What we do
Four areas cover everything IBAZ does
We lobby and advocate. When government or the Pensions and Insurance Authority proposes something that affects brokers or the insuring public, IBAZ prepares a position and puts it to them directly. We sit on the Technical Advisory Group and hold representation at the Ministry of Finance and National Planning and the Ministry of Commerce, Trade and Industry, including work on AfCFTA trade in services and export credit insurance.
We uphold professionalism. Member firms sign up to the IBAZ Code of Ethics. We run seminars, workshops and technical sessions so that people working in broking keep current with insurance law and practice.
We build public awareness. Most Zambians have never bought a policy and do not know what a broker is for. We publish guidance that explains cover, claims and the broker's role in language a first-time buyer can follow.
We serve members. Technical support, market information, networking, a listing in the public directory and collective representation on matters no single firm could carry alone.
Vision
Access to quality and sustainable insurance broking services for the benefit of every customer.
Mission
To support the delivery of quality insurance broking services by building members' capacity and advocating for an enabling environment for the profession.
What we stand for
Our values
Integrity
We act honestly and we say the same thing in private that we say in public.
Professionalism
Members meet a standard of competence and conduct that goes beyond what the law requires.
Accountability
We answer to our members, and our members answer to their clients.
Excellence
We expect the broking profession in Zambia to improve, and we work at it.
Collaboration
Insurers, the regulator and brokers all lose when the market loses public trust. We work with the rest of the industry, not against it.
Bound by a Code
Every member firm signs up to the IBAZ Code of Ethics as a condition of membership.
Constitution
Our objectives
The Association's constitution sets out its formal objectives. In summary, IBAZ exists to:
- Safeguard and advance the common interests of member firms, including acting collectively where government or another authority takes a decision that affects them.
- Monitor legislation affecting insurance brokers, support laws that serve brokers and the insuring public, and oppose those that would cause harm.
- Work with insurers and the Insurers Association of Zambia to improve the quality and reach of services to the public.
- Maintain professional standards among people working in broking through seminars, workshops and open debate on insurance law and practice.
- Draw up a Code of Ethics and enforce it among members.
- Advocate for fair dealing between insurers, brokers and the insuring public.
- Allow members to share information, knowledge and experience so the public gets better service.
- Advise relevant professional bodies on technical matters, protect the interests of the sector when bills go before Parliament, and act as a link between the public, the industry and government.
- Co-operate with local and foreign professional bodies on matters of mutual interest and affiliate where that serves members.
- Hold and manage property and other assets in furtherance of these objectives.
Governance
How IBAZ is run
An elected Executive Committee of nine runs the Association, overseen by a Board of Trustees of three, with a Secretariat headed by a Chief Executive Officer handling day-to-day operations. Committee members serve while holding senior positions at member firms, so the people setting IBAZ policy are the people doing the work.
Executive Committee
Nine elected positions: President, Vice President, Immediate Past President, Honorary Secretary, Honorary Treasurer and four committee members.
Board of Trustees
Three trustees provide oversight of the Association and hold its assets.
Secretariat
Headed by a Chief Executive Officer. Handles membership administration, enquiries, events and day-to-day dealings with the regulator and government.
President
Phideliah Sichone Mwaba
Leads the Executive Committee and represents the Association in its dealings with government, the Pensions and Insurance Authority and the wider insurance market.
The market
Where brokers sit
The Zambian insurance market has several licensed participant types. Insurers and reinsurers carry the risk. Actuaries price it. Loss adjusters and motor assessors quantify claims. Agents sell on behalf of a single insurer.
Brokers are different from agents in a way that matters to buyers. A broker is licensed to act independently of any insurer, which means the broker's duty runs to the client.
Licensed participants in the Zambian insurance market