Consolidated Hallmark pays over N600 m claims in Q3

Consolidated Hallmark pays over N600 m claims in Q3

Chuks Udo Okonta

Consolidated Hallmark Insurance plc (CHI) has paid claims worth over 600 million, as at the end of third quarter it Managing Director Eddie Efekoha, has said. 

He disclosed at the official presentation of Group Accident Insurance Cover to members of the National Association of Insurance Correspondence (NAICO) in Lagos, adding that the company is committed to meeting policyholders’ expectation.

Efekoha said the company takes payment of claims as priority because of how much it values its clients. He noted that the company will always ensure that it’s underwriting is healthy and professionally handled.

Besides, he believes that the business of insurance is driven by referrals and customers’ recommendation.

He said: “For us as a company, we recognise that we are in business to pay claims. Therefore, we must operate and ensure we do not fail. When we do that, satisfied clients will recommend themselves and other people to us. So it’s a business that is built on referrals such that existing clients will refer you when you have done well and we will continue to do that in the mist of changing environment.”

He noted that despite the harsh business environment and challenging regulatory regime, the company has continued to witness upward movement in growth fundamentals.

He said the company is happy with where it is, having achieved a very modest growth, stressing that the key driver of its business from the start is its people including the staff and the board.

Efekoha noted that part of the progress the company achieved include early hosting of its Annual General Meetings (AGM) having invested in faster technologies for improved processes.

“Each year we try to bring forward the time we hold the AGM. Since 2007 we held the AGM in August, then July and this year, we held it before the first half of the year and as we move on, we will continue to improve on the time of the AGM,” he said.
He noted that the weight of premium receivables in the industry has been a challenge to operators under a constantly changing regulatory regime.