The Nation Newspaper

Tag: LASACO

  • LASACO delivers largest electronic billboard in West Africa

    In its quest to redefine outdoor advertising business in the country, Lasaco Properties and Investment Limited, a subsidiary of Lasaco Assurance Group, has invested about N400million to deliver the largest outdoor advertising electronic billboard in the West African sub-region.

    The investment was driven by Lasaco Properties Ltd’s passion to ensure businesses and brands are better projected through modern outdoor collaterals to enhance quick connection with target audience thus leading to good market success.

    The site which is located on the vantage hilltop at Iyana Oworo area (popularly called ‘Oko Cole’) of Lagos overlooking Third Mainland Bridge belongs to Media View Ltd, a major player in the outdoor advertising business in Nigeria.

    Speaking at the inauguration of the board last week, the Group Managing Director, Lasaco Assurance Plc, Mr. Olusola Ladipo-Ajayi, explained that Lasaco Group is always ready to partner with any organisation on viable projects and businesses that can to add value to the nation’s economy, describing the project as a landmark in the insurance industry.

    He stated that Lasaco Group through its property arm, Lasaco Properties Ltd, invested in the project because of its viability and its uniqueness in redefining the concept of advertising in the country.

    Explaining further on the motivation to invest in the project, Mr. Ladipo-Ajayi said that unique and strategic location of the site as well as the tract record of the site owner, particularly based on previous and similar dealing which proved fruitful for both parties, boosted the confidence to be committed to the project.

    Mr. Ladipo-Ajayi stated that Lasaco Group is “proud to be part of this project, and we are sure that it will be well received by the advertising world including OAAN (Outdoor Advertising Association of Nigeria) because it is an achievement for them. This partnership will also give a boost to our line of business which is insurance.”

    In his remark at the event, the Managing Director of Media View Ltd, Mr. Tunde Adedoyin, commended Lasaco Properties Ltd for its boldness in identifying with the dream of delivering the largest outdoor advertising electronic billboard in West Africa.

  • LASACO Assurance promotes four GMs, others

    LASACO Assurance promotes four GMs, others

    LASACO Assurance Plc has  promoted four general managers and 36 others to various cadres.

    The general managers are Mr. Akinwale Sofile, Finance &Accounts; Mr. Shobo Ademoye, Marketing; Mr. Oluyemi Samson, Technical and Mr. Olona Oladimeji, LASACO Life.

    The Group Managing Director of LASACOAssurance Plc, Mr. Olusola Ladipo-Ajayi, explained that the company values its human resource, saying the prime factor in the accomplishment of corporate goals and has a robust laid out plans to ensure their continued motivation to deliver on cutting edge expertise.

    He said the promotion was carried out early in the year to motivate staff to consolidate on the strides the firm recorded in 2014, particularly in reversing negative performances the company had witnessed.

    He assured that the management would continue to give staff the attention they deserve. According to him, “Messrs Akinwale, Ademoye, Oluyemi and Olona deserved being elevated to the General Manager’s cadre having demonstrated great professionalism and leadership within the company and we have absolute confidence in their competence and skill to move the LASACO brand to the next level”.

    He saluted the resourcefulness sand diligence of other 36 staff that were also promoted, urging them not to rest on their oars. “With the challenge in the industry, we have to motivate and hold on to our best brains and hands,’’ he said.

    The feats achieved in 2014 could not have been possible without their dogged commitment to elevate the brand and the management took cognisance of their sacrifices and dedication,”, he added.

    The new General Managers, who were Assistant General Managers, have over 20 years each in diverse core areas of insurance and have held various positions at the company.

    They are members of various professional associations, such Chartered Institute of Insurance of Nigeria, Institute of Chartered Accountants of Nigeria (ICAN),Nigerian Institute of Management (NIM).

  • LASACO strenghtens marketing drive

    LASACO strenghtens marketing drive

    Lasaco Assurance Plc is strengthening its marketing drive by re-invigorating the various branches to deliver on cutting edge insurance services, Group Managing Director, LASACO Assurance Plc, Mr. Olusola Ladipo-Ajayi has said.

    In a statement, he stated that the drive is part of the company’s strategic growth plan for better market penetration.

    He said: “The company which operates through branch structure organised on regional basis believes that its growth permutations and postulations are dependent on result oriented aggressive marketing.

    “It operates and drive its marketing effort through Southwest, Southsouth, FCT Northern regions and a public sector directorate. It  has perfected plans to ensure that each regional office adopts situational approach that would deepen the brand’s penetration in their areas of jurisdiction.”

  • Lasaco reiterates commitment to efficient customer service

    Lasaco reiterates commitment to efficient customer service

    The Managing Director of Lasaco Assurance, Mr Olusola Ladipo-Ajayi has underscored the commitment of the company towards sustaining its customer centric posture in order to remain a dynamic and vibrant player in the nation’s financial services sector. This has manifested in several strategies being deployed to develop innovative products and services to align with the aspirations of the customers.

    Lasaco Assurance, according to Ladipo-Ajayi, has established a solid reputation excellence customer service delivery and prompts claims settlement. The brand does not only have focus on quality service delivery but also places a high premium on delighting the customers, he stressed.

    Since inception, Lasaco Assurance plc has continued to re-inventing the wheel to ensure that customers derive good benefits out of their relationship with the company.

    The brand has also achieved its corporate existence on a strategic roadmap to deepen consumer experiences. It has been able to determine its service delivery portfolio and review it on consistent basis.

    Lasaco Assurance with its pedigree and reputation for sustaining quality has increased its brand voice as a brand renowned for excellent service. This has led to increased customer awareness of the brand. Its service delivery pedigree has also enhanced brand awareness and equity.

    The Lasaco Assurance management is poised to steer the brand in the right direction in order to remain relevant in the market place. Its testimonial is better appreciated in the light of its superlative performance in 2013 business year. Rising from a loss position of N180 million to a net profit of N412 million in 2013, no doubt attest to the brand customers’ management mechanism.

  • LASACO declares N412m profit

    LASACO Assurance Plc has regained profitability as it made a net profit of N412 million in the financial year 2013 against loss of N180million recorded in 2012.

    The company also recorded gross premium income of N4.96 billion in the period under review compared to N4.43 billion generated in 2012 representing a 12 per cent growth.

    Furthermore, the company witnessed a positive performance in net premium earned, which increased from N3.3 billion in 2012 to N3.6 billion in 2013, an eight per cent increase.

    It equally recorded a 10 per cent growth in underwriting profit, which stood at N1.4 billion as against N1.28 billion in 2012.

    In a statement made available to reporters in Lagos, the Group Managing Director of LASACO Assurance Plc, Olusola Ladipo-Ajayi stated that the company was able to record positives in its key business indicators. He said this was possible despite unfavourable business operating environment particularly in the insurance subsector of the economy through business ingenuity and pragmatic approach.

    He stated that in order to take the performance to another level in the current business year, LASACO Assurance is already deploying appropriate offensive business strategies that are able to navigate and win in the face of harsh business environment in the country.

    He said: “The strategies are directed at our business model as well as marketing approach with a view to ensuring optimal utilization of resources for the purpose of good returns on investment.

    “Deliberately we have taken this year’s annual general meeting (AGM) to Ilorin, Kwara State, which is fallout of our strategic business expansion drive.”

    According to him, the AGM, which holds in Ilorin, Kwara State would afford the management opportunity to solicit for more cooperation and support from the shareholders to take LASACO Assurance to a greater height.

  • LASACO deploys ICT for insurance penetration

    LASACO Assurance Plc has eased the process of consumers having access to its numerous products through sale of products online real-time.

    The LASACO customers are  able to obtain and pay premiums for their products on line.

    Speaking on the strategic initiative of LASACO Assurance to support its marketing efforts with information computer technology (ICT), the ICT Head, Deji Ogundele, explained that LASACO is committed to ensuring its numerous customers as well potential ones enjoy seamless service satisfaction using the instrumentality of ICT.

    “The ICT operations is on 24/7 basis to ensure seamless flow of the processes so that our customers can enjoy great customer experience. Our products are sold through e-payment systems; awareness campaign; and development of  knowledge in various electronic and print media. The world is actually going digital and more transactions are done online real-time.

    “We have put in place a number of platforms to effectively reach out to our numerous and potential clients by embarking on digital marketing and also making it more accessible through the various social media market platforms. Once the desired product is purchased, several alternative channels are available to make payments easier.”

    He said payments can be made through bank branches nationwide, Quickteller, point of sale (POS), and our e-commerce portal in a seamless manner, adding that these alternative channels of payment are built on a world class web-based integrated solution, which combines the core insurance businesses with powerful administrative and marketing tools.

    LASACO Assurance’s use of alternative channels is a great boost to the Federal Government’s initiative of promoting cashless economy, which is the best global standard practice of driving the economy.

    He stated that LASACO’s operating ICT tool is Enterprise Resource Planning (ERP), therefore, whether the company’s operatives are in the office or out in the field, ERP empowers them to be more productive by providing a highly functional system that meets international standards. It also automates document storage and retrieval, enhances communication links with customers, provides online/ real-time access, ensures effective security and auditing both internally and externally and very scalable.

    “In order to stay ahead of competition, LASACO ICT processes are continuously reviewed to meet up with the dynamic demands of valued clients with a view to ensuring that the retail marketing is enhanced and more accessible to our numerous clients.

    In addition to this, the company is also committed to marketing retail insurance through well trained agency system for effective penetration into the huge population of Nigeria that is yet to be fully maximised.

  • CSR: LASACO Assurance feeds 10,000 Osun students

    CSR: LASACO Assurance feeds 10,000 Osun students

    As part of its Corporate Social Responsibility, LASACO Assurance Plc has partnered the elementary school feeding programme o’ meal of Osun State and has fed 10, 000 students in one day.

    The Group Managing Director of LASACO Group, Olusola Ladipo-Ajayi said the platform is a  strategic avenue for LASACO to connect directly with the students who are future leaders of the country.

    He said LASACO is focused on building strong brand personality to align with its corporate vision stating that the areas of focus for the brand are security and education which are critical platforms to contribute meaningfully to the society.

    The LASACO boss stressed that it has become imperative for brands to deepen equity in order to communicate their values and build strong brand identity.

    He said it is also very important in order to build socially relevant brands to gain a positive projection and end apathy to insurances services by.

    He said: “LASACO is determined to show more interest in the well being of our children as they are the future leaders of Nigeria. We are building a socially relevant brand that impact lives positively. The goal of the LASACO brand is to deliver exceptional stakeholders value by offering first class innovative products and services. Beyond its service offerings, the brand is poised to become a socially relevant brand that places huge premium on societal development.

    “LASACO further exemplifies its brand personality to remain synonymous with improving social cause by donating to the Lagos State Security Trust Fund (LSSTF).The huge donation made to LSSTF by LASACO underscores its avowed commitment to remain a good corporate citizen. This is a strategic avenue to build a strong and virile brand that is relevant to the society.

    “It is the focus of the LASACO brand to create an exceptional brand through its positive perception by the key stakeholders. The intervention for the Lagos State Security Fund is intended to address crime menace and support the government efforts. The strength of any brand is to become active in the minds of the target audience and also generate favorable perception of its activities within the community within which it operates. This is definitely a driving force for the LASACO brand to remain a credible corporate entity amongst all the stakeholders,” he said.

  • LASACO promotes 31

    LASACO promotes 31

    Lasaco Assurance Plc has elevated 31 of its workers.

    They are Miss Omoh Warrie, who was controller. She is now Assistant General Manager; Mrs. Jumoke Koleoso, Mrs. Taiwo Adegbola, Mrs. Abiola Aladejebi and Mr. Lawrence Oyedele, all senior managers were elevated to controllers.

    The Group Managing Director of LASACO, Mr. Olusola Ladipo-Ajayi, said the exercise was part of a strategic goal of the organisation to boost morale of staff and enhance productivity.

    The LASACO boss said the role of human capital development in the industry cannot be underestimated.

    He said: “Huge investment is being made in human capital in order to keep them abreast of global trends for efficiency and optimum performance.

    “The newly promoted staff who are 31 cut across the company’s organisational structure.

    “Human capital development is our major area of focus and we are proud to recognise the contributions of the newly elevated to our collective success. Each will continue to aid in LASACO Assurance Plc’s growth and increase market share.”

  • ‘Life annuity best option for retirees, pensioners’

    The Head, LASACO Life Assurance Limited Annuity Unit, Mrs. Fawatade Toyin has appealed to retirees and pensioners in the country to embrace Life Annuity as their retirement income option.

    Fawatade who spoke with The Nation Newspaper on the challenges of life annuity business during a retiree forum held in Lagos believes inadequate awareness on life annuity product and apathy to insurance in the past are reasons for setback in selling the product.

    She highlighted the need for an active campaign and rigorous marketing strategy by insurance operators in the insurance industry to create awareness in the minds of the public.

    She said: “It now depends on our marketing strategy and the way we are able to convince the retirees and pensioners. The performance of the company is also vital in convincing them to buy into it. But the awareness is ongoing compared to what we have in the past.

    “We are making them to understand how the product works. We tell them that under the Pension Reform Act 2004, annuity is being guaranteed for 10 years and if they outlive the 10 years, they will continue to enjoy your money until death.”

    “If paraventure death occurs within 10 years, the remain of the proceed will be paid to the main beneficiary, the beneficiary will be given the balance of their money unlike program withdrawal where their payment stops at death”

    She further said that part of their challenge as insurers is the Pension Fund Administrators (PFAs)’s who sell the alternative option, ‘Program Withdrawal’.

    “They have stood as a stumbling block in actualising the annuity option. They don’t  want the money to leave their company because they too are using the money for investment purpose. So they have to be using their own marketing strategy to retain the money the retiree are suppose to get to buy annuity.

  • LASACO releases Leigh’s burial rites

    The funeral programme for the burial of former LASACO Assurance Plc. Chairman, Chief Edward Akin Leigh, has been released.

    According to a statement by the DGM (Business Services), Mr. ‘Biodun Dosunmu, the Christian wake keep will take place at 4, Harbour Point, Wilmot Point Road, off Ahmadu Bello Way, Victoria Island Lagos on November 27 between 4 to 7pm.

    The funeral service will come up on Thursday, November 28, at Methodist Church of Trinity Tinubu, Lagos at 11am and interment follows immediately at Vaults and Garden Ikoyi Lagos. The reception after the interment will be at the same Harbour Point.

    Leigh died on Nov. 4, 2013. Until his death, he was the Chairman of the Board of Directors of LASACO Assurance Plc.

    He was educated at the Methodist Boys High School from 1961-1967 and graduated from the University of Ibadan,Ibadan, Oyo-State in 1971.

    He earned several academic and professional honours and awards. He was a member of Yoruba Tennis Club as well as Boat Club Ikoyi and held the traditional title of Baaloro of Itoku Abeokuta and the Asiwaju Gbobaniyi of Egbaland.

    He is survived by his wife, Chief Audrey Adenike, children and grand children.