the development of this region more than ourselves. For this reason, it is our firm believe that it is our responsibility to contribute our quota in ensuring a rapid economic development and poverty alleviation of our people in this society.

To achieve this, we came up with clear cut corporate objectives, mission statement, corporate philosophy and slogan. Part of our objectives as will be seen in our corporate flyer is to instill confidence in our clients through settlement of all genuine claims without delay and providing qualitative and personalized insurance services to all our clients with integrity, discipline and upholding the ethics of the insurance profession. Our mission statement among other things requires us to create positive impact in the environment.

We are constantly being guided by these principles and do review our operations regularly to ensure consistency. Through market intelligence, we obtain feedback on regular basis from the market. Though we are satisfied with the feedback we get from the market, we do not rest on our oars. On the contrary, we continue to seek for ways of serving our existing and potential customers better and by extension the Sierra Leonean people.

To this end, we always seek to be on the cutting edge. For example, on August 1, 2003 when we started operations we were underwriting, the traditional non-life insurance policies. Even with that, we tried to provide tailor made or personalized services to suite the particular individual or business operation as the case may be.

In November 2008, we introduced a number of medical insurance and travel protection policies aimed at making qualitative health care service affordable to all classes of the society, including corporate organizations, families, high net worth individuals and the common man. There is something for everybody.

THE LAUNCH

In our drive to help in the socio-economic, development and poverty alleviation in this country, we are witnessing today another milestone in the history of International Insurance Company (IIC) in Sierra Leone by this formal opening of our life office and the unveiling of the seven new life assurance products we are introducing in this market.

When we first muted the idea of setting up a life office, the question we were posed with was, what is the guaranty that a life assurance will thrive in Sierra Leone since they have just emerged from civil war with a high rate of unemployment, under-employment and low income per capital?

Our answer is to first commend the government and the good people of Sierra Leone for achieving peace and stability in the body-polity of this country. Secondly, we specifically thank His Excellency, The President, Dr. Ernest Bai Koroma for his untiring efforts in attracting investors into the country and increasing the investors’ confidence through his laws and policies. As a result, many foreign investors have come and are still coming into the country which has increased economic activities, income of citizens and created more employment opportunities for the young men and women of Sierra Leone.

Therefore, now is the time to empower these young men and women economically and socially through the use of life assurance policies. It is also time to encourage the employers to provide good welfare schemes for their employees through life assurance policies which in return will increase productivity for their organizations.

In addition, by these life assurance policies, we are supporting government’s efforts in their poverty reduction programmes. Our Deputy General Manager, Life and Pensions will soon come to give an exposition or an overview of the seven life assurance products we are introducing into the market, but suffice to say that:

1. By our Child Education Protection Plan, every parent has the opportunity of providing for the education of his/her child irrespective of his/her income level. Even if the unexpected happens the child’s education cannot be truncated because the breadwinner is no more. Thus the rate of illiteracy and anti-social behaviours such as poverty, crime and prostitution are reduced.

2. Our Cradle–2-Adult Assurance Plan is an investment linked education assurance product which combines protection of the child’s education and accumulation of start-up fund for the child.

3. The Fund Accumulation Plan is an investment linked product which enables the Life Assured accumulate funds overtime by making compulsory long term savings for a specific project e.g. build a house, start up business, retirement plan, purchase machine or equipment etc. This helps to create wealth thereby alleviating poverty among our people.

4. Our Mortgage Protection/Credit Life Assurance Policy helps the lender secure the repayment of the principal and the interest thereon while to the borrower, the policy ensures that the assets financed with the loan, such as house, plant and machinery are retained by the loved ones if the borrower did not live long enough to repay the loan. Thus saving the loved ones from the difficult social, psychological, mental and financial state the repossession by the lender would have caused them.

5. Group Life Assurance Scheme – Most employers are familiar with taking up Group Persoal Accident (GPA) Insurance Policy or Workman Compensation (WC) Insurance Policy which promises to pay compensation for death or bodily injury of their employees resulting from accident. The question is what happens to the employees’ loved ones if the death was by natural means such as sickness? Therefore, our Group Life Assurance Policy is designed to provide death in service benefits in the event of the death of an employee while in the service of the employer. This policy can be combined with the Group Personal Accident (GPA) Insurance for a more comprehensive cover, thereby enhancing the welfare package of employees’ which in turn encourages increased productivity of the employee and growth of the employer.

6. Insured Gratuity Scheme – In an effort to attract and retain highly competent employees, many socially responsible corporate citizens have in addition to National Social Security and Insurance Trust (NASSIT) contributions have set up an end of service benefit schemes in form of Gratuity Schemes. However, the major challenge facing the schemes is whether the promised exit benefits will be available as at when due since they are funded from the cash flow of the organization. Our Insured Gratuity Scheme is therefore packaged to secure the end of service benefit of employees as at when due and also to help employers reduce the liability of funding the scheme by attracting additional yield into the scheme.

7. The Term Life Assurance Policy – It is often disheartening to see the bright future of loved ones extinguished because the breadwinner is no more. When such unexpected event happens the young children become engaged in child labour, the girl child is lured into prostitution and the boys engage in various forms of crimes as a means of survival. This is a major reason for high level of poverty in our society.

In our effort to help reduce poverty and create society with financially stable future, we at International Insurance Company (SL) ltd (IIC) have introduced a wealth creating life assurance product called Term Life Assurance Policy which is designed to save the surviving dependants the financial agony of the irreparable loss of a loved one.
CONCLUSION
The question agitating the minds of some maybe, how can we trust IIC enough to handle the schemes and the policies? Our answer is that the Insurance Act of 2000 provides sufficient regulatory frame work that ensures the solvency of insurance companies and adequate protection for the policy holders. For example, it provides for statutory deposits with the Bank of Sierra Leone, defines the mode and mediums of investment of insurance funds. The Sierra Leone Insurance Commission (SLICOM) is statutorily empowered to ensure compliance and regulate the insurance industry.
The above notwithstanding, in our efforts to show transparency in what we do, we pledge to make available to every employer of labour that has its scheme insured with us, a copy of our audited accounts annually and in addition a quarterly or half year statement of their scheme position with us. This is in keeping with our objective of maintaining integrity, discipline and ethics of the insurance profession because we are the Insurers you can Trust! By so doing, we are not only assuring you of our transparency, we are making you see that we are.
Finally, I urge you to follow my footsteps because after this event I shall be taking up Child Education Protection Plan for my three children, Group Life Assurance and Insured Gratuity Scheme for our employees. I, therefore, kindly request you to contact any of our Financial Planners or staff after this event to assist you arrange for the cover that suits your circumstances and those of your organizations. You can also reach us by e-mail at info@iic-sl.com or through our website at www.iic-sI.com, where you can apply online at any time round the clock, whether day or night. I assure you that at the end of the day, you will be happy that you did.
I thank you all for your kind attention.

BY
NDUKA O. ANYASO B.Sc, ACII, AIIN
Chartered Insurer