The Nation Newspaper

Tag: Staco

  • STACO simplifies premium payment

    STACO Insurance Plc has embarked on a strategic partnership with Paystack, an online payment high-tech company in her quest to delight her numerous customers and make payment for business transaction easier.

    Staco is an underwriting firm licensed to provide general insurance and special risks. Paystack on the other hand is a technology outfit solving payment problem for ambitious business ventures with a mission to help business become more profitable while making it easy for business to accept secure payments from multiple online channels.  The Head, Corporate Communications, Dr. Tunde Odeyemi, in a statement made available to reporters, explained that the strategic alliance with Paystack will enable STACO Insurance numerous customers to transact business and pay for insurance premium at the comfort of their homes or offices. According to him, this is a testament to STACO’s strategic objectives of adding real value to customers’ needs particularly in the area of payment and extending the penetration of insurance services so as to enhance the fulfilment of the of the company’s vision of providing a world-class insurance.

    He pointed out that STACO had before now, secured the approval of National Insurance Commission to deploy e-platform portal for the purchase of third party Motor and Personal Protection Plan (PPP) Insurance policies.

  • STACO unveils three products

    STACO Insurance Plc has strengthened its retail business portfolio with renewed vigour by adding three customised retail Insurance products.

    In a statement by the company’s Head, Corporate Communications, Dr. Tunde Odeyemi, it is in a bid to fulfil the strategic objectives by retaining and enhancing clients’ base, add real and genuine value to customers’ needs and extend existing products and services penetration.

    The products are  STACO Personal Protection Plan (PPP), STACO Home Owners Insurance and STACO Travel Policy.

    He said: “STACO Personal Protection Plan (PPP) protects its holders against accidental death, permanent or temporary disability and medical expenses, arising from all forms of accidents. STACO Home Owners Insurance, however, seeks to protect its holders from loss or damage to their precious assets or properties at home, arising from theft, fire, lightning and explosion, damage caused by bursting or overflowing of water tanks apparatus or pipes among others.

    “STACO Travel Policy on the other hand is designed to provide compensation for accidental death, permanent disability or partial disability, loss of luggage up to a specified amount and medical expenses, following accidents. The Travel Insurance policy covers all the travels embarked upon by the subscriber through any means of transportation on both local and international travels.

    “The customised Insurance policies have been designed to bring comfort to their holders and improve their well-being at a very affordable price. STACO Insurance is known for its passion for high standards and its customer centered service delivery. The Company is committed to putting smiles on the faces of its teaming clientele by developing and offering flexible, top-notch quality and customer friendly insurance products at all times.

    “STACO is one of the leading Insurance companies in Nigeria, a product of a well thought out acquisition carried out on Alpha Insurance Plc. The Company which commenced operations in 1994 specialises in General Insurance and Special Risks businesses,” he added.

  • Staco denies alleged infractions

    The management of Staco Insurance Plc has denied the allegation of infractions following news of disagreements of some insurance firms with the House of Representatives sub-committee on Capital market.

    Acting Managing Director of the firm, Bayo Fakorede in a statement made available to journalists, reiterated the firm’s commitment to professionalism being one of the core values and determination to ensure compliance with the industry codes of corporate governance.

    He pointed out that there is no insider dealings in the company, noting that the inability of the Management to attend a scheduled meeting of the House Committee was due to an unforeseen circumstance which was duly communicated to the Sub-Committee on Capital Market.

    He said: “We have attended similar meetings in the past and thus would not intentionally make off from attending the scheduled meeting. The management of the company confirms that it anchors her operations on high ethical standards which imbibes the principles of full disclosure, accountability, transparency and respect for stakeholders’ interest.

    “This has been the manner of dealings with all regulatory authorities and the stakeholders at large, which are enshrined in regular fillings of all mandatory reports. To underscore this assertion, the Board of Directors of the company has always been at the fore front of laying down proper and good corporate governance with best practices and ensuring that there is compliance with both external and internal rules guiding the operations of the company. As a responsible corporate citizen, we want to assure all our stakeholders, the insuring public and the shareholders in particular that their investment is safe and intact with us”, he added.

  • STACO invigorates e-portal

    TO bring insurance closer to consumers, STACO insurance Plc has invigorated her e-portal platform, having secured the nod of the National Insurance Commission (NAICOM).

    This was made known in  a statement made available by the company’ Head of Corporate Affairs, Tunde Odeyemi, in Lagos.

    According to the statement, the Commission has confirmed a ‘No Objection’ endorsement for the company to introduce e-payment portal into the  market.

    The statement read: “The company’s e-payment portal is a web based transactions solution. It operates twenty-fours round the clock payment system and utilising an automated insurance online real time service technology platform. The portal enables ease of business transaction, offers convenience, speed and seamless method of payment of premium by the company’s clients, especially for third party motor insurance and personal protection plan products.

    “The solution has the feature of issuing digitalised insurance policy certificates and eliminates the syndrome of issuance of fake certificates by fraudsters. The introduction of the transaction and e-payment platform into the insurance market is in line with the company’s commitment to boost exceptional customer experience and reduce turnaround time for customer service delivery, while responding to the technological needs of the sector. It is hoped that the system will create loyalty from customers, attracts additional clients to the company as purchase of insurance policies would become easier.’’

  • STACO named official Insurer for Okpekpe Road Race

    Organisers of the Okpekpe international 10km road race have announced award-winning insurers STACO Insurance Plc as the official insurer of the only IAAF silver label road race in Nigeria.

    Zack Amodu, the director of organisation for the race revealed that STACO will provide insurance Cover for the race.

    ”We have subscribed to a third party liability insurance policy to cover the risks for which we may be held liable, including any accident which might occur to athletes and officials,’ said Amodu, adding that the choice of STACO was based on the company’s track record.

    ‘This is one of the conditions we have to fulfil before we can stage an IAAF label road race. On our part, we have always subscribed to a third party insurance policy for the race since the inaugural edition in 2013.We understand the importance of insurance in the organisation of a race as big as the Okpekpe 10km event and that is why we have gone for an Insurance company owned by Nigerians, who have distinguished themselves in their various business endeavours and manned by seasoned professionals who have proven integrity in the Nigerian Insurance Industry,’ he said.

    Amodu is confident of an accident-free race in the month of May, in Okpekpe but reiterates that Pamodzi Sports Marketing organisers of the first road race in Nigeria to be granted an IAAF label status is, however, not leaving no stone unturned in ensuring another seamless technical and administrative organisation of the event.

    ‘We are left with no choice anyway because of our status. An IAAF label road race is not just an ordinary race. In fact, the label certifies the global sporting significance of the race and its organisational quality. It presupposes that we have complied with all relevant IAAF Competition Rules and the acceptance of the IAAF anti-doping policies.’

  • Staco shareholder’s fund grows by 10.3%

    Staco Insurance Plc has grown its shareholders fund from N3.4 billion in 2015 to N3.8 billion in 2016, representing a10.33 per cent increase.

    The company posted a gross premium of N5.40 billion in 2016 while net premium earned stood at N3.59 billion.

    It paid N1.99 billion claims in the 2016 operating year, of which a substantial part was paid in dollars.

    Its Chairman, Prince Samuel Turoti, made this known at the firm’s Annual General Meeting (AGM) in Lagos.

    He said despite the short-comings resulting from the high exchange rate, the company’s board and management were committed to turning things around for the better by continuously delivering value and positively affecting the lives of its stakeholders and leveraging best practices.

  • 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.

  • Staco Insurance grosses N6b premium

    The Staco Insurance Plc has recorded a gross premium income of N6.19 billion in its financial year 2015.

    Former Chairman of the company, Dere Otubu, made this known at the firm’s Annual General Meeting (AGM) in Lagos.

    He said the company has appointed Turoti Samuel as the new chairman.

    He said the company’s net premium stood at N4.68 billion while profit before tax was N168.61 million.

    He noted that 2015 had challenges, which led to a decrease in revenue of 3.9 per cent from N5.96 billion in 2014 to N5.73 billion in the year under review.

    On Board changes, he said: “During the first quarter of this year, many non-executive directors left in line with the 2009 NAICOM Code of Corporate Governance.

    “During the first quarter of 2016, a significant number of non- executive directors resigned their appointments in line with the 2009 NAICOM Code of Corporate Governance. The director’s who resigned were Dere Otubu; Pius Plarewaju; Idaere Ogan; Babatunde Okoturo; Emmanusel Chiejina and Love Ojakovo while the new directors are Talabi Omotola; Alimson Olusegun; Turoti Samuel; Emore Helen Ese and Muhammad Sidi-Aliyu,” he said.

  • Staco Insurance staff member is Miss Insurance

    Staco Insurance staff member is Miss Insurance

    Staco Insurance Plc staff member by Sarah Ogunsola has emerged the Miss Insurance for the year.

    The beauty queen emerged among other seven contestants from AIICO Insurance Plc; Guinea Insurance Plc; Equity Assurance Plc, African Alliance Plc and Scrib Insurance Brokers Limited during the yearly pageant organised by the Chartered Insurance Institute of Nigeria (CIIN) in Lagos.

    The second runner up position went to Miss AdeosunMotoyosi of AIICO Insurance Plc, while Miss Mogaha Joy, still of AIICO Insurance Plc emerged the first runner.

    Filled with joy after the keenly contested competition, Ogunsola said she was elated to have emerged as the industry’s queen, adding that she was prepared for the task associated with the crown.

    She said her programme would be released soon.

    The queen won a brand new Kia Picanto Car, donated by Sovereign Trust Insurance Plc.

    The Special Guest of Honour at the event, LanreLaoshe, urged the queen to be a good ambassador of the industry, urging her to take insurance literacy campaign to secondary schools across Nigeria.

    He promised to support efforts geared towards making insurance part of human existence, stressing that it was high time the industry operators began to do what would make the public give them recognition.

    The immediate past Miss Insurance, Sefiyat Sadit of Staco Insurance urged the new queen to be determined, humble and be focused in the pursuit of her objectives.

    She said her tenure was eventful, through the support of operators and her family members.

    She appreciated all the people who supported her during her reign.

  • Staco pays N1.34b claims

    Staco Insurance Plc has recorded a 27 per cent increase in claims settlement in the third quarter of the financial year.

    In a statement, it said it paid a total of N1.34 billion as claims to its customers covering various areas of its operations by the end of the third quarter of the year compared with N1.06 billion it paid as claims within the corresponding period in 2011.

    An analysis of the claims shows that N513.77 million was paid on the motor insurance policy, N272.04 million on fire insurance policies, general accident policies claimed N204.54 million, N178.68 million on oil and gas, N113.92 million on marine and aviation policies while N49.60 million was paid on bonds.

    The firm also said it has not only confirmed that it had lived up to its promise of prompt claims settlement to the public but had also proved to meet its various claims demands from customers.

    The Executive Director, Staco Insurance, Mr Bayo Fakorede, said it was part of the firm’s policy to process and settle genuine claims promptly.

    For the company to align its strategy with its objective of being the first choice provider of superior financial services with delivery being an integral benefit to all stakeholders, it seeks to add value to its customers’ needs, particularly in service delivery and meeting its clients obligation, he said.

    Bayo said it was part of the strategy of the company to ensure that its customers to assist its customers.