The Sierra Leone Insurance Company Ltd (SLICO) yesterday launched two new products; the loan protector and the Senior Driver Policy at Santanno House, Howe street Freetown.
In his opening statement the chairman Mr. Samuel H. O. T. Maculey thanked (SLICO for giving him such an opportunity.
He stated that he had followed SLICO’s progress over the years with keen interest and that he is happy because it has held its own despite the fierce competition in the insurance market.
He added that the world is currently in recession, great industries are collapsing and unemployment is on the increase.
“SLICo comes up with innovative ideas to break the impasse and they will today launch products which hopefully will give confidence to the banks and induce them to make meaning interventions in our fledgling economy” he said.
Mr. Maculey congratulated SLICo for their bold initiative. “I hope other insurance companies will come up with similar ideas to make our economy buoyant” he added.
The Director for Marketing and Business Union Trust Bank Ltd. Mr. Kobi Walker stated that insurance enable those who suffer a loss or accident to be compensated for the effect of their misfortune.
Mrs. Assiata K. Sidibe, Director Peace Management, ECOBank said they had employed SLICo in their lending process. She said loans are approved by SLICo and their money is returned at a faster rate.
She added that SLICO covers their risk in case of any problem which may happen to any of their lenders.
In unveiling the products, the General Manager of SLICO Mr. Joseph A Cummings explained that the loan protector is purely for banks, individuals and also for all cooperate entities.
He also added that the product aim is to provide vital guarantees for non-collateral loans and service. He further stated that it is designed to allow loan access to people without collateral and provide a low-cost life insurance.
Mr. Cummings also stated that the product service assures banks full repayment in the event of death or permanent disability resulting from accidents.
It also ensures families don’t have to cope with borrower’s death or incapacitation and loan repayment and include a full life cover with endowments which he said is optional.
He further stated that the Senior Driver Policy is purely for drivers that are above fifty.
They are given 20% of the Premium at inception.