Awash Insurance Company is paving the way for insurers in Ethiopia and further afield, utilising consumer opinion to develop new industry-leading products
Writer: Phoebe Calver
Project Manager: Stuart Parker
Awash Insurance Company (AIC) is proudly one of Ethiopia’s pioneering private insurance companies, launched in the aftermath of liberalisation of the country’s financial sector in 1994.
Founded on a solid base of a commitment to excellence, over the years AIC has repeatedly renewed its vow to create the best possible products for its clients with great success.
“We repeatedly work in order to achieve the maximum satisfaction of the many customers that are relying on us for top-class knowledge within our service, having put their faith in the Company,” explains Abel Tadesse, Director at Awash Insurance Company. “Our vision at AIC is to be the leading and most trusted insurance service provider in the country and eventually further afield.”
AIC purely exists to provide diversified as well as long-term insurance services, delivered to its esteemed customers with excellence, profitability and ethically at all times through its state-of-the-art technology.
“We have five aspects to our core values at the Company, including agility, which of course allows us to move quickly within the industry and allows us to retain our excellent reputation,” adds Tadesse. “Then there is our winning spirit which has enabled the creation of an unbeatable business strategy, made even stronger by the adaptability demonstrated by our team.
“At AIC we also recognise the importance of being able to adapt within the ever-changing market landscape and last but not least the ability to have harmony within our expanding team, achieved with thanks to exceptional synergy and performance management.
“At present we have been placing emphasis on development of both professionalism and operational efficiency of our staff, as well as looking to the future when it comes to the successive leadership of the Company and retaining our completely local staff.”
Encouraging one society
The Company has always tried to retain the same fundamental aims and objectives when it comes to its position and development in the market.
“Within our services we carry out a wide variety of general and long-term insurance and reinsurance in both Ethiopia and further afield,” affirms Tadesse. “Through this selection we are able to provide our customers with clear and up-to-date, helpful and professional advice with ease.”
AIC is responsible for ensuring that the protection it is providing is 100 percent fit for the high requirements set by its customers, investing in the business in accordance with the strict laws it has to adhere to.
“As well as working for our customers, we also try to achieve the encouragement of enabling one society to help another through the provision of professional risk management,” Tadesse describes. “We then have to take into account the benefits for our shareholders, initiating, promoting and upholding the actualisation of lucrative businesses by both financing and investing in them.”
Facilitating the socio-economic development of the country is extremely important to AIC and its actions within the industry clearly demonstrate this, above all working to contribute to the sustainable growth of the economy.
“We provide technologically advanced services with an unparalleled stable business track record,” states Tadesse. “We are constantly growing in size and our loyal, dedicated staff possess the willingness to serve our customers with both flexibility and innovation.”
After more than 20 years in the industry, AIC has developed a selection of dependable services and above all the highly tailored and affordable insurance covers that are suitable for the ever-varying needs of customers.
The Company has experience in undertaking both non-life and life assurance business, including major products such as property insurance, pecuniary insurance, liability insurance, engineering insurance and bonds.
“Our life assurance business provides services for individual and group life, as well as endowment assurance which cover anticipated endowment, endowment annuity, medical insurance and education policy,” continues Tadesse. “We hope that our customers are able to trust us to take onboard their needs and concern areas, allowing us to explore and come up with the most suitable and affordable price.
“The products and services that are on offer at AIC will increase from time to time, keeping in line with the needs of customers and the overall insurance requirements of the country.”
Some of the new product offerings added to the Company’s portfolio in recent times includes policies to cover political risks, violence and terrorism. These products have been designed after in-depth consideration and study of the needs of consumers, as well as gaining product approval by the supervisory organ, the National Bank of Ethiopia. New products are launched at a regular rate in order to keep up with the ever-changing world of life assurance.
In order to tackle the issue of fast-growth in the industry, AIC has taken on the initiative to launch a state-of-the-art technology solution for the operation of non-life insurance and support rendering units.
“Alongside our new state-of-the-art technology, we have also been conducting requirements analysis for the development of life assurance solutions,” continues Tadesse. “This is in line with the commitment to new technology-based competitiveness within the market, leading us to broaden our strategic investments in bank, real estate and lucrative ventures within the economy.”
Over the years and now more than ever, the Company has successfully differentiated itself from its competitors through its unwavering commitment to providing excellent service. That is perhaps the core feature of the Company and comes from the synergy and team spirit found within each employee at AIC.
“We hope that in the future as the market continues to mature, we will be able to follow up on some options for establishing operations in neighbouring countries,” concludes Tadesse. “However, for now we are focusing on the continued building of our current strengths, taking ourselves to new heights and establishing our leadership in Ethiopia.”