The Nation Newspaper

Tag: Leadway Assurance

  • Leadway Assurance pays N33.8b claims

    Leadway Assurance Company Limited has recorded an increase in claims payment from N27.4 billion in 2017 financial year end to N33.8 billion in 2018.

    The company also recorded a 15 per cent growth in its assets base with N312.7 billion recorded in 2018 as against N271.9 billion in 2017 in addition to a four per cent increase in Gross Written Premium (GWP) from N84.1 billion in 2017 to N87.5 billion in 2018.

    Speaking during the company’s 47th Annual General Meeting (AGM) held in Lagos, the Managing Director, Mr. Oye Hassan Odukale, stated that Leadway has continued to lead other industry players in the area of claims payment.

    He restated the company’s commitment to prompt claims payment as the cornerstone of its business principle, revealing that the company has paid claims in excess of N110 billion over the last five years.

    He said: “The value we have created over the years is embedded in the loyalty and commitment of the greatest number to keep Leadway as a legacy for several generations. We are grateful to our treasured customers, brokers, agents and other stakeholders who have objectively trusted in the liquidity advantage and unmatched conservative risk reserves we hold as a yardstick for placing certain risks with us. We are equally grateful to them for the testimonial campaign which attests to us as the insurer to beat in claims payment.”

    On the future outlook of the company, the Chairman, General Martin Luther Agwai (CFR), said the company’s operation in 2019 and beyond would be driven by the strategy of using digitisation and creativity to harness unexploited and prompt means of selling insurance as a contingency benefit to its target market while also strategically deepening the penetration of insurance to smallholder farmers in every community through the instrumentality of Area Yield Index Crop insurance and creating insurance awareness in the rural communities.

  • Leadway Assurance deepens penetration with mobile app

    Leadway Assurance has introduced a mobile insurance app that enables customers to transact all insurance businesses on their internet-enabled devices at their convenience. This initiative is part of the its drive to use technology to improve insurance penetration in the country.

    The app, called Leadway MyLife+, is available on both Google play store and IOS Apple Store. It is compatible with a wide range of smartphones and tablets.

    Its Chief Information Officer, Odalo Aimufia, said the app was designed to bring real value to the life experiences of users by providing a more convenient way to purchase and manage their Leadway Assurance policies.

    Aimufa said the new app has many features that offer the customer greater ease, convenience and opportunities for interaction with the Leadway brand at many levels.

    “The app has features that enable customers to track and manage their policies; lay complaints; report claims directly; buy Leadway policies directly; renew policies; request for agents; contact the Leadway customer services unit via WhatsApp chat, calls or e-mail; view and find branch locations via Google Map”.

    He further said as a firm passionate about using technology to drive insurance service delivery, Leadway’s evolving business and product focus placed greater emphasis on delivering satisfaction, happiness and fulfillment to the customer.

    He said: “The impact of mobile technology on the daily routine of millions of Nigerians is huge. It significantly influences how they receive information and the population of mobile phone users in the country keeps growing. As a customer-centric business, we are increasingly working on how to leverage on this trend by creating platforms where consumers manage their product plans on the go.”

     

     

  • Leadway Assurance chief wins HR Champion award

    Leadway Assurance Managing Director/CEO, Mr. Oye Hassan-Odukale, has emerged HR Champion of the year at the 2018 HR People Magazine Award.

    The award was bestowed on Hassan-Odukale at a colourful ceremony, which held at Oriental Hotel, Victoria Island, Lagos and was well attended by top HR professionals and leaders across different sectors in the corporate world.

    Receiving the award on behalf of the CEO, Mrs. Kunbi Adeoti, Human Resources Director, Leadway Assurance described the award as a result of Mr. Hassan-Odukale’s unwavering commitment to the promotion of human capacity development in the organisation.

    “Mr. Oye Hassan-Odukale understands the need to build a formidable workforce as a critical factor to the success of an organisation. The key lesson for us is that we do not to relent, continue to do more and raise the bar. We must continuously build upon the HR strategy and initiatives that have brought us this far and look inwards to re-invent our drive towards building a unique organisation with fantastic people experience. Employee experience is an underlying factor in our Talent Management Strategy as positive experience and building leaders remains our top priority.

    “Once we are at this point, you can look back and be rest assured you are making a difference in the life of the workforce, giving them meaning as they whole heartedly achieve company objectives day-to-day,” he said.

    The award comes on the back of Leadway’s recent recognition as the Best Insurance Company in use of ICT at the 2018 BoICT awards.

    Leadway Assurance is one of Nigeria’s foremost insurance service companies with a reputation for service efficiency and customer reliability. The organization is committed to bridging the financial protection gap and increasing the rate of insurance penetration in Nigeria.

    The HR People Magazine is a foremost magazine dedicated to human resources and people development profession in Nigeria and Africa at large. The HR People Magazine Awards is one of their initiatives and celebrates excellence in the HR profession as well as top people, initiatives and strategies that have excelled in various organizations.

  • Leadway Assurance makes N12.8b profit

    A leading insurance company, Leadway Assurance Company Limited has recorded a significant increase in its profit after tax for the year by 91 per cent, from N6.7 billion in its 2016 financial year to N12.8 billion last year.

    The group’s parent company also posted an increase in its profit after tax by 81.5 per cent from N7.6 billion to N13.8 billion for the group in the year under review.

    The company assets recorded a 63.9 per cent growth from N166 billion in 2016 to N272 billion last year while the group’s assets increased by 61.4 per cent from N176 billion in 2016 to N284 billion in 2017 due to additional investments in government debt securities, growth in reinsurance assets and investment properties.

    Also, the net underwriting income  increased by 68.1 per cent from N43.1 billion in 2016 to N72.5 billion in 2017, mainly due to increase in annuity premium and the prior year’s premium earned in the current year for general business specialty line.

    Speaking at the company’s 46th Annual General Meeting held in Lagos, its Chairman, Gen. Martin Luther Agwai said the drive and commitment of insurance operators to increase market share amid the recovery of the economy had a minute impact on the industry as the recession stagnated the purchasing power of the people and eroded the optimism.

    But despite the challenging business environment, he said investment income increased by 60 per cent from N10.8 billion in 2016 to N17.3 billion in 2017, translating to the significant increase in profit after tax for the year by 91 per cent from N6.7 billion in N12.8 billion in 2017 for the parent company and an increase of 81.5 per cent from N7.6 billion to N13.8 billion for the group.

    He said claims expense increased by 19 per cent from N23billion in 2016 to N27 billion in 2017 with annuity pay out of N14.7 billion accounting for the largest proportion of this amount, followed by over N9 billion claims paid in General Insurance.

    He said: “The appreciable increase in claims expense was compensated by benefits from our reinsurance arrangements and recoveries from salvage and subrogation.

    Despite the challenging business environment, investment income increased by 60 per cent from N10.8 billion in 2016 to N17.3 billion in 2017 which translates to the significant increase in profit after tax.

    On the future outlook of the company, he noted that while the impact of the recovery of the economy remains mixed for most, they are optimistic that the gains of the exiting of the economy from the throes of recession will continue apace as we navigate the issues and challenges that 2018 may bring.

     

     

     

     

     

  • Leadway Assurance Girl wins Miss Insurance pageant

    Leadway Assurance Limited staff member Miss Oyewole Abigail, has won the  Chartered Insurance Institute of Nigeria (CIIN) Miss Insurance Pageant.

    Abigail will for the next one year be propagating insurance awareness.

    She defeated eight other contestants at the event organised by the institute in Lagos. The new Queen was crowned Miss Insurance  after Miss Precious Ezekiel of Zenith Insurance, the Miss Insurance 2017.

    Miss Chukwuedo Vivian Awele of Zenith General Insurance Limited was second. Ukeagbu Elizabeth of AIICO Insurance Plc came third.

    CIIN President Mrs Funmi Babington-Ashaye, presenting a car gift to the winner, said the pageant is very special to the institute.

    She added that the institute has firm belief in the total or all-round development of insurance professionals and has continued to initiate technical and business fora to discuss issues imprtant to it and the economy.

    She lauded the contestants for their courage and enthusiasm to participate in the contest, and also appreciated the sponsors of the event.

    The Chairman of the event, Commissioner Ministry of Commerce, Industry and Cooperatives Lagos State, Mrs Olayinka Oladunjoye, applauded the CIIN leadership for the yearly event, adding that Miss Insurance Pageant, over time, has become a veritable tool for propagating insurance awareness in the country.

    She stressed that  no effort could be too much in promoting the efficacy of insurance as a risk transfer mechanism.

  • Leadway collaborates with NAIPCO for 2017 Conference

    Leadway collaborates with NAIPCO for 2017 Conference

    Set to facilitate capacity building training for insurance correspondents

    Leadway Assurance has announced its partnership with the National Association Insurance and Pension Correspondents (NAIPCO) for its 2017 conference.

    Themed: ‘Legislation of Pensions, Intrigues, Interest, Governance and the People’, the conference will be a forum for insurance and pension stakeholders to discuss legislation of the two sectors and its impact on the people.

    As part of the conference, which is in its second edition, Leadway Assurance will facilitate an exclusive one-day intensive capacity building training for members of the association.

    According to the Executive Director, General Business, Leadway Assurance, Ms Adetola Adegbayi: “We are happy to partner with NAIPCO on the 2017 conference. The training will go a long way inadequately equipping the members of the association who are critical stakeholders to our business.”

    The aim of the capacity building initiative is to bring members of the association up to date with the latest in local and global trends in the insurance sector. In addition, the training will also extensively delve into the role of information technology as a platform for bridging the gap in insurance penetration in Nigeria.

    Billed to hold on the 25th of October, 2017 in Lagos, the conference would be followed by a training scheduled to hold on the 26th of October, 2017 at the Leadway Assurance Training Centre in Lagos.

  • Leadway Assurance reiterates commitment to lawyers

    •Provides N1m cover for NBA members

    Leadway Assurance has reiterated its commitment to provide insurance protection to practicing lawyers, who are members of the Nigerian Bar Association (NBA).

    The provision of insurance cover, Leadway said,  was based on its partnership with the NBA for the week long 2017 NBA General Conference, which held in Lagos.

    Speaking on the partnership, Executive Director, Leadway Assurance, Ms. Adetola Adegbayi, said the company deployed its state-of-the-art, first-of-its-kind Insurance mobile office to engage the thousands of lawyers, who attended the conference, on its tailored-for-lawyers insurance plan known as the Leadway Lawyer Affinity Cover.

    She explained that the plan, which is for all active NBA members, comes at no extra cost to them as it is covered under the annual bar practice fee paid to the NBA. She added that the plan provides insurance cover of up to N1 million for accidental permanent total disability, critical illness, accidental medical and accidental death expenses for the ‘learned’ professionals.

    She said: “We believe that by providing insurance to the members of the Nigerian Bar Association, we are intrinsically providing the biggest support to the economy, governance and government of the country. Insurance helps safeguard the profession and the professionals alike.

    “It would be recalled that the NBA, the largest body of lawyers in Africa with over 100,000 registered members, entered into a strategic partnership with Leadway Assurance Limited in 2014 to provide a feasible group life insurance policy for all lawyers, who pay their Annual Bar Practice Fees when due. The insurance policy is designed to cover all the lawyers in the following areas: Death or permanent total accidental disability; accidental death; critical illness and accidental medical expenses.”

  • Leadway Assurance launches Mobile Insurance Office

    Leadway Assurance launches Mobile Insurance Office

    Leadway Assurance Company Limited has launched a

    Mobile Office. The initiative is directed towards educating and increasing awareness of risks to which people and businesses are exposed and bringing insurance closer to customers as a way of managing risks and protecting themselves against possible negative financial outcomes.

    By deploying the Mobile Office, Leadway will enable direct access to insurance as a financial protection through close interaction, engagement and transactions.

    The Mobile Office is equipped with state-of-the-art communication technology that allows customers to be serviced real-time, end to end, wherever they may be. It is also environmentally-friendly as it draws its power from solar while within remote areas.

    Starting with Lagos State, the company will be activating market roadshows across several Local Governments. The launch which was held on Wednesday, August 2, 2017, at the Leadway Assurance Corporate Office, Iponri, Lagos kick-starts the activation events which will not only sell insurance products but also engage and educate the public on the need to insure their risks, ensuring happiness and peace of mind.

    Commenting on the launch of the Mobile Office, MD/CEO Leadway Assurance, Mr. Oye Hassan-Odukale, represented by Executive Director, General Business, Ms. Adetola Adegbayi said, “As market leaders in the Nigerian Insurance industry, we have taken it upon ourselves to fulfill the task of reducing the financial protection gap within the country, which in turn increases on the low insurance penetration rate in Nigeria. We have elected to bring risk protection and insurance education closer to the man on the street in Nigeria. The launch of this state-of-the-art Mobile Office is a testament to the execution of this goal. Our objective goes beyond sales; we intend to reverse the negative perception many Nigerians have of the insurance industry.

    “With the huge potential of the insurance industry to positively impact our economy by safeguarding the enormous risks within the entire business ecosystem, and by creating wealth through investments, the industry is still way behind other financial and service sectors, contributing about 0.3% to the Nigerian Gross Domestic Product (GDP).”

  • Financial investor advises civil servants to save for future

    Financial investor advises civil servants to save for future

    A financial investor, Mr. Tunji Busari, on Wednesday advised civil servants to look beyond the current pension scheme and invest in their future.

    Busari, a lawyer, told the News Agency of Nigeria (NAN) that a section of the country’s Civil Service Law that prohibited civil servants from engaging in some businesses was not against investment.

    He gave the advice on the sidelines of a news conference organised by Kosofe Local Government and Enterprenovate Nigeria in partnerships with Leadway Assurance and MOYDAK Construction to sensitise civil servants on investment.

    NAN reports that the programme, tagged “Life After Retirement and Life as a Self-Employed 2017”, is expected to hold between June 22 and June 23.

    It will hold at the Kosofe Local Government Headquarters, Ogudu in Lagos.

    The programme aims to enlighten civil servants on ways, how and where to invest and also give the civil servants opportunity to meet investors who will give first hand help and advice.

    On how investment could help, Busari advised the workers to look beyond the contributive pension to investing in profitable businesses that could bring extra income.

    “One thing the civil servant must recognise is that they should think outside the box and go beyond savings to investment which does not in any way contravene to the civil service laws.

    “The civil service personnel need to know that savings as being propagated for future use is not enough, what should be at the back of their mind should be investment.

    “Experience has proved that savings nowadays gets depreciated as inflation rises but investments will yield interest and also more rewarding.

    “There are so many investments now that the civil servants can be involved in which can yield results without them monitoring it. They just put money and expect yields,’’ he said.

    Busari said that the wise saying that “health is wealth” should be reflected in the way civil servants planned their spending and not spending their hard earned money on health issues.

    “The workforce must realise that they need investment to sustain their health and not their savings.

    “They need to open their eyes to many investments that cannot compromise their oath of civil service.

    “Viable investments take care of the future because it does not collapse. We should invest our money to bring returns which I think is more enduring.

    “There are many of the investments such as money market, real estate, farming and others. Seeing that the shares are not that profitable now, cash investment is now preferable.

    “We want to lecture the workforce on how to invest their monies and be rest assured that they will have it good,” he said.

     

  • Leadway pays N10billion claims

    Leadway pays N10billion claims

    Leadway Assurance paid about N10billion in claims in the 2013 financial year.

    Speaking on claims paid in the past by the company, she stressed that it has about 45 years of service in the industry and understands that the value of promise to customers is in the claims that it pays.

    “Industry statistics attest to the fact that we have the highest claims paid value and loss ratio that is far above industry average. For the audited financial year ended 2013 alone, we paid over N10.9 billion in claims.

    ‘’According to verifiable industry statistics from the Nigeria Insurance Digest of the Nigerian Insurers Association, over N6.1billion in claims was paid in 2012 for its General Business alone representing the highest in the industry, with the next highest payer paying N2.8billion.

    “This, indeed, is why we are in business. We will however not be coerced or maligned into paying an unjustified or fraudulent claim and will insist on our legal rights against any defamation of reputation.

    ‘’The industry is one that we are carefully building up with the help of each stakeholder.Therefore, there must be concerted efforts to ensure the growth of insurance rather than propagate further distrust and suspicion,” she said.