Wapic Insurance Plc Managing Director Mrs Adeyinka Adekoya has been elected a Council member of the Chartered Insurance Institute of Nigeria (CIIN).
The election and inauguration held during the just-concluded CIIN Annual General Meeting in Lagos.
Mrs Adekoya served in two CIIN committees for Education and Accreditation as well as the committee of the inaugural Mega Conference.
Wapic Insurance Plc has opened an Insurance Ombudsman Desk to ensure a seamless and smooth service for customers, Managing Director, Mrs Yinka Adekoya has said.
She spoke during the launch over the weekend at the company’s Head Office in Lagos.
She said while the notion of having an Ombudsman desk was not new in the Western-developed society and some parts of Africa, including Nigeria, this is the first time an insurance company would launch its very own Ombudsman desk.
She pointed out that the desk is independent, hence, its resolutions cannot be manipulated.
She also noted that the desk reports to the management and board and that it has been empowered to handle all claims related cases, irrespective of the amount involved.
She stated that the company wants to improve customer experience, from the point of purchasing an insurance product to the point where the risk crystalises.
She explained that an Ombudsman is basically an officer(s), who is responsible for informally investigating and mediating fair settlement of commercial dispute between a company and its customers or companies through an Alternative Dispute resolution-driven process.
She stressed that the Ombudsman would usually engage the parties informally with a view to resolving the dispute timeously, encourage business continuity and improve customer experience, she said.
Bringing this home – in the insurance sector, the Ombudsman will be responsible for setting disputes that arise as a result of claims settlement, she added.
She said: “When a customer’s risk has crystalised and they have issues with the claims settlement process or the claims amount that is payable, the Ombudsman will step in to investigate the customers concerns and mediate a fair settlement to ensure both parties (the Underwriter and the customer) are satisfied with the outcome.
“We at Wapic are very excited to be launching this initiative. It is a feat for us as an organisation and this also buttresses our vision which is to transform and illuminate the insurance industry for the benefit of our customers and stakeholders as well as our mission which is leading in all that is worthy. Wapic has decided to launch the Ombudsman desk publicly to inform our customers of the best medium to channel their disputes and also to build confidence in our current and prospective customers about our services and ability to handle their expectations. Our customers should know that we are continuously transparent in our business operations, our goal is to continue to strengthen business relationships”.
The Executive Director, Bode Ojeniyi, said the pilot scheme of the initiative started in 2018 and that from then to date, over 57 cases have been resolved amicably.
He highlighted the benefits of the desk to include, speedy resolution of customers complaints; strengthening business relationship with customers after resolution of disputes; serves as a channel of feedback from customers; identification of potential risks and problems areas in business relationship with customers and advise accordingly. The risk of lawsuits against the company are minimised, as disputes are resolved internally and amicably, among others.
Wapic Insurance PLC has unveiled a Travel Insurance Policy to cover transport or repatriation for medicals for the insured and/or family members who are travelling with the insured.
Speaking at the launch of the product at the company’s headquarters in Lagos, its Managing Director, Mrs Mrs Adeyinka Adekoya said, the product also covered transport or repatriation of remains of insured and emergency return home following the death of a close family member.
She stated that while the premium to pay for the product is N5000, children from three months to 18 years travelling with their parents will pay 50 per cent of the premium; for those between 66 and 75, it is an increase of 50 per cent of the premium; for those between 76 and 80, it is an increase of 100 per cent; and for those who are 81 and above, only the Schengen Policy is available for them. But the premium shall be an increase of 300 per cent.
She explained that the policy was designed to cover individuals against unexpected incidents during international travels.
She said: “We, at Wapic, are very excited at launching this product aimed at helping our consumers to feel secured during their international trips, even in the face of unplanned emergencies. The ability to access pocket-friendly and sound travel insurance is critical for travellers to enjoy their international trips with peace of mind.
“Before we decided to launch this product, we had observed over time very little or no awareness of travel insurance and its benefits and thus travellers would be at a disadvantage if they ever had an emergency during their trip. From simple issues, such as inflight or checked-in baggage loss or more complex issues, such payment of medical bills or accident sustained while travelling or even cost of repatriation in a worst case scenario.
“As we launch the Travel Insurance product, Wapic plans to invest in sensitising our customers and prospects about the benefits of buying travel insurance through our various digital channels. The idea is to increase product awareness and patronage and also to elicit interest and ongoing debate in the public domain on the relevance and importance of Travel Insurance for the protection of life and personal property.
‘’Wapic has produced this travel insurance product after thorough investigation and engagement with key stakeholders, and we are proud that this product above all else, addresses the issue of accessibility.”
Mrs Adekoya stressed that the product is pocket-friendly, and pricing is based on the duration of trip and destination, thereby according access to a varied range of consumers.
“We will ensure the engagement with this product is hassle-free. Sales of the product will be done directly to consumers through our digital platform and other touch points, as well as through partnership with leading digital channels, travel agencies, airlines, and other agencies within the travel value chain.
National Association of Nigeria Travel Agencies President, Mr Bankole Bernard said there are over 6000 agents.
He said Wapic’s involvement in travel insurance was a right step in the right direction, noting that it would increase the number of players or participants in the travel insurance business.
‘’The good thing about travel insurance is that the premium is always very low. We are partnering Wapic because they believe in the company’s legacies and they consider then as a strategic partnership,’’ he added.
Wapic Insurance Plc last week held a teleconference for investors and analyst, to announce its unaudited financial results for the period ended September 30, 2018.
Its Managing Director, Mrs Yinka Adekoya during the teleconference said the the group reported N10.1 billion in gross written premiums for the period.
She said this represented a 29 per cent increase from the previous year’s position and significantly outperforming industry averages.
She said: “Our nine months’ financial performance is reflective of the focused implementation of our growth objectives across all business lines. Underwriting profit also followed in the same stead at a 7 per cent year-on-year increase to N1.4 billion from N1.3 billion in 2017. This is indicative of the disciplined execution of our growth strategy.
“Our ongoing digitisation efforts and first-in-class customer experience offering will open up new opportunities which we believe will ensure the continued creation of sustainable value to all our stakeholders. Profit before Tax (PBT) declined by 50 per cent to close at N475 million, negatively impacted by the drop in investment and other income, and the growth in net claims expenses for the period. Gross claims paid year to date stands at N2.76 billion; a 21 per cent increase in claims payout compared to 2017.
“Gross claims ratio decreased to 27 per as at September 18 against 29 per cent in the same period in 2017 driven by improved year-on-year topline performance. Risk Rating: AM Best rated our financial strength as C++ and Issuer Credit Rating (ICR): of b+.”
Mrs Adekoya said the subsidiaries, Wapic Life Assurance Ltd and Wapic Insurance Ghana Ltd, have also posted positive results.
“Wapic Life posted eight per cent year-on-year increase in GWP to N1.5 billion from N1.4 billion in prior year. Gross claims paid increased by 18 per cent to N836 million in September 2018, compared to N707 million in the corresponding period of 2017.
“Growth in claims paid and underwriting expenses further impacted the performance with an underwriting loss position of N51 million. Investment income reduced by 32 per cent to N389 million from N581m in the third quarter of 2017.
“The Ghanaian subsidiary grew its GWP position by 25 per cent year on year to N1.39 billion compared to the same period in 2017. Wapic Ghana continued with its impressive performance stead to record an underwriting profit of N287 million representing a 57 per cent increase from September 2017. The subsidiary made a PBT of N24 million, a positive improvement from the loss position of N208 million recorded in the prior period,” she added.
Disturbed by the high rate of accidents, Wapic Insurance Plc has kicked off a campaign aimed at restoring discipline on our roads.
In a statement, the company’s Managing Director, Mrs Adeyinka Adekoya, said the campaign, tagged “Road Sense” is a three-month long advocacy aimed at encouraging and entrenching safe-road use culture in Nigerians.
Specifically, the digital instructive awareness drive is expected to promote knowledge of the road signs and encourage the various categories of road users to respect the meanings of the signs on the roads, she said.
She reiterated that the programme is an attitudinal-change online campaign to promote safety on roads.
She said: “The initiative is sequel to the highly successful “Safety-on-Wheels” campaign executed by Wapic in partnership with some notable government and security agencies, including the Nigeria Police Force (NPF), Federal Road Safety Corps (FRSC) and Lagos State Transport Management Authority (LASTMA) in February. Unlike the Safety-On-Wheels campaign, which enlightened over 1000 drivers about safe road-use practices, importance of adherence to road traffic regulations and appropriate road as well as vehicle maintenance cultures, “Road-Sense” seeks to reach a broader audience across the different demographics.
“Many road users do not really know the rules of the road or understand the signs. This results in bad driving habits as well as inappropriate road-use culture that cause accidents. Wapic is a vociferous advocate of proactive risk avoidance. The underwriting firm, which boasts an enviable record of claims payment, is a prime promoter of initiatives that empower people with relevant knowledge and apposite skills that reduce road accidents in Nigeria.
“As a socially responsible corporate citizen with focus on health, education, social empowerment and environment, Wapic is nationally and internationally acknowledged for its defining roles and social interventions that have consistently enhanced the quality of living and humanity. Through its numerous interventions, the company is committed to driving social progression and instituting safe-road use culture in Nigerians, by ensuring that motorists, passengers and pedestrians have adequate knowledge about road-use commandments that guide traffic interactions.’’
Wapic Insurance Plc has posted a gross written premium of N6.97 billion in the six-month period ended June 30, 2018, up by 18 per cent compared to N5.89 billion 6-month periods ended June 30, 2017.
The underwriting firm’s unaudited Financial Results Statement for the six-month period, was released to reporters in Lagos.
Managing Director of the firm, Mrs Yinka Adekoya, said the underwriting profit grew by 113 per cent to N1.33 billion driven by an increase in gross written premium.
She stated that profit before tax declined by 54 per cent to close at N241 million, negatively impacted by the declines in investment and other income, and the slight growth in operating expenses for the period.
She also said N1.65 billion was paid out in claims year to date; an eight per cent increase in claims payout compared to half year 2017.
She noted that gross claims ratio decreased to 24 per cent in half year 2018 against 26 per cent in half year 2017 driven by improved risk selection year-on-year and topline performance risk rating
Meanwhile, the result further showed that Wapic Life Assurance Ltd, a subsidiary of Wapic Insurance Plc, recorded 11 per cent increase in gross premium written to N1.25 billion in half year 2018 from N1.12 billion in prior year.
Claims payout however decreased by 20 per cent to N363 million in the year under review, compared to N454 million in the corresponding period of 2017.
The subsidiary recorded a commendable 946 per cent growth in underwriting profit from its half year 2017 position of N14.9 million to N156.7 million in half year 2018.
Investment income reduced by 25 per cent to N279 million from N375 million in half year 2017 and profit before tax closed at N16.8 million for the period.
Mrs Adekoya said: “The firm’s half-year performance is a reflection of the company’s continued focus on its business strategies and to deliver on all growth targets in a sustainable manner.
“As a group, we recorded an underwriting profit of N1.33 billion, a commendable growth of 113 per cent from the previous year position of 8622 million.
“This performance was driven largely by the growth in Gross Written Premiums for the period as well as enhanced efficiencies in our risk selection processes.
“We remain committed to the focused execution of all our growth strategies especially with respect to our priority products and the delivery of an enjoyable experience across board for all our Wapic Insurance Plc customers.
“ We will stay focused on deepening our retail penetration and share of wallet, improving operational efficiencies and consolidating on our brand profile in order to achieve our growth targets for the rest of the year. Our digital transformation drive also remain well on course and will be pursued aggressively in the second half of the year.”
She said the firm is set to hold a teleconference call for investors and analysts on Thursday, August 16 at 2pm Lagos Time, 1pm London, 3pm Johannesburg and 9am New York with its senior management, to announce the unaudited financial results for the period ended June 30, 2018.
Wapic Insurance Plc has enlightened clients and other stakeholders on the alternative methods of managing risk and Telecoms & ICT companies’ exposures, especially within a volatile economic environment like Nigeria.
Its Managing Director, Adeyinka Adekoya in her remarks at a Seminar Series organised by the firm with the theme: “Mitigating Risk in the Telecoms & ICT Industry: Challenges & Solutions”, said the firm aims to ensure that its clients and potential clients in the ICT and telecommunications industry manage their risks effectively and efficiently towards greater productivity and value creation. She said risk is constant in life and all business endeavours, noting that it is the reason risk management is an important aspect in the businesses’ life cycle.
She stressed that in a progressively globalising world, risk management is in fact, a measure that calls for constant remodeling and fine tuning to fit evolutions in business and the world in general.
She said: “Globalisation has allowed for the proliferation of digital solutions, Telecoms and ICT. Technological and industrial advancement pose a risk to our collective future. To secure a progressive future, it is important that all technological investments of today remain sustainable and scalable for the future.
“Insurance is one very important risk management measure. However, there are many other valid measures that together with insurance will provide the right fortification for Telecoms and ICT companies in Nigeria. There are also many more ways that insurance can provide fortification for this industry than the ways in which we currently do.
With its rich history of impressive rating by A.M. Best, the world’s leading issuer of financial-strength ratings which measures insurance companies’ ability to pay claims, Wapic Insurance’s standing as a solid player in the insurance sector is incontrovertibly affirmed.
However, the series of industry defining innovations emerging from the staple of the leading West African multi-line insurance company has made pigeon-holing the firm into the frame of its acclaimed solid financial power somewhat difficult. This is attributable to the rub-off effect of the company’s highly successful transformation programme on the insurance industry, which has refined service quality, brought innovation to product offerings and increased stakeholders’ confidence in the sector.
In the last three years, Wapic Insurance has demonstrated that service is as important as financial ability to fulfill obligations to customers.
In a recent chat, its Managing Director, Mrs. Adeyinka Adekoya, defined what the company is about, saying: “Wapic insurance is about service and providing options to customers.”
Adekoya disclosed: “Claims turnaround time in the company does not exceed 48 hours upon execution of a discharge voucher because of its efficient claims management process. She also revealed that “through its wheel of innovation, Wapic Insurance has offered insurance customers in Nigeria options through its bouquet of exciting products developed to meet their needs.
“Customers subscribe to the services of insurance firms because they do not want to experience any hiatus between when an incident occurs and when claims are paid. This means that they want immediate restoration, which is actually what we offer at Wapic Insurance,” hinted Mrs Adekoya.
The company’s claims payment record corroborates this statement and signals Wapic Insurance’s uncommon understanding of the insurance market in Nigeria. In 2016 and 2017, total claims paid by the company were N2.8billion and N3.2billion. Similarly, gross written premium within the same periods surged by 13 per cent and 23 per cent to N8billion and N9.8billion.
While these indicate the company’s ability to fulfill its obligations when due, the deeper insight gleaned from its recent financial report reveal that Wapic Insurance met these obligations at an impressive rate of 100 per cent. Beyond institutional commitment to exceptional service, Wapic Insurance’s value proposition is built upon a solid corporate governance and risk management framework that ensures delivery of exceptional service experiences and innovative product solutions to its clients.
At the moment, Wapic Insurance maintains treaties with world-class reinsurance companies to bolster its claims management systems and maintain its market leadership through quick and efficient claims payment.
As the leading multi-line insurance company in the West African region providing solutions covering life, general and special risks, the company seeks to underwrite the insurable risks exposures of corporate and individual customer. The company is also a lead underwriter in numerous big-ticket and highly technical transactions.
Established in 1958 and listed on the Nigerian Stock Exchange since 1990, Wapic Insurance is on a mission to transform into a diversified financial services institution, delivering value in a sustainable manner to customers and stakeholders while playing a lead role in the transformation of the industry.
Wapic Insurance Plc has assured its shareholders of better returns.
Its Chairman, Aigboje Imoukhuede, stated this at the 58th Annual General Meeting (AGM) in Lagos.
According to him, a review of the company’s results for the financial year ended December 2016 showed that Wapic recorded growth across all its business lines, leading to a total revenue of N12.4 billion and gross written premium of N8 billion, which represents an increase of 19 per cent and 13 per cent over the same period in 2015.
He said the firm was the first insurance company to obtain regulatory approval for its yearly accounts.
He added that the life company was also the second to receive regulatory approval for its 2016 Annual Accounts.
He noted that this was not just a testimony to the company’s positioning in comparison to competition, but also an indicator that it has a stronger financial performance compared to its peers.
Aig-Imoukhuede explained the differences between banking and insurance business models, highlighting the need for prudence in underwriting insurance risks with the consequent need to hold cash reserves.
Shareholders of Wapic Insurance Plc’s have given their approval for the firm to raise additional capital in the sum of N10 billion or its equivalent in any foreign currency.
The approval was given at the company 58th Annual General Meeting (AGM) in Lagos. Members of the various shareholders associations, who spoke, said they were behind the company for the anticipated increase in capital in line with the insurance industry’s requirement.
This came on the heels of the shareholders’ appraisal of the company’s ongoing transformation initiative, which they adjudged to be successful and encouraging.
The company’s Chairman, Aigboje Aig-Imoukhuede, said the company intended to raise the capital by way of rights issue, public offering, placing, book building process or other methods or a combination of methods by issuance of ordinary shares, preference shares, convertible loans, stocks, medium term notes, bonds or other securities in such tranches, series, or proportions, at such coupon or interest rates, within such maturity periods and on such terms and conditions as the directors may deem fit or determine.
He stressed that raising additional capital was a proactive step to get the company ready for a much-anticipated regulatory increase in the minimum capital of insurance companies.
He said: “This is, particularly, instructive in view of the recent adoption of the Risk-Based Supervision model by the National Insurance Commission (NAICOM) and the directive to insurance companies to implement the Solvency II Capital Allocation model by 2018.
‘’When a similar regulatory capital increase was imposed on the banking industry during the consolidation era wherein only the banks that were proactive in raising the required capital emerged as winners.’’