Nyala Insurance S.C.

Your protection is guaranteed!

Company Profile

  

  

An overview

 

   An overview 

  

Nyala Insurance Share Company (NISCO) was founded in July 1995 following the liberalization of the insurance business to the private sector in 1994 with the Licensing and Supervision of Insurance Business Proclamation No. 85/1994.

Over the years Nyala Insurance become one of the leading private insurance companies in Ethiopia

  • with strong financial capacity of Birr 300 million subscribed capital,
  • professional workforce,
  • over 20 years of experience in insurance operations,
  • large and increasing customer base, annual turnover and amount of risk covered. 
 

Currently, NISCO guarantees protection with care to its customers through three pronged services – General, Life and Micro-insurance solutions with a network of 43 service outlets (28 Service Centers and 15 Contact Offices) distributed all over the country.

NISCO has profoundly revised its previous course of business situation, and keenly formulated a forward-looking Strategic Plan that would help the Company streamline its resources towards achieving higher growth.


 

 

Registered Office 

Protection House, Mickey Leland Street 

P.O.Box 12753, Addis Ababa, Ethiopia 

Tel. 251-11-6626667 

Fax 251-116626706 

e-mail This email address is being protected from spambots. You need JavaScript enabled to view it. 

Website www.nyalainsurancesc.com  

 

   

 

  

Vision & Mission

 

   

Vision 

To be the preferred provider of insurance solutions in all markets we serve .

 

 

Values

Protection with Care:- We add care to our main duty of providing protection. We give due emphasis to care in our relationship with customers and fellow employees.

Professionalism:-We engage ourselves at all times, in a professional manner paying due attention to the code of ethics required in professional insurance service.

Accountability:- We are always accountable for what we say and do, and:

To our customers:-We provide peace of mind, full confidence and assurance. 

To our shareholders:- We protect our shareholders’ investment and work for profitable growth of their company.

To our employees:-We treat all employees fairly and impartially by applying transparent procedures in promotion, conflict resolution, and assignments.

To our competitors:- We will compete in the market fairly and ethically and will not prevent others from competing freely.

To society at large: - We carry out our business in due observance and fulfillment of all applicable laws, giving due regard to, and, in participation of safety, health, environmental standards, and societal values.

 


        

 

 

Mission

To help our customers manage their risks, recover from the unexpected, and achieve peace of mind.

 

 

Integrity: -We commit ourselves to conduct our business honestly, ethically and consistently.

Excellence: - We set and strive to achieve stretched goals, work constantly to improve, and deliver what we promise and beyond whenever possible. All our endeavors are geared to achieve excellence through innovation, learning, and agility.

Team work: -We believe that the best solutions come from working together with our colleagues and customers.

Innovation: - We promote innovation and creativity. We will be a learning organization by embracing change. We will continuously improve our process and product features to meet and exceed our customers’ expectation.

            Logo

            

The Nyala HEAD superimposed on the traditional Ethiopian SHIELD is chosen as the company's LOGO for the following reasons: In recognition of the role the Ethiopian patriots and the conservationists played in "Caring" and "Protecting" Ethiopia and its resources, human as well as natural, and in declaration of our pledge to give deserving "Care and Protection" to our customers, their dependents and their hard-earned assets.

The Head:

The Mountain Nyala, once known as "Queen of Sheba's Antelope, was some 40 years ago dangerously close to extinction. Thanks to the "CARE and PROTECTION" both National and International friends of wild life, the risk was averted and presently the Nyalas are proliferating. The Head, therefore, signifies the commitment our staff have to always give "CARE and PROTECTION" to their business partners.

  

The Shield:

History tells us that Ethiopia's gallant people "protected" Ethiopia and their fellow Ethiopians from the risk of being colonized with heartfelt dedication and hand held "TRADITIONAL ETHIOPIAN SHIELD". The "SHIELD" therefore signifies our colorful history of freedom and no colonial past! It doubly signifies our commitment of "CARE and PROTECTION" to our business partners.

Motto 

 ”አለኝታዎ”in Amharic

“PROTECTION WITH CARE” in English

 

 

Directors

 

                              Board of Directors: 

  1. Ato Kemal Mohammed Osman (Chairman) 
  2. Dashen Bank S.C (Member) Represented by Ato Asfaw Alemu Tesema, 
  3. National Motors Corp. Plc-(Member) Represented by Ato Yetnayet Tesfaye Tadesse 
  4. Ato Getachew Birbo Bati (Member) 
  5. Ato EsayasKebede Amare (Member) 
  6. Ato MinassieTadesse Desta (Member) 
  7. AtoYonas Duguma Hunde (Member) 
  8. Ato Dereje Yesuwork Neway (Member) 

Board Secretary: Behailu Tamirat

 

Board Sub-Committees 

No

Board Sub-Committees

Director

Director

Director

1

Audit Committee

 Yetnayet Tesfaye(NMC)

Kemal Mohammed

----

2

Risk management & Compliance

Dashen Bank-Asfaw Alemu

Esayas Kebede

Yonas Duguma

3

Human Resource

Getachew Birbo

Minassie Tadesse

Dereje Yesuwork

 

 Board Sub-Committee Chairs

  1. Audit Committee:

Chairman: Ato Yetnayet Tesfaye Tadesse (NMC Representative)

2. Risk and Compliance Committee:

Chairman: Ato Esayas Kebede Tessema

3. Human Resource Committee:

4. Chairman: Ato Getachew Birbo Bati 

 

                               

Auditors

 

        Auditors

  HST, Chartered Certified Accounts

 

Management Team

 

Management Team:

 

Ato Yared Mola - Chief Executive Officer 

Ato Habtamu Debela - Executive Officer, Underwriting 

Ato Astatekie Lulseged - Executive Officer, Claims Management 

Ato Tegegn Masresha - Executive Officer, Marketing & Business Development 

W/ro Woinshet Gosaye - Executive Officer, Finance and Investment 

Ato Alemayehu Merid - Executive Officer, Resource Management 

 

Bankers

 

         Bankers

  Dashen Bank s.c.  Commercial Bank of Ethiopia
        Bank of Abyssinia  Wegagen Bank
  Nib International Bank                 Awash International Bank
  United Bank Abay Bank
  Zemen Bank Bunna International Bank

Staff

 

    Human Resources

   

Nyala Insurance has qualified, young, motivated and committed staffs. The Company's Human Resource Policy is to follow "Grow Own Trees" strategy and recruit young and dynamic graduate Ethiopians mostly straight from higher learning institutions. The training and development activity is considered as an investment to produce a flexible and multi-skilled human resource. On the job coaching and intensive formal/informal training, local and abroad are the company's routine staff development programs.

The number of employees of NISCO has reached 247 as at June 30, 2013 in response to the company’s nationwide penetration and it’s committed toward full staffing.
    Out of the total employees, about 81% are below 40 years of age, while 11% and 8% of the employees are between 41 to 50 years of age and over 50 years of age respectively.  

NISCO recognize professionally skilled and well motivated employees as its vital organizational asset.  Hence, the company exerted effort to recruit the best qualified personnel for all of its posts. As of 30th June 2013, 68% of the employees of NISCO are 1st Degree and above, while 22% and 10% are College Diploma holders and High School respectively.