AWASH INSURANCE COMPANY

AWA S H I N S U R A N C E C O M PA N Y

Encouraging the development of one society

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Future, Growth and Prosperity 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

wash 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.

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“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

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insurance services, delivered to its esteemed customers with excellence, profitability and ethically at all times through its state-of-theart 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

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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

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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.”

professionalism and operational efficiency of our staff, as well as looking New products to the future when it comes to the After more than 20 years in the successive leadership of the Company industry, AIC has developed a selection and retaining our completely local staff.” of dependable services and above all the highly tailored and affordable Encouraging one society insurance covers that are suitable for The Company has always tried to the ever-varying needs of customers. retain the same fundamental aims The Company has experience in and objectives when it comes to its undertaking both non-life and life position and development in the assurance business, including major market. products such as property insurance, “Within our services we carry out a pecuniary insurance, liability insurance,

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A W A S H

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INFOSION SOFTWARE

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nfosion is a company based in Chennai, India and offers computer software application development, implementation and maintenance services. Infosion offers industry standard products in banking, ERP and insurance segments.

Mithra-GIIS is Infosion’s offering in the non-life insurance segment and is part of Mithra Insurance suite of products comprising solutions for non-life, life and financial & administration management.

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.

State-of-the-art solutions

In order to tackle the issue of fastgrowth in the industry, AIC has taken

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on the initiative to launch a state-ofthe-art technology solution for the operation of non-life insurance and support rendering units.

“Alongside our new state-of-theart 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.”

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Mithra-GIIS is an integrated web application that covers all aspects of general insurance operations. The application structure is segmented into different modules in the outer layer based on different business functions of general insurance operations. The principal modules are: • Customer relationship • Intermediaries management • Underwriting • Claims • Reinsurance • Legal processes • Document management All these modules are interfaced with budget control and finance & accounting operations. Transaction management is carried out by a Xxxxxxxx xxxxxxxx workflow engine.xxxxxxxxxxx xxxxxxxxx Speaking on the experience of using Mithra-GIIS, Director – MIS of a client company says: “The salient feature of GIIS is that it is complete, generic and highly parameterised. GIIS has an openended disposition enabling building of new products.”

Infosion has more than a decade of experience of commissioning software projects in several countries in Africa.

Ongoing engagements are in Ethiopia, Sudan and Mauritius.

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Phone: +91-44-42187056, +91-94440-33765 Email: gopal@infosion.in

MITHRA – GENERAL INSURANCE INFORMATION SYSTEM Mithra – GIIS, a industry standard enterprise software facilitates effective management of e non-life insurance business operations with all counter parties involved. It is a web application with centralized database and multi currency option. Common screens for Underwriting and Claims regardless of Class of business, Product Profiler, a variety of avenues for configuration of business rules, workflow managed transaction flow without any manual intervention and a bouquet of Transactional, MIS and Analytical Reports are major attractions of the application.

Claim Services features with special focus on Motor Class integrate the Claim handling with service providers such as Surveyors, Towing agencies, Garages, Recovery Yard and other insurance companies.

Mithra-GIIS Features -

Product Profiler feature for launching any number of products without any news screens or tables Standardised User Interface and navigational controls ensure short learning curve for the users Customer centric features enable a 360 degree view of the Customer Exposure Management inputs in Underwriting Process for informed decision making Automatic Premium and Claim allocation under linked Reinsurance Treaties Built in flow for generation of Accounting Entries Provision for Facultative Placement and Acceptance Extensive flow for Claim Reserve and Claims Process Workflow configuration in alignment with Authority delegation Recovery Case follow-up process Legal Process for Defence, Intervention and Trial cases with extensions for EP Filing, Appeals, Arbitration and Insurance Disputes Redressal mechanism

Registered Office: Infosion Software Private Limited #8, 2nd Main Road, Vijayanagar, Velachery Chennai – 600 042, India

Development Centre: Infosion Software Private Limited Leo Marshel Building, 174/2, 26th East Street, Kamaraj Nagar, Thiruvanmiyur, Chennai – 600 041, India

www.infosion.in

Awash Towers, Ras Abebe Aregay Street, Kirkos Subcity, Woreda 7 Ethiopia Tel: +251 115570001 aic@ethionet.et aic@awashinsurance.com

www.awashinsurance.com

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