The Federal Government, through the National InsuranceCommission (NAICOM), needs to provide the necessary regulatory mechanism, and business environment to grow the sector, the Chairman, Guinea Insurance Plc, Godson Ugochukwu, has said.
Ugochukwu, who spoke with reporters in Lagos, said insurance underwriting is a worthwhile venture, saying it requires government’s intervention, especially because the economic crisis occasioned by high inflation and low disposable income, is having impact on the performance of insurance practitioners.
He said it was sad that government lacked the political will to enforce certain laws and policies which he said pose serious headwinds that have slowed down the growth of the industry.
Ugochukwu said when economies experience downturn, the first casualty is insurance, saying that they have seen a lot of reduction in interest for insurance as a lot of people who naturally would buy insurance, regard it as a secondary issue.
This, he said, was due to the fact that insurance business thrives on the back of the economy. He, however, said despite the numerous headwinds slowing growth, the newly constituted Board of Directors of Guinea had positioned to go with the tide of structural and operational changes in the industry.
He said the recent retirement announcement of the erstwhile chairman and four directors from the Board of the company, having served over nine years, came on the heels of the NAICOM’s move to ensure sound business practice, effective compliance with all statutory requirements and the code of good corporate governance as stipulated in section 5.04 (vii) of the 2009 Corporate Governance Code of NAICOM.
Ugochukwu said: “There has been a renewed focus on corporate governance and the Board has spent a significant proportion of its time examining and strengthening the operational processes throughout the company. Having a solid corporate governance framework is key to rebuilding trust and transparency with all stakeholders. The sector is confronted with numerous challenges including economic downturn, low level of coverage for insurance services in the country with approximately 1.5 million insurance policy holders out of the over 170 million population patronising insurance services and products.
“The low penetration rate demonstrates that there is a dearth in the level of acceptance for insurance products among the people and institutional clients.’’
He added: “Contrary to fears that the decline in national revenue occasioned by the fall in oil price and depreciation in the naira value, would spell hardship for the sector as expressed recently by insurance practitioners, I am of the belief that the sector has the potential to grow volumes and enhance shareholders’ value but it requires insurance companies to device means of taking advantage of growth opportunities around them because doing so, would not only increase its penetration but also, enhance awareness and the sector’s contribution to GDP.
“As a company destined for greatness and propelled by a Board of Directors and management team with insatiable thirst for success, we keep the faith that there are no limits, there are only plateaus. We have therefore, taken steps to ensure that our greatest asset – our people, are enhanced through human capital investment. I am pleased to say, that in such a short while, we are beginning to experience growth in our business. I therefore, make bold to say that the future is, indeed, very promising.’’
Category: Insurance
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‘Effective regulation, compulsory insurance key to sector’s growth’
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‘How to earn salaries after job loss ’
The number of Nigerians losing their jobs daily has continued to soar with unemployment rate standing at 13.9 per cent.
But to ensure that those who lose their jobs do not suffer financial hardship and depression, which can lead to death, the insurance industry has introduced a product, Anchor Loss of Employment Insurance (LoEIS) Scheme. With the cover, an employee can continue to receive salary for 24 months after job loss till when he or she would have found another job.
Anchor Insurance Company Limited, the company that introduced the product with certification by the National Insurance Commission (NAICOM), last week paid claims to 120 employees, who lost their jobs suddenly last year.
One of the beneficiaries, a former employee of Heritage Bank, Aderemi Adesibikan, said she was laid off as a result of the restructuring which took place in the bank last December.
According to her, she never expected the sudden job loss and was seriously devastated despite her severance package from the bank.
Adesibikan expressed gratitude to the industry for introducing the cover that will enable her earn income in the next 24 months while searching for another job, said it was a shock absorber.
Another beneficiary, a former employee of Zenith Bank, Gbenga Ademola, said the only regret he had was not to have insured his full salary. He said he was, however, happy with what he insured, which would successfully help him handle his financial responsibility maximally until he gets another job.
A former employee of UBA Plc, Eberechi Ige, also appreciated the industry for designing the product. According to her, she already had insurance culture, adding that embracing the product was not an accident.
Anchor Insurance Company Limited General Manager, Retail, Uzoma Ofurum, while presenting the cheques, congratulated the beneficiaries for taking the wise step to safeguard their employment income against sudden job loss.
He noted that every employee can protect themselves from market risks, adding that beyond the adverse economic state of the nation, it is expedient and wise for employees that value their self-esteem to take appropriate measures to safeguard their income through insurance covers such as LoEIS.
He stressed that not having a salary and having one’s bills pile up without hope of any income, could be very devastating and could eventually lead to financial hardship, depression and death.
In reality, he said the money set aside for pensions would not be easily accessible, especially where the age of the affected worker is way below the designated retirement age of the firm.
He said since one may not be able to control what the unemployment market would be like in the future as one could take steps today to control one’s income.
Anchor Insurance Managing Director, Mayowa Adeduro, said the preservation of life and livelihood is the greatest pre-occupation of man since the creator breathed life into man.
He said: “Income is the building block of our financial life, which helps to handle financial responsibilities and achieve desired dreams. This means man must work every day to ensure there is consistent income for sustenance of livelihood.
“Many firms and organisations were faced with the harsh economic challenges, which were beyond their control; hence, losing job or getting laid off could happen with little or no warning. It’s unfortunate that this very common occurrence can affect anyone at any time.
“It is a fact that people do become financially disabled once they lose their employment, and a long-term financial disability does bring serious financial and emotional consequences, especially for a bread-winner with chains of responsibilities.”
He explained that the product was developed in response to the yearnings of Nigerians for a product that would meet their needs and addresses their challenges.
“The product enjoys adequate technical support from Reinsurance companies and an Actuarial firm. Anchor LoEIS was approved in 2015 by NAICOM. The scheme is the newest and latest solution to protect employment income. It is also a safety net, shock absorber or cushion for the harsh effect of a sudden loss of job. In the midst of economic recession and uncertainties inherent in our environment, the product is the most preferred insurance cover for workers,” he added.
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Report: 500m people affected by flood yearly
ABOUT 500 million people are affected by flooding annually, a report by Swiss Re, has shown.
According to the report, floods are the leading cause of losses in the world of natural hazards as they sweep away lives and homes, affecting a high number of people across many geographies and placing the greatest financial strain on economies when compared to all other types of natural catastrophe.
It stated that due to climate change, flooding events are increasing in frequency and severity.
According to the report read: “In many cases, populations are significantly underinsured or uninsured, and the industry is working to fill this protection gap. Floods are insurable, and Swiss Re has been on the forefront in trying to address this disparity. We are the industry leader in flood modeling and technology, as well as in the structuring, marketing, and handling of floods claims.
“In 2016, Swiss Re released country-specific flood models for Canada, Italy and Argentina. The reports illustrate the opportunity for our industry to help vulnerable countries boost resilience and prepare for flooding events of the future. Both Canada and Italy claim extensive biodiversity and are vulnerable to a variety of flood-types, including river flooding, floods related to torrential downpours, coastal flooding, and reservoir flooding due to dam failure.
“Homeowners and business owners face a large flood protection gap, the vast majority of estimated losses in either country would be uninsured in case of an event. With the help of improved modeling, Swiss Re hopes to change this situation. The models for Canada and Italy specifically combine Swiss Re’s proprietary Global Flood Zones technology with an event-set generation method consisting of four modules: a rainfall-runoff model, a routing model, a statistical model, and an event-set generator. Both reports include multiple 200-year flood loss scenarios throughout the different regions of each country.”
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Linkage Assurance launches retail products
•NAICOM confirms Apere as MD
Linkage Assurance Plc has unveiled special insurance products to capture the untapped retail market.
This is coming on the heels of the confirmation of the appointment of Dr. Pius Apere as the substantive managing director of the firm by the National Insurance Commission (NAICOM) .
The products included Linkage Purple Motor Plus and Linkage Third Party Plus, Linkage Shop Insurance, Linkage Event Insurance, Linkage Estate Insurance and Linkage SME Comprehensive; a stepdown industrial risk cover designed to provide financial protection for small and medium-sized enterprises.
Apere, who spoke during the launch of the products in Lagos, said they were introduced into the market to assist policy holders in risk mitigation. He stated that Nigeria’s retail insurance market remains untapped, adding that the company intends to help bridge the gap by coming up with the products.
He said: “The retail market has long been tapped and that is where the growth is. This is a country whose population is over 180 million, but what percentage of the population has insurance coverage? They said less than one per cent. That is to say that people are not aware of insurance. It means there are potential growth opportunities for insurance industry. Linkage has positioned itself into the retail market by designing these new products that are appropriate and competitive to meet the needs of the people.
“The unique products were developed through well conducted research, which centred on the needs of the public. Most people do not buy insurance because their needs are not factored into the products. “The new products have been designed to meet every day needs of the insuring public. We will leverage all necessary platforms to convey the products to the public,” he said, adding that retail market remained the hub for the nation’s insurance development.
Presenting the products, its Head, Strategy & Business Development, Mr. Imo Imo added that the products has been designed in a unique form and have capability of offering quality services which no other products in the industry had offerred.
He assured that those buying Linkage products should be sure of excellent service, customer value and satisfaction as well as prompt claims settlement, adding that one of the things the firm is known for is excellence service, customer value and satisfaction and prompt claims settlement.
Apere’s confirmation came via a letter from NAICOM dated February 3, signed by Director, Authorisation and Policy, Pius Agbola, for the commissioner of insurance and addressed to Chairman Board of Directors, Linkage Assurance Plc. It read in part: “Having reviewed your application, the supporting documents presented, and the interaction with the Commission, the Commission is pleased to convey approval for appointment of Dr. Pius Apere as the managing director/Chief Executive Officer of Linkage Assurance Plc.”
Apere is a Nigerian and United Kingdom (UK) trained insurer and actuary. He is expected to bring to bear his wealth of experience, garnered over the last three decades, on the Linkage brand for more value creation for shareholders and the insuring public.
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‘Macro-economic conditions reduce insurers’ net value’
The macro-economic condition of the country has affected the ultimate net value of whatever insurers were able to achieve last year, Managing Director, Mutual Benefit Insurance Plc, Segun Omosehin has said.
Speaking with reporters in Lagos, he said: ‘’The recent devaluation in the value of the naira to the dollar majorly affected our network.’’
He stressed that despite the strides made by the company, the vagaries of the macro-economic conditions have taken tolls on the fortunes of the industry.
He however, said going by the 2017 growth projections of the International Monetary Fund (IMF) and the World Bank of one to 1.15 per cent, he is positive that business will get better in the course of the year.
According to him, there are serious indications that the government is committed to arresting the recession based on the funds allocated to power; infrastructure, housing, and the transportation sector in the 2017 budget. The fund that was allocated to power; infrastructure, housing and the transportation sector showed the areas that will directly impact on the economy because anything invested on infrastructure will directly impact on the economy.
He said:’’The macroeconomic conditions of the country in 2016 affected insurance business. This is because we do not operate in isolation but within the larger economy. The recent devaluation of the naira to the dollar affected our network.
“For in Mutual Benefit, when we converted what we did relative to the dollar in 2016, we realised that we did much worse than the previous year because of the exchange rate. “This in a way affected our balance sheet because we had one of our particular portfolio denominated in U.S dollars.
“So it’s a performance I’ll say we were proud of but for the vagaries of the macro-economic conditions of the country it affected the ultimate net value of whatever we’ve been able to achieve. But there have been a whole lot of predictions as to what the economy will look like this year. A number of experts have all predicted that there will be between one and 1.5 per cent growth in our national output.”
Speaking on the hope the insurance industry has in the economy this year, he said: “The World Bank has predicted one per cent growth in our national output. These are outlook that we have used in doing our bench mark as to what we want to do for the year. “We are positive that hopefully with all that we have seen within the fourth quarter of 2016, the economy will improve and insurance business will also receive a boost.”
He lauded government’s decision to dedicate funds for social welfare by giving direct cash to the less privileged.
He also warned that government should continue to work to forestall disruptions from the oil sector.
Omosehin said: “The government has also put certain amount for social welfare by giving direct cash to the less privileged Nigerians and micro credit schemes that were set up. Above that, they also agreed that about 52 per cent deficit in the budget amounting to about N1.3 trillion that is going to finance some of its projects will be sourced locally.
‘’This will have direct impact on activities within the economy and these are areas for companies like ours that are majorly concerned with covering risk associated with economic activities in the system to grow. I believe the industry has a brighter prospect this year given these parameters.
“But any disruption in the flow of income from the oil sector is likely to have direct impact on the economy and that is why we need to look at how well and what machineries can we use to manage the Niger Delta crisis.
“I am optimistic because the vice president recently led a delegation to that region to look at a more pragmatic approach rather than an Abuja political decision that will not have direct impact to what is going on in the region. This development gives us some comfort because for the first time, some people are really looking at the real issues and looking at how well we can, as a country, manage our own crisis without foreign interference.” -
NAICOM: no going back on compulsory insurance enforcement
•Pays 218 aggrieved policy holders N5.4b claims
The National Insurance Commission (NAICOM) has said there is no going back on the enforcement of compulsory insurance in the country.
Commissioner for Insurance, Mohammed Kari said enforcement of compulsory insurance will safeguard and protect innocent third parties.
In a keynote address during a training for personnel of relevant organisations on enforcement of compulsory insurance in Abuja, Kari lamented that the level of compliance with compulsory insurance in the country is still very low.
He said the timing of this training could not have come at a more appropriate time especially as ‘’we prepare to launch the second phase of the Market Development and Restructuring Initiative (MDRI) which has the enforcement of compulsory insurance as one of its major components’’.
According to him, not much could have been achieved in the area of enforcement if officers and men of the various organs to drive the enforcement are not knowledgeable of the products or laws they are to enforce.
On the other hand, he noted that enforcement would become easier if individuals and entities meant to consume these products are made aware of the benefits inherent in the consumption of these products.
So, a key objective this training is meant to achieve therefore is to ensure that both the enforcers and the consumers are sufficiently and adequately trained.
He added that compliance and enforcement of compulsory insurance are indeed fundamental to the growth of insurance business not only in monetary terms but in helping to safeguard and protect innocent third parties.
He said: “There is no doubt that compliance with the laws on compulsory insurance will go a long way to mitigate the adverse exposure to disaster by individuals with access to public places.
“While the Commission is making efforts for the re-launching of the Market Development and Restructuring Initiative (MDRI), an awareness campaign is being run concurrently in the media to better inform the general public of the respective compulsory classes and their benefits.
“The Commission has started reaching out to state governments to domesticate these laws to enable easier enforcement within their jurisdictions. When this is successfully accomplished, it is our optimism that it will drive penetration and contribution of insurance to the Gross Domestic Products (GDP) of the country.
“The importance of compulsory insurance is evident in all spheres of life as it guarantees a form of protection and compensation to victims provided that they are insured, hence they do not have to bear huge financial burden. It also serves as a form of social assistance for the vulnerable people in the society.
“To the economy, the government would not have to bear the burden alone during catastrophic events such as natural disaster, fire accident thereby saving the government money which can be channeled to augmenting the needs of the citizenry, providing infrastructures and creating employment among others.”
There are six compulsory insurances in the country. They are Group Life Insurance in line with the PenCom Act 2004, Employers Liability in line with the Workmen’s Compensation Act 1987; Buildings under construction-section 64 of the Insurance Act 2003; Occupiers liability insurance under section 65 of the Insurance Act 2003; Motor Third party Insurance under section 68 of the Insurance Act 2003 and Health Care Professional Indemnity insurance under section 45 of the NHIS Act 1999.
NAICOM’s Head, Corporate Affairs, Rasaaq Salami in a statement explained that the Commission successfully resolved 218 complaints resulting in the settlement of claims worth N5.475 billion to aggrieved policyholders last year.
He stated that the Commission was working on and at the verge of resolving a total of 650 ongoing cases from 2014 which are all at different stages of conclusion.
He noted that not all resolutions were in favour of the complainants as in some cases, the underwriters were right in repudiating the claims, adding that a case was withdrawn by the commission because it was found to be fraudulent.
The statement read: “The Commission received a total of 413 complaints from aggrieved policyholders against insurance entities in the year under review. In resolving the disputes, the Commission held adjudication meetings and had direct contacts with all parties involved. The Commission is working on and at the verge of resolving a total of 650 ongoing cases from 2014 which are all at different stages of conclusion.
“NAICOM will continue to strive hard to ensure protection of policyholders, beneficiaries and third parties of insurance contracts. Note that not all resolutions were in favour of the complainants. In some cases, the underwriters were right in repudiating claims.
“A case was withdrawn because it was found to be fraudulent, five cases were referred to the Pension Transitional Arrangement Department (PTAD) over non-payment of pension, and another was transferred to the National Pension Commission (PenCom). Cases that are found to be subjudice were not treated but left to the courts to do the needful.
“Cases not resolved are still being looked at by the Complaint Bureau Unit in the Commission.”
NAICOM urges aggrieved members of the public to send their insurance complaints to it through email on: contact@naicom.gov.ng”, he added -
Anchor trains workers
Anchor Insurance Limited is building the capacity of its workforce for maximum performance and growth.
Its Managing Director, Mayowa Adeduro spoke during a three-day retreat for management and senior staff in Lagos.
He said the company is positive that this will reposition the company for growth and ensure that it competes with leading insurance companies in the country.
He also said the company laid out the business plans and methodology to achieving its vision.
He praised the staff for their efforts in 2016 despite the recession and urged them to do more this year to ensure optimal productivity.
He emphasised that to be at the top and surpass corporate set goals, the staff must be proactive and imbibe the spirit of carrying out their individual responsibilities in an unusual manner to achieve unusual results.
He further said the board of directors has directed any worker who meets his or her target should be motivated generously.
The three-day retreat was anchored by John Maxwell, a leading consultant in Nigeria.
Management and staff of Anchor Insurance were treated to many practical sessions designed to develop individuals as a CEO, deepen the spirit of teamwork and discovery of self to ensure optimal productivity aimed at achieving individual and corporate goals.
The consultant challenged the management and staff to remain passionately committed to the vision of being the most innovative and preferred general business Insurance provider in Nigeria. -
Operators react to NAICOM’s agenda
Chief Executive Officers and boards of insurance institutions seem ready for a tough regulatory year, The Nation has learnt.
The CEOs and their board members are however preparing for the changes that may be required as a result of the National Insurance Commission’s (NAICOM’s) agenda for the year.
NAICOM had last week released to all insurance CEOs and their boards a document titled: “Statement of NAICOM’s Regulatory Priorities for the Year 2017” as its agenda for the year.
The Commission listed the issues which will receive special regulatory attention in the year as Capital Verification, Checks in Management Expenses; Compliance on Statutory Returns; Risk Based Supervision (RBS); Corporate Governance; Competence Of Directors; Senior Management and Persons in Control Functions; Market Development; Information Technology and Service Delivery by the Commission.
Nigeria Insurers Association (NIA) Chairman, Eddie Efekoha said NAICOM had exposed its draft guideline on risk based insurance solvency regime which is part of its ongoing RBS to the association and its members and they have taken bold steps to prepare members for the RBS regime.
He disclosed that the association has held a workshop conducted by Alexander Forbes, South Africa to prepare them for the implementation while the Governing Council has set up a committee to study the Draft Guidelines and advise the association appropriately.
FBNInsurance Limited Managing Director, Val Ojumah in an interview with The Nation, said the regulatory agenda is a good development for the industry.
Ojumah, who said the company is ready for tough regulations, said he will be surprised to hear that any insurance firm has not braced up for the regulations.
He said: “I think every company should have been ready. For instance, any company that has been acting in accordance with the law will be ready for capital verification. But any company that has valued its properties against the provisions of the law will have problem with the regulation when it commences the verification.
“The code of Corporate Governance has been in existence since 2009. What is new is that the present administration is taking up the responsibility to bring it up and enforce it. Everybody is aware that ethical practice has been an issue in the insurance market and I don’t think we should we continue in the old ways. There may be issues with the code which we don’t like as individuals or groups but I don’t think that is the fault of anybody or regulator in particular. I think these are matters that we can discuss going forward.
“The RBS which is going to be introduced has been discussed in the market over and over. There has being training programmes and what I have been told is that it is going to be introduced into the market step by step. What is important now is for the regulator to carry the market along which they are doing. I believe that majority of the market are in favour of this provisions. I will be surprised if anybody says RBC is not good.
‘’ I am a member of the NIA governing council and I have not heard anybody saying that it is not a good thing for the market. It has been introduced in other countries successfully, it has made the market stronger and we have been told that it will make our market a better place for practitioners. I have no reason to oppose it and I don’t see anything about it.”
He pointed out that the industry is getting better, premiums are going up and people are taking us a bit more seriously, professionals are getting more ethical in their practices.
‘’I see a great improvement this year and going forward. I am getting more confident that the industry will be a better place for everybody going forward’’, he said.
Staco Insurance Plc Managing Director, Sakiru Oyefeso said his company is looking at all that is required of them as stated in the document.
He said they had to comply with the rule as long as they remain in the insurance market.
Director-General, Chartered Insurance Institute of Nigeria (CIIN), Richard Borokini, said companies have to evolve survival strategies to be able to survive the difficult and challenging time.
Commissioner for Insurance, Mohammed Kari in the document, however, noted that the issuance of the document to the industry is without prejudice to right of the commission to prioritise any issue it considers appropriate during the course of the year.
He further said the economic recession, other dynamic business drivers including improvement in best practices and standards and peculiar conditions of the insurance industry have created the need for high level of prudence, innovation, proactivity, and agility in operations and regulations of the industry.
He stressed that whilst insurance institutions need to take steps to minimise, if not avoid, the negative impact of externalities and ride on opportunities inherent in them, the regulator needs to ensure that customer protection and market stability receive priority attention.
“It is in the light of the above, that the commission hereby draws attention to the following issues and requirements that will engage its attention in 2017 so that insurers are prepared and, where necessary, also make contributions that will facilitate better outcomes for the industry.
“There is no doubt that the industry is going to continue to experience its share of the current economic challenges.The commission recognises the need to be innovative and proportionate in its supervision of insurance institutions and would be so guided appropriately. The commission, however, expects that the avenue provided by Insurers Committee will be fully exploited to progressively improve the insurance industry’s contribution to the real economy in the manner and scale expected by stakeholders,” he said.
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Adeosun, Amosun for insurers’ retreat
Minister of Finance Mrs. Kemi Adeosun and Ogun State Governor Senator Ibikunle Amosun will address insurers at the first Annual Insurers’ Committee Retreat scheduled to hold at the Park Inn by Radisson Hotel Abeokuta, Ogun State between February 16 and 19.
This was made known in a statement by the National Insurance Commission (NAICOM) Head of Corporate Affairs, Rasaaq Salami.
The statement explained that the retreat which will be held under the leadership of the commission is a continuous effort to chart a progressive way forward for the Nigerian insurance industry.
The theme of the retreat is: Growing the Insurance Industry through Innovation and Healthy Competition.
Amosun will deliver the keynote address while Mrs.Adeosun will be the chief host.
“Speakers at the event include Mrs. Bisi Lamikanra of KPMG; Chidima Lawanson, CEO of EFInA; Rotimi Okpaise, Managing Consultant, HR Nig. Ltd and Dr. Phil Osagie of JSP Communication. The Nigeria Insurers Association (NIA) is expected to deliver a paper from the perspective of the underwriting firms on Developing the Nigerian Insurance Industry 2017 – 2020; Issues, Concerns and Recommended Agenda.
“The NAICOM’s Regulatory Agenda 2017 – 2020; Issues, Concerns and Strategic Intent” will also be shared by the commission at the retreat. It is imperative to state that the retreat will provide among others, an avenue to review the activities of the Committee for the period 2016 and plan for the year 2017, an avenue to discuss ways to reposition the Insurance industry for significant contribution to the Nigeria economy and also to discuss extensively on issues affecting the industry such as Risk Based Supervision, Compulsory Insurance, Bancassurance, Annuity and New Channel for Insurance Distribution, etc.
“The two-day event would be rounded off with the first meeting of the Insurers Committee for 2017 to deliberate on the outcome of the retreat,” it stated.
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Mutual Benefits eyes top spot in 2021
Mutual Benefits Insurance has set a five-year strategic roadmap for it to emerge the number one insurance company in Nigeria by 2021, Chairman of the company, Dr. Akin Ogunbiyi, has said.
He made this known at the company’s 21st year annual thanksgiving service in Lagos.
Ogunbiyi said the company has engaged the service of KPMG to chart a new focus for the company.
He said the company strategic aspiration is anchored on being the fastest growing insurance company through innovation, number one in customer service delivery; lead the industry in efficiency and in profitability.
He said they were not unaware of the daunting task ahead of them in crafting the new vision of taking the company to the top of the industry in a recessed economy.
He urged workers in the company to ensure their words and actions are influenced by their strategic aspirations.
He said their determination to forge ahead is premised on their trust in the knowledge, professionalism and dedication of sthe stakeholders.
Speaking to the staff and management of the company, he said: “While we build a culture of accountability for greater results, we must ensure dramatic performance improvement through greater individual accountability. Our words and actions must be influenced by our strategic aspirations. We will only do things that guarantee us assuredly towards being a leading world class company.
“There must be transparency, open enhanced teamwork, trust, effective communication and dialogue, well intentioned and conscientious execution of roles and sharper clarity. Let us genuinely focus and be sincerely accountable in our individual but committed contribution to the results that will engender growth and profitability.”
He added that as part of its strategic plan, Mutual Benefits plans to invest more in technology to develop innovative customer- centric products that will meet the need of its current and potential customers, thereby increasing its market share.
He disclosed that in 2016, the company upgraded its customer care unit with its technology driven Mutual Care to serve its customers better, adding that a team of dedicated professionals are on hand to provide seamless service to its esteemed clients.
On claims payment, as at end of November 30,2016, the company paid claims in excess of N1.5billion in non life business, about N1 billion for life (death claims), in addition to about N10.6 billion paid out as maturities/ surrender under its investment/ deposit administration portfolio by its life company. In the last 20 years, the Mutual Benefits brand has continually demonstrated its commitment to honouring its obligation by consistently improving its claims administration processes and procedures, he said.