Twenty years of insurance business in PNG and growing fast

Phillip Tolley (left, first on backrow) with Capital Insurance Group staff

2013 marks 20 years of operation in Papua New Guinea (PNG) for Capital Insurance Group (CIG).  Capital Insurance Group is one of the fastest growing insurance company in PNG generating an estimated revenue between K26 to K30 million as of 2013.

From its humble beginning in the early 1990s, CIG has grown rapidly to be one of the leading general and life insurance company in PNG.

 “We have  a strong-20 year history of providing high quality insurance service to consumers and good employment opportunity and capacity development programs to our employees” says Phillip Tolley, Capital Insurance Group, Managing Director.

Under the general insurance, CIG writes insurance on property, liabilities, workers compensation and motor vehicles. Under the life insurance, it writes medical and life insurance. One unique feature of the medical insurance according to Tolley is the 14 Days claim guarrantee, which he said is attracting more customers.

The CIG is unique as it is the only insurance company in PNG that is institution owned. Teachers Savings and Loans Society owns the largest percentage (36%) of CIG shares and the rest is shared by Nambawan Super and Credit Corporation.

To lead such a dynamic and rapid growing organizations calls for globally literate leaders. Leaders who can think globally and act locally within confines of the available resource limitations.

Phillp Tolley is one such leader. He is a globally literate leader, who worked in large Australian insurance companies in Southern Australia, Western Australiam Northen Teritory and Queesland. Tolley holds a MBA degree and is a fellow of Australian Insurance Industry.

Tolley says that, Capital is built on the “customer first” philoshopy. Being a globally literate leader who has well developed business, personal and social intelligence, Tolley has guided his team to a greater leap in revenue from 13 million in 2012 to 30 million 2013 and anticipates the revenue to climb to K40 million in 2014.

Having one eye on the global insurance market grand scheme and another eye on the local insurance market, Tolley ensures that the operations of CIG revolves around the core strategic pillers of customer oriented service, an evolving  learning culture and localizations of talents.

Despite the challenges of weak insurance culture and skill shortage in PNG, CIG has enjoyed a strong growth and profitability due its strong strategic leadership.

“We are growing fast and we will continue to do so in years to come” says Tolley.

The CIG utilises its global knowledge and expertise to provide PNG consumers with insurance product innovation that addresses key insurance concerns. CIG fortifies its market share by aggrresively driving for general and life insurance.

The CIG actively engages with consumers to ensure they have access to information that will help them make informed choices.

Today, CIG employes 18 people in its Port Moresby office who are provided with the best-pratice in training and development in the insurance industry.

Tolley believes its people are its most important assets, and provide staff with on going training base on local and global expertise.

“We pride ourselves in providing good career opportunities to our staff by continuing to invest in training and developmebnt” says Tolley.

Tolley is confident on the long term future of CIG and says the success of CIG in Port Moresby will then be duplicated anywhere else in the world thus sharing the capital and geographical risks.

“We remain commited to investing in PNG and are planing to duplicate our success elsewhere around the Pacific and the world” he says.

This is a strong testament to CIG’s continued confidence in PNG and its comitement to continue deligting PNG consumers in years to come.