Lusaka, Zambia – Thursday, 30 March 2023 – Octagon Zambia Insurance Brokers (OZIB), a subsidiary of Octagon Financial Services Limited (OFSL), has today announced the launch of its operations in Zambia. The launch follows the company’s successful establishment in Kenya and Uganda, as Octagon expands its strategic venture to provide comprehensive broking insurance solutions to customers in Zambia.
Octagon Zambia Insurance Brokers is a subsidiary of Octagon Financial Services Limited which is a leading regional financial services company with significant industry consolidation within the non-profit, public and private sector in 4 strategic divisions namely Pensions Management, Insurance Brokerage, Training and Actuarial Services.
Speaking at the launch event held at Radisson Blu Hotel in Lusaka, Octagon Financial Services Limited Board Chairman, Mr Charles Mate said: “At Octagon we strive to provide solutions for our clients’ financial risks and as a broker our duty is to understand the client’s situation, needs, and desires to find the best insurance policy within their budget as well as helping them choose the right insurance plan. We aim to help our clients navigate between insurance policies, many of which have subtle differences, to ensure they choose the most optimal plan for their unique needs.”
Octagon’s mission is to safeguard the financial future of its customers through lifelong learning, risk management, and retirement solutions. The company’s vision is to enrich lives through innovative financial services and solutions.
Octagon Africa Group Chief Executive Officer, Mr Fred Waswa commented during the launch of OZIB in Lusaka: We are excited to bring our expertise and experience to Zambia and we remain committed to provide guaranteed financial security to all our customers and deliver the best possible insurance solutions to our clients across all the three markets. The insurance broking line has been in full swing in both Kenya and Uganda and we saw it only logical for us to extend the strategic venture to Zambia.
OZIB offers a wide range of insurance products, including fire and special perils, fire consequential loss, burglary, all risks, goods in transit/marine cover, fidelity guarantee, professional indemnity, motor comprehensive, public liability, house owners/house holder’s policy, personal accident, WIBA, Machinery Breakdown, Credit Life, Octagon last respect easy cover, staff medical scheme, and group life cover.
Octagon Insurance Brokers is licensed to broker for all classes of insurance products by the Insurance Regulatory Authority in Zambia. With its expertise and systems, the company is committed to supporting its clients with their diverse needs.
Octagon Africa has seen it fit to extend its insurance offering to Zambia as the insurance sector continues to see high double-digit growth over the medium term, as it continues to recover from the economic impacts of the Covid-19 pandemic. However, the underdeveloped nature of the insurance market means that any growth will be from a low base and will continue to depend especially on compulsory lines and the affluence of a small urban middle class.
About Octagon Africa Octagon Africa is an award winning leading regional financial services company with significant industry consolidation within the non-profit, public, and private sector in 4 strategic divisions namely Pensions Management, Insurance Brokerage, Training and Actuarial Services.