COMPANY PROFILE

INTRODUCTION

Our Company, International Insurance Company (SL) Limited was incorporated on 23rd day of September 2002 under the Companies Act. We obtained our certificate of registration and license under The Business Registration Act No. 17 of 1972 on 7th day of October 2002.

Having fulfilled all legal requirements as a Sierra Leonean company, we were on 19th May 2003 granted approval and authorized to underwrite the following classes of business:

(a) Fire Insurance
(b) Marine Insurance
(c) Motor Insurance
(d) Miscellaneous (General Accident) Insurance

CAPITAL STRUCTURE

For the above classes of business, the Insurance Act 2000 requires us to maintain a paid up capital of Le100, 000,000 but in our desire to be in a position to meet the needs of our clients, we started with a paid up capital of Le552, 000,000. In 2005 our paid up capital was further increased to Le727, 000,000.

However, in order to strengthen our capital base so as to be in a position to meet the obligations of our numerous clients and prospective clients in terms of payment of claims and assumptions and retentions of their risks in addition to our adequate reinsurance arrangements, we have in 2007 increased our paid up capital to Le1, 500,000,000 and authorised capital to Le2, 000,000,000. By this increase our company is about the highest capitalised insurance company in Sierra Leone.

OUR OBJECTIVES

Our objective is to excel in the provision of financial security to our clients not only in Sierra Leone but also within the sub-region by offering qualitative insurance services that are second to none.

In order to ensure the fulfilment of the above objective our operations are fully computerized from inception to enhance efficiency and prompt delivery of services.

We are committed to prompt settlement of genuine claims, and to provide personalised services to our clients by identifying their insurance needs and packaging policies that are tailored to meet those needs. Also, policies, certificates and other documents shall be personally delivered to clients, their agents or brokers and to explain to them the basic features of the policies. Personal attention shall be given to all complaints of our clients.

To this end our office is furnished with state of the art equipment to enable our valued and prospective clients reach us either by telephone, fax or e-mail.

Further, our commitment to professionalism and expertise is unwavering, hence the employment of skilled manpower who are well motivated both in terms of remuneration and conducive environment for work. Our staff members are trained and are being continuously retrained to enhance efficiency, maintain dynamism and reliability.

We are resolute in our determination to maintain integrity, discipline and the ethics of the insurance profession.

It is our objective to ensure that the investors have good returns on their investments, and for the Company to be good neighbour to our environment.

The mission of International Insurance Company (SL) Limited to set a pace in the insurance industry can simply be summarised with our slogan, “The Insurers you can TRUST!”

OUR PHILOSOPY

To understand that we are all partners in progress in our efforts to satisfy our customers by working as a team with mutual respect for one another, and with integrity, discipline and responsiveness to the needs of all stakeholders.

TECHNOLOGY

At International Insurance Co. (SL) Ltd, the world of Informational Technology is firmly rooted as the company’s operations are fully automated and equipped with modern Insurance software- Perfect policy 5.0 and perfect Accounting 3.0. This rates the company as one of the few insurance companies with international standards and best practices in providing efficient customer service delivery. Insurance documentations, clients’ accounts/statements and claims settlements are promptly executed with our state-of-the-art IT solutions.

The uniqueness of these IT solutions is that they are developed to run in an on-line mode. Functional operation of the system is completely protected with hierarchical password construction, both at single and multi-users modes. The approach to the design is based on open-ended system design with full facilities for future growth.

The company is also a key player in the global information super highway with our well updated web site through which our current and prospective clients world-wide access information about the Company.

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