Background of CIC General Insurance Uganda Limited

CIC GENERAL INSURANCE UGANDA LIMITED

COMPANY PROFILE

AHA Building
Plot 7 Lourdel Road Nakasero
P. O. Box 34975 Kampala. Tel: +256 392 175 046, or 0200900100
Email: cic@ug.cicinsurancegroup.com Website: www.cic.co.ke
CIC GENERAL INSURANCE UGANDA LIMITED
CIC General Insurance Uganda Limited is a subsidiary company of CIC Insurance Group from Nairobi, Kenya that is owned 75% by co-operatives and 25% by individual shareholders. CIC General Insurance (U) is a joint venture of CIC Kenya and the Co-operative movement in Uganda. The company is fully incorporated and licensed to transact General Insurance business. In addition to the General policies available for institutions, corporate, individual and all categories of entities, the Company serves all Co-operative Societies in Uganda along the Co-operative Model.

Our Vision:
To be the leading and dependable provider of insurance and other financial services in Uganda through the co-operative spirit.

Our Mission:
To provide financial security to our customers through insurance and other financial services in Uganda.

Our Values:
Integrity | Teamwork
Productivity | Fairness | Dynamism

Our Customer Value Proposition:
Fastest Service | Fairest Price
Friendliest Relationships | Service of the Highest Quality

Tagline
We keep our word
Board of Directors and Corporate Governance Structures
The Board sets the Company’s strategic aims, ensuring that the necessary resources are in place to achieve those aims. The Board also reviews management and the Company’s financial performance. It is accountable to shareholders for the creation and delivery of strong, sustainable financial performance and long-term shareholder value. To achieve this, the Board directs and monitors the Company’s affairs within a framework of controls which enable risk to be assessed and managed effectively through clear procedures, lines of responsibility and delegated authorities. The board fully delegated authority for conduct of the day to day business to the Managing Director.
The board is chaired by Mr. Sylvester Ndiroramukama and consists of three Directors that are a highly qualified group of professionals with diverse expertise in Insurance, Co-operative society dynamics, International Finance, Capital financing and Business Management. It should be noted the board meets at least four times in a year.
Profile of the Board of Directors:
Mr. Sylvester Ndiroramukama – Chairman, CIC General Insurance Uganda Limited
Mr. Sylvester Ndiroramukama is the Chairman CIC General Insurance. He is the Chief Executive Officer for Uganda Cooperative Savings and Credit Union. He has got a wealth of experience in Research Methodologies, Product Development, Financial analysis and on spot Technical Assistance and Mentoring to SACCOs and microfinance.
Mr. Ndiroramukama has got hands on experience in project management and reporting skills, negotiation and communication skills, accounting and financial management skills.
Mr. Ndiroramukama has a Bachelor of Commerce (Accounting) Degree from Makerere University, Diploma in Microfinance from Uganda Institute of Bankers, Higher Diploma in Marketing from Uganda College of commerce Aduku, Postgraduate Diploma in Project Planning and Management (PGD-PPM) from Uganda Management Institute. He is a Certified Public Accountant of ICPAU. Pursuing a Masters in Management Studies (Project Planning and Management) at Uganda Management Institute.
Fred Mugisha Bantu
Fred Mugisha Bantu is a seasoned and experience Banker with over 27 years of continuous banking experience. He served as Senior staff at Uganda Commercial Bank (1988 – 2002), Manager Mobile Sales Stanbic Bank Uganda (2002- 2005), Group Schemes Manager Stanbic Bank Uganda (2005-2008), Head of Sales/ Country Sales Manager Stanbic Bank Uganda where he grew the customer base of the bank by acquisition of more than 100,000 new customers 2008- 2011, Head Work Place Banking 2012, Head Communications Department 2013 to present. He has served as Chairman of Uganda Bankers SACCO since 2010 having earlier served as chairman of the same society for period of 6 years. He is a licensed trustee of Stanbic Bank Employees Pension Fund which is regulated by Uganda Pension Regulatory Authority (UBRA) since 2010.
Mugisha has a Bachelor Degree of Arts Social Science from Makerere University. Post Graduate Diploma in Resource Mobilization and Management offered by Uganda Management Institute and Resource Alliance UK in 2007, and attended different courses such Introduction to Market Economy the Korean Experience- Seoul (KDI), CommonWealth offered Banking and Finance in Small States at the University of Malta and other courses offered by the Global Leadership Centre Johannesburg and University of Pretoria.
Mr. John Macharia– Principal officer CIC General Insurance (U) Company Limited
Mr. Macharia has been working for CIC Insurance Group Limited in Kenya, to which CIC General Insurance Uganda Limited is affiliated, since 2006.He has over 10 years of insurance experience, in which he has developed expertise in managerial matters as well as maintaining high standards in customer service and insurance product delivery. He has also attended various trainings on how to handle the co-operative business model, a key factor for CIC Insurance Group.
He holds a Degree in Bachelor of Science in Mathematics from the University of Nairobi and a Diploma in Insurance from the Insurance Training and Education Trust in Kenya. He is also an associate member of the Insurance Institute of Kenya.
Profile of Senior Staff
The Company has four senior staff whose details are set out below. All the senior staff have extensive business experience that makes them well suited to serve on the company.
ZIPPORAH MUNGAI
Managing Director
ZIPPORAH MUNGAI is the Managing Director of CIC Africa (U) Ltd.
Zipporah has a Master of Science in Finance, University of Illinois at Urbana Champaign (USA), a Bachelor of Commerce (Insurance) University of Nairobi, and a Post Graduate-Advanced Management Program (AMP) Strathmore – Nairobi & IESE Business School Spain.
She is a Chartered Insurer from Chartered Insurance Institute, London, UK, an Associate Risk Manager from Risk Management Institute, London, UK., and Associate from Chartered Institute of Arbitrators, London UK.
Before joining CIC Insurance, Zipporah worked with UAP Uganda as the Managing Director for UAP Insurance, UAP Properties, and a Director of UAP Financial Services. Prior to her assignment at UAP, she was the Country CEO for Jubilee Insurance Tanzania
Zipporah has exposure of over 23 years’ financial services experience in the Kenya, Uganda, and Tanzania markets, managing Country Business Score Cards, sustainable business growth with profitability, and developing winning focused clear strategies, execution, managing distribution channels, innovative products; efficient and effective business services; and stakeholder relationship management.

John Macharia– Principal officer CIC General Insurance (U) Company Limited
Mr. Macharia has been working for CIC Insurance Group Limited in Kenya, to which CIC General Insurance Uganda Limited is affiliated, since 2006.He has over 10 years of insurance experience, in which he has developed expertise in managerial matters as well as maintaining high standards in customer service and insurance product delivery. He has also attended various trainings on how to handle the co-operative business model, a key factor for CIC Insurance Group.
He holds a Degree in Bachelor of Science in Mathematics from the University of Nairobi and a Diploma in Insurance from the Insurance Training and Education Trust in Kenya. He is also an associate member of the Insurance Institute of Kenya.
Mr. Nasser Matovu– Principal officer CIC General Insurance (U) Company Limited
Mr. Matovu is the Principle Officer CIC General Business. He has over 16 years of insurance experience in both Uganda and Kenya. He is well versed in technical underwriting of all classes of non-life insurance, marketing, insurance broking. He has served in a managerial position as the technical manager and head of technical department of the Uganda Insurers Association. Before joining CIC General Business, he worked for ICEA Lion group, as the firm’s General Underwriting Officer, Head of General Insurance training department and later senior supervisor of Unit Managers and agency force in which he oversaw the recruitment and building of successful marketing teams. He is well versed with regional insurance broking, underwriting of all classes, marketing and agency management. He is the former Alternate Board Member of the Warehouse Receipt System in Uganda.
Mr. Matovu holds a Hons. Degree B.A (SS) Social Administration & Political Science plus Public Administration from Makerere University, Post Graduate Diploma in education( Political Education and History) – School of Post Graduate Studies. Nasser also holds a Certificate of Proficiency in General Insurance from the College of Insurance -Nairobi, and a Diploma in Insurance from the Insurance Institute of Kenya.
Nasser also holds a certificate of Managing for Results, from the University of Pretoria- Gordon Institute of Business Science.
Finance Manager for CIC General Insurance Uganda Limited.

This position is being filled

Francis Ssemwanga– PR & Marketing Officer
Mr. Francis Ssemwanga is the PR and Marketing Officer. He has over 10 years of successful diversified experience as a Marketer, Media and Communications practitioner in Community Development, Business Development Services, Public Relations, Macro and Microfinance, and Research. He has worked as a consultant for Devere&Partners – Zurich, Government of Uganda, International Fund for Agricultural Development (IFAD), and Property Box UK. Prior to joining CIC, Mr. Ssemwanga worked as the Head of PR and Corporate Affairs with Uganda Cooperative Savings and Credit Union, where he was a member of senior management team, and minute secretary to the Board.
Mr. Ssemwanga holds an MBA Marketing, a Bachelors Degree in Mass Communication from Makerere University, a Diploma in SACCO and Microfinance from Kigumba Cooperative College and he has undertaken several trainings both locally and internationally such as; Certificate in International Business Devere&Partners – Zurich, Certificate in Radio Journalism – University of London, Certificate in Advocacy and Citizen Engagement – Coady International Institute (Canada)

OCHULI EMMANUEL: BUSINES DEVELOPMENT MANAGER -RETAIL
Ochuli Emmanuel is the Business Development Manager CIC Insurance

Ochuli has Bachelor of Management Science degree from Kyambogo University and a Diploma in Procurement and Logistics from Kyambogo University.

Before joining CIC Insurance, Ochuli worked with UAP Uganda as the distribution manager and logistics manager and Barclays Bank Uganda as a Business Banker.

Ochuli has exposure of over 12 years’ financial services experience in the Ugandan markets, managing logistics portfolios, sustainable business growth with profitability, and developing and implementing winning focused clear strategies, managing distribution channels, efficient and effective business services

MUSIIMA RACHEAL SENYONDO: BANCASSURANCE MANAGER
Musiima Racheal Senyondo is the Bancassurance Manager CIC Insurance

Racheal has Bachelor of Economics degree from Makerere University and is currently pursuing MCIM from the Chartered Institute of Marketing in the UK.

Before joining CIC Insurance, Racheal worked with UAP Uganda as the distribution manager Bancassurance and Equity Bank Uganda as a Banking supervisor.
Racheal has exposure of over 8 years’ financial services experience in the Ugandan markets, managing customer portfolios, sustainable business growth with profitability, and developing and implementing winning focused clear strategies, managing bancassurance distribution channels, efficient and effective business services.

PRODUCTS
CIC General Insurance Company deals with General insurance. Below is a summary of the products the company offers here in Uganda

CIC Products: General Insurance
Fire Industrial Contractors All Risk
Domestic Package Plate Glass
Consequential Loss Cash-in-Transit
Burglary Fidelity guarantee
All Risks Public Liability
Goods in Transit Risk Employee’s Liability
Marine CIC Travel Insurance
Professional Indemnity Group Personal Accident
Motor Insurance Electronic Equipment
Machine Breakdown Workers Compensation
Bonds and Guarantees Business Combined Policy

CIC Insurance group
CIC General insurance Uganda limited is a subsidiary of CIC Insurance Group. The company started as an insurance agency in 1968 within the Kenya National Federation of Co-operatives (KNFC). It was later licensed as a composite insurance company in 1978 to write all classes of business trading in the name of Cooperative Insurance Services Ltd (CIS).

In 1999, the company name was changed to The Co-operative Insurance Company of Kenya Ltd (CIC). The name change was part of the Company’s market repositioning strategy to completely transform from the then small company that only targeted the Co-operative movement to a respected insurer in the country.

In October 2010, the Company changed its name again to The CIC Insurance Group Ltd in preparation for the demerger of its life and general business operations.

By the end of 2011, the company had fully demerged resulting in the formation of CIC Life Assurance Ltd, CIC General Insurance Ltd and CIC Asset Management Ltd.

The CIC Insurance Group listed its shares by introduction at the Nairobi Securities Exchange on Thursday 19th July 2012.

CIC is a leading provider of insurance and other financial services in Kenya and presently ranks second in market share. The company has 19 branches countrywide and a network of over 1000 agents spread across the country. The Group runs a profitable underwriting business and has maintained a compounded annual growth rate of 62 percent in the last 5 years.

The Co-operative Movement is also a major shareholder in CIC Insurance Group and the Group is thus their preferred insurer. The company has both individual and institutional shareholders comprising of CIS Co-operative Society as its strategic shareholder with 75% and individual shareholders holding the remaining 25%. Co-operative Insurance Society Limited in the above structure represents the interest of the 10 million-member Co-operative Movement, through 1,562 Societies that own the CIS Co-operative Society.

CIC has had a sustained high annual growth rate of over 25 percent in the last decade. With a capital base of Ksh.2.1 Billion and 1.3 Million clients, CIC ranks among the most successful insurance companies in Kenya and is the leading co-operative insurer in Africa. The company is focusing to be a leader in the region and it has expanded its operations in the East and Central parts of Africa i.e., Uganda, South Sudan, and Malawi.

CIC Global Credit Rating
In 2013, the Global Credit Rating Company (GCR) assigned an initial national scale claims paying ability rating of A (KE) for CIC General Insurance Limited and a rating of A+ (KE) for CIC Life Assurance, with the group outlook rated as stable.
This rating reaffirms the two subsidiaries’ focus to provide exceptional and industry-leading services meant to exceed customer expectations.
CIC Key Success Factors
a) CIC is the market leader in group life business in Kenya and a leading micro-insurer in Africa and the developing world.
b) CIC is a role model in the Co-operative movement in the developing world
c) Excellent track record in claims settlement – CIC won the claims settlement award during the annual Insurance awards in Nairobi
d) Strong Distribution Network i.e., Co-operatives across the country.
e) Differentiated approach and innovative products
f) People

Key clients in Kenya

1) Kenya Electricity Genera
2) Rift Valley Railways Ken
3) Rentworks E.A. Ltd/CBA
4) Kenya Railways Corporation
5) Stima SACCO Society Ltd
6) Mombasa Port SACCO Ltd
7) Ktda And/or Ktda Managed
8) Ndege Chai SACCO Society Ltd
9) Lake Victoria Basin Commission
10) Naivas Limited
11) Kenya Forest Service
12) Kenya Pipeline Company Ltd
13) SMEP DTM Ltd
14) China Road & Bridge Corp
15) Amicabre Travel Services
16) CO-OP Bank (K) Ltd
17) Kenya Ferry Services Ltd
18) Sacco Societies Regulatory Authority
19) Magereza SACCO Society
20) National Cohesion And Integration Commission
21) Taita Taveta County Assembly
22) British American Insurance Company
23) British American Investment
24) Farm Africa (K) Ltd
25) R.M Farms Limited
26) County Government Of UAS
27) County Assembly Of Siaya
28) Kenya Animal Genetic Resources Centre
29) Commission On Administrative Justice
30) Roy Hauliers Limited
31) Kenya Industrial Research And Development Institute
32) A A Insurance Brokers Lt
33) Pioneer Assurance Company Ltd / National Police Service
34) National Hospital Insurance Fund
CONTACTS
HEAD OFFICE
AHA BUILDING – 2ND FLOOR, LOURDEL ROAD
P.O BOX 34975, KAMPALA, UGANDA
TEL: +256 200900 100 / 256 392 175046
EMAIL: cic@ug.cicinsurancegroup.com
WEBSITE: www.cic.co.ke