Brief HistoryMadison Insurance Company Zambia Limited was the first private insurance company to
commence operations in the liberalised insurance market, on 1 April 1992. The Company started as a subsidiary of Meridian International Bank Limited (MIBL) which was based in Nassau, Bahamas.
The main object of Madison from the outset was to provide a first class client service, particularly in relation to claims as it was a known fact that both individual and corporate clients in the market were concerned about these issues. The Company achieved very good results both in respect of growth and profitability from inception. However, the liquidation of the Meridian International Bank Group in 1995 had an adverse impact on the Company. In view of this, Management offered to buy the Company to save it from collapse and proceeded to look for new partners.
To date Madison remains an outstanding example of successful financial restructuring in Zambia and speaks volumes of the skills of Management. All business lost because of the 1995 problem has since been recaptured and the company has gone on to experience tremendous growth from new business. Madison Insurance is the only insurance company in Zambia with in-house actuarial services.
Mission StatementBecome a model of excellence in the market
At Madison Life, we aim to attain the highest standard of excellence and to deliver a world class service through the continuous adherence to sound management practice and the continuous improvement of our service delivery process.
To respond to the challenges of tomorrow today
In a fast changing market, we endeavour to understand the challenges and needs of our clients and prospective clients, in order to design and deliver insurance solutions that resolve our clients’ challenges.
To perform through a team of enthusiastic, dedicated, motivated and appreciated people.
At the core of our organisation is a team of highly skilled and dedicated people committed to delivering a world class service. Through our in-house training programs we ensure continuous skill development and create an environment that encourages innovation and continuous improvement of the service delivery process.
VisionTo be Zambia’s leading Insurer in service, innovation and profitability with integrity
Innovation is key to discovering new ways of delivering a world-class service and ensuring efficiency and profitability. MLife seeks to inspire innovation in the Zambian insurance market and to emerge a leader in service delivery while pursing long term profitability and returning the integrity associated with the brand.
Attain world class insurance company standards
Working within the confines of local and international regulation, MLife aims to attain international brand and service recognition associated with world-class insurance companys. To achieve this goal, the company continues to invest in key infrastructure, human resource and business processes to insure adherence to local regional and international service delivery and professional standards.
To become a regional player
Over the years Madison Life has grown to be the leading insurance company on the Zambian market and has also established regional presence through it alliances and participation at regional level. The company continues to work towards establishing a strong regional foot print in the insurance industry.
Become the Insurer of preferred choice
Over the years Madison Life has invested in service delivery and has built a reputation as the insurer of preferred choice. As the leading Insurance Company on the Zambian market, Madison life seeks to retain its market position through continued commitment to the continuous improvement of service delivery and adherence to good business practice.