Marketing

In line with Proclamation No. 20/1992 that established the Corporation, the vast majority of marketing of the Corporation’s products and services are through educational programmes to raise the level of citizen awareness of insurance benefits. These campaigns have been through extensive use of the media (i.e. radio, tv, newspapers and magazines) as well as marketing brochures, posters and sponsorships.

The Marketing Department carries out market research to determine its best marketing strategies. In doing so it always keeps in mind the five “Ps” of marketing: People, Product, Place, Price and Promotion

Agency Network

The Corporation also utilizes its agency network across the country to promote its products. Through the creation of an agency network, NICE Sh.Co aims to reach more customers, provide efficient and effective service and to acquire a larger market penetration. The Corporation has an agency network of 12 in major cities including Asmara, Tesenei, Keren, Mendefera, and Decemhare. See chart to the right.

The Corporation is considering establishing other agencies in big towns to further expand its reach. It is likely by expanding the geographical area of the Corporation, new products will be developed as well to meet the specific needs of clients

The functions of the agents are to:

1.Place all new and renewal private sector insurance business with NICE Sh.Co (Government business can not be placed through an agent but must go directly through NICE Sh.Co);

2 Increase, maintain and conserve the business of the Corporation and its interests;

3 Grow the insurance market through higher market penetration and public awareness;

4 Transact insurance business approved by the Corporation;

5 Underwrite the authorized classes of business in accordance of the Corporation’s procedures, prepare documents and signs on behalf of the Corporation;

6 Collect premiums; and

7 Survey and describe property and confirm cover.

To qualify as an agent, the agent must have a physical office, telecommunication system, an underwriter and the ability to form a client network. In addition, the agent must have either a CII foundation certificate or have undergone extensive training through NICE Sh.Co. Agents must also attend continuing education seminars at least three times per year. Agents are remunerated through commissions.