SiCRED

What SiCRED does

SiCRED sh.a. (Shoqëri Sigurimi Jete) is Albania's first and only private life insurance company, founded on October 7, 2003 with 100% local capital and operating under AFSA License No. 8/2004. Headquartered in Tirana, the company holds the #2 position in the Albanian life insurance market by gross written premiums and serves approximately 60,000 policyholders across individual and group segments. The company maintains a distribution network of branches in 8 major Albanian cities (Tirana, Durrës, Elbasan, Fier, Vlorë, Shkodër, Gjirokastër, Korçë) plus an online application portal and Albania's first insurance online appointment booking platform.

The product portfolio comprises 15+ insurance lines covering life, health, accident, savings, credit, travel, sports, student, and visitor protection. Flagship products include Evolutive Life Insurance (SJE), launched in 2022 with up to 10,000,000 EUR sum insured and same-day approval, and the Cash Plan family (40% of portfolio by 2022). Underlying technology includes an integrated insurance management platform with fiscalization capabilities (expanded in 2025 to Life and Personal Accidents products), online premium calculators, and direct-to-consumer application flows. SiCRED also distributes the CREDINS Premium Investment Fund and CREDINS Pension voluntary pension fund as an authorized agent, with two 100%-owned subsidiaries (SiCRED Assistance sh.p.k. and SiCRED Distribution sh.p.k.) providing ancillary services.

Revenue is generated primarily through recurring insurance premiums across individual and group policies, with pricing varying by age, gender, health condition, sum insured, and policy term. Distribution combines direct sales through branch offices, online self-service, referral flows from a Medical Network of 270+ clinics and hospitals in Albania, Italy, and Turkey, and group/enterprise sales to banks (depositor insurance), educational institutions, and sports clubs. Reinsurance partnerships with Swiss Re, QBE Re, and SCOR Global Life underpin risk management. Ownership is dispersed among Albanian shareholders led by Aleksandër Pilo (46.39%) and Renis Tërshana (30.16%), with the company operating privately without external funding rounds.

Name

SiCRED

Legal name

SiCRED sh.a.

Website

https://sicred.com.al

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

51–100 employees

Short description

SiCRED is Albania's first private life insurance company, offering individual and group life, health, accident, and savings insurance products to 60,000+ policyholders across 8 Albanian cities through branch and digital distribution channels, ranking #2 in the domestic life insurance market.

Ownership category

akta.pro rank

Headquarters

HQ city

Tirana

HQ country

Albania

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Life Insurance Premiums: Core revenue stream from individual and group life insurance products including Evolutive Life Insurance, Life with Survival Benefits, Life with Savings, and Credit Life Insurance. Premiums are paid annually, monthly, or as single payments depending on product.
2. Health Insurance Premiums: Revenue from Cash Plan health insurance products covering medical expenses, hospitalization, diagnostic tests, and treatments. Includes coverage for accidents and illnesses.
3. Accident Insurance Premiums: Revenue from personal accident coverage and group accident insurance products, providing financial protection for temporary or permanent disability.
4. Travel Insurance Premiums: Revenue from travel life and health insurance for individuals traveling abroad, covering medical emergencies and repatriation.
5. Investment Fund Distribution: Revenue from acting as authorized agent for CREDINS Premium Investment Fund and CREDINS Pension voluntary pension fund.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels7 records

Core offering

SiCRED sh.a. is a licensed life insurance carrier in Albania selling individual and group life, health, accident, savings, credit-life, travel, and specialized insurance policies (15+ distinct products including Evolutive Life Insurance, Cash Plan, JAP, SJK, SJM, SJD, JAG). The company also acts as an authorized sales agent distributing the CREDINS Premium Investment Fund and CREDINS Pension Voluntary Pension Fund, and operates SiCRED Assistance for ancillary consulting services.

Product overview

SiCRED is a life insurance company operating as a diversified financial services group. Its core portfolio includes 15 named individual and group life/health/accident insurance products — Evolutive Life Insurance (SJE), Life Insurance from Sudden Diseases and Accidents (SPA), Life Insurance with Survival Benefits (SJM), Life and Health Insurance Cash Plan, COVID Plus variant, Life and Personal Accident Insurance (JAP), Travel Life and Health Insurance (JSHU), Credit Life Insurance (SJH), Pupils and Students Life Insurance (JNS), Students Life and Health Insurance (JSHS), Visitor's Life and Health Insurance (JSHV), Life Insurance with Savings (SJK), Combined Life Insurance (SKJ), Depositor's Life Insurance (SJD), Sportsperson Life and Health Insurance (JS), and Group Life Insurance with Accidents (JAG). The Cash Plan family (reaching 40% of portfolio in 2022) and Evolutive Life Insurance (launched 2022, up to 10,000,000 EUR sum insured) are flagship products. SiCRED extends its offering through two financial services: the CREDINS Pension Voluntary Fund and CREDINS Premium Investment Fund, both distributed as an authorized agent of CREDINS Invest sh.a. A third subsidiary, SiCRED Assistance sh.p.k. (100% owned), provides ancillary services including legal advice, occupational safety and health consulting, medical services mediation, and employment mediation. A fourth subsidiary, SiCRED Distribution sh.p.k. (100% owned), operates in Albanian traditional handicrafts. Products are distributed through a network of branches across Albania, an online application portal, and a network of 270+ private clinics and hospitals in Albania and abroad.

Differentiator

Problem solved

Functional benefit

Brands

• CREDINS Pension: Voluntary Pension Fund managed in cooperation with CREDINS Invest sh.a.
• CREDINS Premium

Products and services

• Evolutive Life Insurance (SJE) Individual life insurance providing financial protection to family members economically dependent on the insured, with staged coverage (accidents year 1, accidents plus sudden diseases year 2, all causes thereafter) up to a sum insured of 10,000,000 EUR, simplified underwriting, and same-day approval with no medical examination.
• Life Insurance from Sudden Diseases and Accidents (SPA) Individual life insurance covering loss of life from sudden diseases (cerebral stroke, myocardial infarction, meningitis, etc.) and accidents, with sum insured up to 100,000 EUR, policy term 1-3 years, entry age 18-67, maturity up to age 70.
• Life Insurance with Survival Benefits (SJM) Insurance combining life coverage with a regular savings/investment scheme over a defined period, paying a guaranteed sum on death or survival at maturity with optional accident and critical illness riders and a minimum guaranteed annual rate of 1.2% in ALL, EUR, or USD.
• Life and Health Insurance (Cash Plan) Reimbursement insurance covering unexpected medical expenses from accidents or illnesses including surgical interventions, diagnostic tests, hospitalization, chemotherapy, radiotherapy, and rehabilitation; customized to the insured group's composition; reached 40% of SiCRED's portfolio in 2022.
• Life and Health Insurance Cash Plan – COVID Plus Extended variant of the Cash Plan that adds COVID-19 coverage to the standard life and health insurance package.
• Life and Personal Accident Insurance (JAP) Individual financial protection against accidents and loss of life, covering medical expenses, temporary or permanent disability, and natural or accidental death, with flexible basic-to-advanced packages including a free medical check-up; entry age 0-85 with same-day policy issuance.
• Travel Life and Health Insurance (JSHU) Coverage for acute health issues while abroad, including emergency medical treatment, hospitalization, surgery, medicines, dental treatment, medical equipment, repatriation costs, and a death benefit for family members; delivered with APRIL International assistance.
• Credit Life Insurance (SJH) Life insurance designed to pay off a borrower's outstanding debt on natural or accidental death, with the sum insured decreasing in parallel with the outstanding loan balance as repayments are made.
• Pupils and Students Life Insurance (JNS) Coverage for pupils and students against health issues and accidents, including medical expenses, ambulance transportation, critical disease treatment, fracture compensation, disability, and accidental or natural death benefit, with an annual preventive check-up included.
• Students Life and Health Insurance (JSHS) Insurance contract for persons applying for short- or long-term studies outside Albania covering medical treatment up to 30,000 EUR, accidental disability up to 5,000 EUR, repatriation up to 30,000 EUR, emergency evacuation up to 30,000 EUR, and a 5,000 EUR death benefit.
• Visitor's Life and Health Insurance (JSHV) Insurance for foreigners visiting or staying in Albania for up to one year, with life insurance of 3,000 EUR, medical expenses up to 5,000 EUR, personal accidents up to 5,000 EUR, and repatriation up to 10,000 EUR; available for ages 1-65.
• Life Insurance with Savings (SJK) Group life insurance with a 7-10 year savings scheme set up by employers for employees, providing life coverage plus a guaranteed long-term investment, with accumulated savings paid at contract maturity provided the employee remains with the employer through the full term.
• Combined Life Insurance (SKJ) One-year renewable contract combining life insurance with personal accident and critical illness coverage covering natural/accidental death, permanent/temporary accident disability, and six critical illnesses (heart attack, cerebral attack, cancer, renal insufficiency, coronary artery surgery, paralysis).
• Depositor's Life Insurance (SJD) Insurance for bank depositors in Albania covering loss of life or permanent disability during the deposit term; any person aged 18-60 with a term deposit of at least 1 year at a participating bank is automatically insured.
• Sportsperson Life and Health Insurance (JS) Coverage for professional athletes of Albanian clubs and national team members, covering loss of life, total permanent disability, and sports accident injuries; includes club management staff such as coaches and masseurs.
• Group Life Insurance with Accidents (JAG) Employer-provided group coverage for employees against physical injuries from accidents or loss of life from natural or accidental causes, including a free insurance card for discounts across SiCRED's medical network and an optional annual preventive check-up.
• Voluntary Pension Fund – CREDINS Pension Voluntary pension fund administered by CREDINS Invest sh.a., offered to clients through SiCRED as an authorized agent; provides additional retirement income with low investment risk, fiscal benefits, and professional asset management.
• Investment Fund – CREDINS Premium Open-ended collective investment fund managed by CREDINS Invest sh.a., available through SiCRED as an authorized agent; offers high liquidity, target return rates, minimum investment thresholds, diversification, and professional portfolio management.
• Legal Advice Legal consulting services provided through wholly-owned subsidiary SiCRED Assistance sh.p.k. for implementation of Albanian labor legislation, including advice on employment procedures and contracts, statutory updates, written legal responses, seminars, training, employee guidelines, and protection/representation.
• Occupational Safety and Health Services Occupational safety and health consulting provided by SiCRED Assistance sh.p.k., covering safety audits, labor legislation support, workplace risk documentation, accident investigations, safety training, and employee protection and representation.
• Mediation for Medical Services Medical institution selection and mediation services provided by SiCRED Assistance sh.p.k., including advice on suitable medical institutions, mediation procedures with selected institutions, and cooperation with international partners in Italy and Turkey.
• Employment Mediation Private employment agency services provided by SiCRED Assistance sh.p.k. under an Albanian state license, covering advice on employment procedures, consultations, employment contract guidance, foreign worker mediation, and international partner cooperation.

Quantifiable outcome

• 250 employees from 3 companies received approximately 600,000 EUR in accumulated savings in 2019
• +2 more outcomes

Named customers4 records

Segments6 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered core.

• QBE RecoreTechnology or Integration · 1 January 2017QBE Re (Europe) Limited provides reinsurance services worldwide including property, casualty, specialty, and life reinsurance. QBE insurance group was founded in 1886 and is one of the top 20 insurers and reinsurers globally. Partnership began in 2017 for reinsuring large written risks. Ratings: S&P AA-, Fitch A+, AM Best A.
• Swiss RecoreTechnology or IntegrationSwiss Re is one of the largest and most renowned reinsurance companies in the world, headquartered in Zurich, Switzerland, with history dating back to 1863. They provide coverage and reinsurance solutions to SiCRED ensuring financial stability and protection against major risks. Ratings: S&P AA- (very strong), Moody's Aa3 (excellent), A.M. Best A+.
• APRIL InternationalcoreStrategic or Co-development PartnerAPRIL International, part of the renowned APRIL Group, provides travel health insurance and international medical assistance with global coverage and advanced digital services. Delivers professional assistance and efficient claims management for SiCRED's Travel Life and Health Insurance products.
• CREDINS Invest sh.a.coreStrategic or Co-development PartnerPension Funds and Collective Investment Undertakings Management Company. SiCRED is authorized agent for CREDINS Premium Investment Fund and CREDINS Pension Voluntary Pension Fund. SiCRED holds 12% of quota shares in CREDINS Invest. Partnership enables SiCRED to offer investment and pension products to clients.
• SCOR Global LifecoreTechnology or IntegrationOne of the 5 largest reinsurance companies in the world. SiCRED signed reinsurance agreement with SCOR Global Life in 2007.
• Italian and Turkish Hospital NetworkscoreStrategic or Co-development PartnerSiCRED Medical Network expanded with collaborations outside Albania with some of the most successful hospital groups in Italy and Turkey, providing clients access to international healthcare.

Scale indicators15 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Intersig Vienna Insurance Group: Albanian insurance company owned by Vienna Insurance Group, providing life and non-life insurance products to individuals and corporates, directly competing with SiCRED across personal and group lines.
• ANSIG: Albanian insurance company operating in life and non-life segments, directly comparable to SiCRED as a domestic peer competing for the same individual, family, and corporate customers.
• SIGAL UNIQA Group Austria (Albania): One of the largest insurance groups operating in Albania, a subsidiary of Austrian UNIQA Insurance Group, offering life and non-life insurance products in direct competition with SiCRED's individual and group offerings in the same Albanian market.
• ALBSIG: Established Albanian insurance company offering life and non-life products, directly competing with SiCRED in the same domestic market for individual and corporate customers.
• EUROSIG: Albanian insurance carrier offering life and non-life insurance to individuals and businesses, competing directly with SiCRED for share in the Albanian retail and group insurance segments.

Broad incumbents

• Generali: Major European insurer with a long-established presence in CEE/SEE through subsidiaries and partnerships. Comparable as a broad incumbent life and health insurer with greater scale, capital, and product breadth than SiCRED.
• UNIQA Insurance Group: Austrian-headquartered insurance group operating across CEE and SEE, parent of SIGAL UNIQA Albania. Comparable as a broad incumbent offering life and health products in the same regional corridor with much larger scale and capital.
• Allianz: Global insurance and asset management leader with established CEE/SEE operations. Comparable as a broad incumbent offering life, health, and accident products at significantly greater scale than SiCRED.
• Vienna Insurance Group: One of the largest insurance groups in CEE/SEE, parent of Intersig in Albania. Comparable as a broad incumbent with deep capital, diversified life and health product portfolios, and significant scale advantages over SiCRED.

Others

• Credins Bank: Albanian bank that partnered with SiCRED for Depositor's Life Insurance (SJD) and now owns the majority of CREDINS Invest. Adjacent ecosystem participant rather than direct insurance competitor — comparable as a financial services player overlapping on customer distribution in Albania.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/user/SiCREDSha/videos
• Facebookfacebook.com/sicredsha
• LinkedInlinkedin.com/company/sicred-sh-a
• Instagraminstagram.com/sicred_sh.a

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SiCRED