WADAAG Insurance

Description

ABOUT US

Wadaag insurance is founded on the cooperative principle. Policyholders premiums, which are considered to be donations, form the general fund from which any claims are met. At the end of the year, any remaining cash surplus (after deduction of expenses) is not kept by the company or its shareholders, but returned to the policyholders in the form of cash dividends or distributions.

In this respect, Wadaag insurance business is different from the conventional form in which the shareholders, rather than the policyholders, benefit from the profits generated by the sale of insurance products and services and by insurance investment assets.

Insurance investment assets which are represented by insurance funds that accumulate over the retained surpluses reserves, provisions and so on, are invested by the company’s shareholders on behalf of the policyholders under Wadaag Investment. The shareholders are rewarded with a percentage of the profit on these investments, as distinct from the insurance business.

It follows that Wadaag insurance is founded on the principle of a separation between the funds and operations of shareholders and policyholders, thereby passing the ownership of the insurance funds and operations to the policyholders.

Our Vison

To be the Africa’s premier insurance company by building on our reputation as a leader in product innovation, policyholder and shareholder value maximization and people development.

Our Mission 

To maximize policyholder and shareholder value by providing diverse and innovative Insurance products and services and by optimizing the use of resources through competent and caring personnel.

Our Values

• Our undivided attention is always to our policyholders, the owners of our insurance operations.
• Our passion for product innovation and service enhancement mirrors our commitment to meeting our customers’ needs and adding value to our products and services.
• We are growth driven aiming towards setting higher benchmarks in all aspects of our business.
• We respect our employees, create opportunities for their advancement, and inspire improved performance through a constantly improved reward system.
• We are committed to spreading Islamic principles to promote solidarity and the spirit of cooperation among all members of the society.

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