The Nation Newspaper

Tag: claims’

  • Facebook claims its app drives SMEs’ revenue

    Digital platforms are increasingly becoming vital to the growth of Small and Medium Scale Enterprises (SMEs) in Nigeria.

    Facebook, in its recent Economic Impact Study, discovered that using its platform to trade has enhanced significant growth in the revenues of SMEs across the country.

    According to the study, 91 per cent of businesses surveyed outlined the increased demand for their company’s goods/services, not only in their home country, but further afield.

    The study, conducted in partnership with Morning Consult Brand Intelligence, sampled over 1,000 SMEs across some sectors, including technology, services, manufacturing, retail and healthcare. Highlighting how communities like SMEs in Nigeria use the platform, and the effectiveness of social media as a growth tool, the results provided some interesting insights into usage and potential opportunities for local businesses.

    Commenting on the research, SMB Sales Manager EMEA Abi Williams said: “With rising access to the internet across Nigeria and the low cost of smartphones, digital platforms such as Facebook’s family of apps have become incredible mechanisms to build communities and foster relationships. With more SMEs leveraging digital tools to communicate and engage with existing and potential customers, there has never been so many opportunities to maximise growth and connect with relevant customers locally and globally.”

    Meanwhile, Facebook has announced the launch of Facebook Community Leadership Programme, a global initiative that invests in people building communities. The platform will commit millions of dollars to the programme, including up to $10 million in grants that will go directly to people creating and leading communities.

    In addition, Facebook introduced new tools for group administration and the expansion of the company’s London-based engineering team, which builds technology to help keep people safe on Facebook.

    Head of Groups and Community, Jennifer Dulski and Vice President, Product Partnerships Facebook, Ime Archibong, made the announcement at a forum tagged: Facebook Communities Summit Europe in London.

    Community leaders often tell Facebook that with additional support they can have more impact. The Facebook community leadership programme is designed to empower leaders from around the world, who are building communities through the Facebook family of apps and services.

    It includes: Residency and Fellowship opportunities, training, support and funding for community leaders from around the world.

    Up to five leaders will be selected to be community leaders in residence and awarded up to $1,000,000 each to fund their proposals.

    Up to 100 leaders will be selected for Facebook’s fellowship programme and will receive up to $50,000 each to be used for a specific community initiative.

    Community leadership circles bring local community leaders together to  connect, learn and collaborate. Facebook piloted three circles in the United States in 2017 and will be expanding globally this year.

    Groups for Facebook Power Admins, which Facebook currently runs with more than 10,000 group admins in the US and the United Kingdom (UK), are expanding to more members to help them share advice with one another and connect with our team to test new features and share feedback.

  • ‘LCCI received N30m claims for fire incident’

    • NCRIB collaborates with LCCI, NGBA

    The insurance industry through insurance brokers paid the Lagos Chamber of Commerce and Industry (LCCI) a claim of N30 million  after a fire incident consumed one its apartments, Director -General, LCCI, Muda Yusuf has said.

    He spoke while receiving the Nigerian Council of Registered Insurance Brokers (NCRIB) delegation at the chambers in Lagos.

    He said that he appreciated the value of insurance coverage when the fire incident occurred.

    Muda, who urged the industry to upscale rate of awareness campaign especially, among the low level income earners, stated that the rate of awareness is still very low in Nigeria.

    Meanwhile, the NCRIB said the council has begun discussions with the LCCI and Nigerian-German Business Association (NGBA) on the possibilities of leveraging on the membership of both institutions to further deepen insurance penetration in Nigeria.

    Executive Secretary, NCRIB, Fatai Adegbenro who led NCRIB delegations to LCCI office, said that the council is poised to assist chamber’s members to remain in business through risk management.

    He maintained that the proposed partnership will encourage members of the two bodies to have insurance cover especially for their businesses against any peril, and other forms of unforeseen events capable of threatening further existence of their trade.

    Bearing in mind the challenging business environment where members of the chamber operate, he noted that insurance remains the best instrument to mitigate any loss to business.

    He stressed the need to patronise only registered insurance brokers under the aegis of NCRIB.

    Adegbenro, who also led the council’s delegation on a courtesy visit to Nigerian-German Business Association, highlighted the benefits of engaging insurance brokers as a go between for insurance transaction.

    He noted that finding the right level of insurance cover can be a time-consuming and expensive task for members of the association, hence, the need to engage.

    He pointed out that using a broker does not cost more as Brokers are paid a commission by the insurance provider for selling their products.

    Reacting to the council, Yusuf said that public enlightenment and sensitisations on the need for insurance and the use of insurance brokers should be the first step on collaboration.

    He, however, pledged the commitment of the Chamber to collaborate with the council especially on the need to raise the level of insurance awareness, further urged the council to fish out unregistered insurance brokers practising unethically.

  • NAICOM to sack insurance CEOs, brokers for non-payment of claims

    NAICOM to sack insurance CEOs, brokers for non-payment of claims

    The National Insurance Commission (NAICOM) will remove the chief executive of any insurance and broking firm who fails to pay genuine claims, the Commissioner for Insurance, Mohammed Kari, has said.

    He gave the warning at the  Professional Forum of the Chartered Insurance Institute of Nigeria (CIIN) held in Abeokuta,  the Ogun State capital.

    Kari listed other issues for which CEOs could be sanctioned to include their companies’ inability or refusal to settle inter-company balances.

    These, according to him, have risen to an unacceptable level where the commission is required to withdraw the self-regulation option given operators to apply the big stick.

    He said the commission was alarmed by the incessant complaints of failure of insurance companies to settle genuine and discharged claims to policy holders.

    He said the commission had  received requests from claimants to apply the companies’ statutory deposit to settle discharged claims as stated by law, and that the process had started.

    Kari said: “And as a punitive measure, we have agreed to also publicise any company whose deposit is so applied and to have the chief executive of such company discharged.

    ‘’For all intermediaries who are brokers and insurance agents that hold back clients’ and companies’ money or collude to steal or corruptly operate, such actions being criminal, would be forwarded to the appropriate law enforcement agencies.’’

    He said the commission’s visit and meeting with the Economic and Financial Crimes Commission (EFCC) would enable them to establish a joint taskforce to, among other things, ensure corruption is weeded out of the insurance sector.

    CIIN President Mrs. Funmi Babington-Ashaye, while speaking on the theme of the forum, “Solvency, stability and growth-exploring possibilities,”  chosen to draw attention to some of the critical challenges facing the industry, said they could evolve strategic solutions for the industry.

  • STACO settles N1.4b claims

    •Grows shareholders fund

    The third Quarter results for last year released by STACO Insurance PLC showed that it paid  N1.445 billion claims to its various clients.

    This represents about 9.1 per cent increase in claims paid compared to the corresponding period of 2015 where the sum of N1.324 billion was paid as claims.

    This was made known in a statement in Lagos by Staco’s Group Managing Director, Sakiru Oyefeso, who said the 2016 claims figure showed that N596.55 million was paid on Fire business as against N436.38 million paid in 2015. Oyefeso stressed that this class of business had the highest claims paid.

    Closely followed, according to him,  was General Accident class of business where N389.96 million was paid on claims as at the third quarter of the outgone year.

    He said total claims of N197.32 million and N119.83 million were paid on Marine and bonds respectively, while N82.70 million and N46.10 million were paid on Oil and Gas and Motor businesses respectively, amongst other claims.

    He also  said the company has reported an increased shareholders fund of N3.626 billion as against N3.409 billion reported in the corresponding period of 2015.

    Oyefeso noted that the company would continue to grow its shareholders fund to enable it play bigger role in the Insurance Industry, particularly in the Oil and Energy sector of the economy.

    STACO , he further said was committed to providing exceptional service to its numerous customers.

    The company’s Head of Finance and Accounts, Jaiye Fatungase, assured its numerous customers of commitment to promptly payment of claims.

    He reiterated that the company’s strength laid in its passion for high standards and prompt settlement of claims.

    He noted that the notable quality services delivery by the company has enabled it win numerous awards amongst others, the latest being the Insurance Personality Leadership Award for 2016, which was  conferred on its Group Managing Director by African Prize for Leadership Excellence.

    The company, he said, has been rated BBB+ by the Global Credit Rating Co (GCR) and was poised to maintain its rating among brokers and clients.

  • Recession pushes insurance claims up

    Insurance companies paid more claims last year compared to previous years as a result of recession, Chairman, Nigerian Insurers Association (NIA), Eddie Efekoha, has said.

    Efekoha, who made this known while speaking with reporters in Lagos, said the high exchange rate has also pushed up insurance claims.

    He explained that premium of insurance policies, whose claims were presently being settled, were paid when the exchange rate was low.

    He further said the economic recession has impacted negatively on insurance business as most people now place insurance last on their scale of preference.

    He added that insurance companies are experiencing fraudulent claims as some people consider it as a source of making quick money to meet their financial conditions.

    He said: “Insurance operators would continue to live up to their claims responsibilities. Insurance should be considered first in decision making, especially now that it is difficult to replace lost items due to high cost.

    “We also call on the government at all levels to leverage on insurance in finding the way out of recession.”

    NIA Director-General added that in other for underwriters to outsmart fraudsters, operators now carry out adept investigations to ascertain genuine claims.

    He noted that amidst challenges, operators are also living up to their responsibilities in paying genuine claims, stressing that the vices been perpetuated by fraudsters would not deter insurers in settling of claims of those who actually need to be indemnified.

    Managing Director, Anchor Insurance Plc, Mayowa Adeduro stressed that insurance companies bear most of the pains in recession.

    “The exchange rate has increased our claim ratio. This is because people are driving on the road, they are depressed and are no longer concentrating. Also, people will go to any length to make claim just to have extra money from the sector.

    “So, we should not expect reduced claims in the industry, rather, expect premium loss. The only company that can withstand it is only those companies that have successfully diversified their portfolios because in every recession, not all the sectors of the economy are affected at the same time. Some like the food sector will grow because people will turn to food,” he said.

  • IGI pays N1.2b claims in eight months

    IGI pays N1.2b claims in eight months

    Industrial and General Insurance Plc (IGI) has paid N1.2 billion as claims to its policyholders in eight months (January-August), this year. This brings the amount of claims paid by the underwriting firm since 2015 to N3 billion.

    This was contained in a statement made available to reporters by the firm. A breakdown of the eight months payments showed that the amount paid as claims under Individual life insurance amounted to N746.4 million while N157.2 was paid on Group life.

    Others include N273.5 million paid on General Business, consisting of N107.2 million on oil and gas insurance, N41 million on engineering and N56.5 million on motor insurance, among others.

    The firm further said the payments were in line with its resolve to settle all outstanding claims and obligations due to customers as quickly as possible.

    ‘’Our ongoing corporate transformation and restructuring makes prompt payment of claims inviolable. It is for this reason that, despite the current economic constraints, IGI will continue to pursue policies that gladden customers and strengthen public trust in the company, customers as quickly as possible,’’ it said.

  • STI settles N386.9m claims in Q1

    Sovereign Trust Insurance Plc has continued to show commitment to prompt claims settlement as the underwriting firm paid out a total sum of N386.9 million as claims in the first quarter of the year, the Managing Director of the firm, Mr. Olaotan Soyinka has said.

    He made this known in a statement made available to reporters in Lagos. According to him, the total claims figure was duly verified by the industry’s regulatory authority, the National Insurance Commission (NAICOM) for the period under review.

    Giving a breakdown of the claims paid, he said Motor Insurance claim recorded the highest figure of N151.4 million followed by general accident accounting for N140.8 million while N78.8 million was paid as claim under fire insurance. Other figures are N9.9 million for marine and aviation insurance while N6 million was paid as claim under engineering class of insurance.

    Soyinka stated that over the years, the company’s prompt claims settlement had helped to strengthen the relationship between them and their various customers across the country.

    He said: “We do not allow our customers to go through distasteful experience in the process of getting their claims settled. Our processes are hinged on professionalism, speed, ethics and promptness.

    “STI is fast emerging as a reckoning force in the Nigerian Insurance Industry with its extensive branch network spread across the geographic regions of the country. The company is totally committed to settling all genuine claims within agreeable periods. We believe that this will always keep our customers come back to us.

    “The company has put in place a friendly claim process which ensures that customers do not go through undue bureaucratic process in getting their claims settled in good time.”

  • IEI pays N1.2b claims

    IEI pays N1.2b claims

    International Energy Insurance (IEI) Plc paid N1.29 billion claims last year, its Interim Managing Director, Peter Irene, has said.

    In a statement, he said the claims paid are categorised into motor, fire, oil and gas, general accidents, marine hall, aviation, industrial risks and public liability.

    He said the company is determined to keep its promise to deliver on prompt claims payment to its clients.

    According to him, this is no mean feat considering the harsh economic condition in the country.

    Irene said: “This singular act demonstrates that the company is committed to putting its customers first, and always make them happy.

    “It also epitomises the company’s core values of integrity, dependability,proficiency, innovativeness and friendliness. The company exemplifies good corporate responsiveness and transparency.”

    He expressed satisfaction with the achievements of the company, noting the prevailing economic situation in the country.

    He said the astronomical rise in claims payment indicates the level of awareness and exposure of the customers.

    The company says it has the most technical and experienced energy-underwriting unit in the country. With the best crop of hands, the IEI brand has demonstrated a consistent growth-led business model that has continued to stand the test of time, he added.

  • WEIGHTLIFTING: Mariam Usman claims three silver medals

    WEIGHTLIFTING: Mariam Usman claims three silver medals

    Nigeria’s Mariam  Usman added her name to the medal list at the ongoing Brazzaville 2015 All Africa Games in weightlifting by picking three silver medals in 75kg for women.

    Usman, US based athlete picked the medals in Snatch, Clean and Jerk  and Overall Total,  behind Egyptian Khalaf Shaima Ahmed who won the three gold medals in the categories.

    Speaking with SportingLife after the medal presentation Usman though not happy with the result but believed she has been destined to pick silver. She said her aim was to pick gold at the games having won gold in the same category at the last Commonwealth games in Glasgow.

    “I will have to put in more effort to better my performance because of the world championship later in the year. I am grateful to God for this though I had hoped for gold but this is a game, anything can happen,” she added.

  • NAICOM insists on deadline for oustanding insurance claims

    NAICOM insists on deadline for oustanding insurance claims

    The Commissioner for Insurance, Alhaji Kari Muhammad, has said that NAICOM will not go back on the Sept 30 deadline for insurance companies to clear all outstanding claims of policy holders.

    Muhammad said in an interview with the News Agency of Nigeria (NAN) in Lagos on Sunday that National Insurance Commission (NAICOM) would enforce the deadline on effective claims management.

    “ Other reasons for implementing such deadline and sanctions are effective trade practices and fair treatment of policy holders and intending consumers,’’ he said.

    Muhammad said for Nigeria’s insurance industry to be relevant, the prescribed standard of practice set by the commission should be implemented.

    He said the claims Management Guidelines document requires each insurer to develop, document and implement claims management and payment policies.

    The commissioner expressed dissatisfaction with large numbers of unpaid claims by insurance firms, including those with robust capital bases.

    Muhammad said if the situation was allowed to continue, the growth of the industry would be stalled, noting that the current industry level was still below 35 per cent.

    “Also, policy buyers and intending ones will easily lose confidence in the sector as it deepens the poor image of insurance practice in Nigeria,’’ he said.

    Muhammad said NAICOM was determined to check bad practices in the industry through effective claims management and ensure adherence to global standards.

    He commended his predecessor in office, Mr Fola Daniel, for designing policies that encouraged growth in the industry.