United General Insurance (UGI) on Friday launched a new product, Auto Shield car insurance policy with pomp and razzmatazz which started with a colourful procession and ended up with a lively cocktail later in the evening.
The ceremony started with a parade led by Malawi Prison Brass Band from Ginnery Corner to Blantyre Central Business District (CBD) with branded cars and staff members carrying placards promoting the new product.
Later in the evening, it was all pomp when UGI officially launched the product at a cocktail held at Sunbird Mount Soche Hotel in the evening where popular Spoken Word artist Yankho Seunda and musician Patience Namadingo topped the bill.
Speaking when he launched the new product, UGI chief Executive Officer Bywell Chiwoni said UGI aims to be a genuine pacesetter in the insurance industry, not by copying others, or riding on historical success but by providing something new and different—a true service model for the industry.
“The 2017 financial year was one of the most significant years in UGI’s history. It was a year which was to determine the future of UGI because in 2016 the company made a huge loss in its 40 years of existence and this was the same time when a new and young leadership had taken over from an indisputably one of the great leaders in insurance by the name of the late Sir Ian Kumwenda.”
“This was a time when the company was characterized with bad service reputation and company image of which most of it was made out of malice, envy and exaggeration,” explained Chiwoni in a moving speech.
“Pleasingly, at a time when we faced massive competition, significant resistance, criticism and disruptive noise from all angles–we still managed to grow our revenues by 20% from MK 5.2 billion to MK6.3 billion. From a loss of MK645m in 2016, we closed 2017 at a modest profit of MK357 million…. I can only say it’s no ordinary insurance company that can sustain that level of loss and recover in ONE year without injecting more capital,” said Chiwoni.
“The ability to continue to grow our revenue during this time is a testament to the quality of our products and services. And I’m confident of our continuing ability to compete successfully against our national and multi-national insurance rivals,” added Chiwoni.