Lasaco Assurance becomes first ISO certified underwriter

Lasaco Assurance becomes first ISO certified underwriter

.Posts N2.7 b premium income

Chuks  udo Okonta

Lasaco Assurance Plc has set a record by becoming the first insurance company in the country to get the International ISO 9001:2008 Quality Management System Certification issued by the Standard Organisation of Nigeria (SON).

Its Chairman Edward Akin Leigh, at the certificate presentation in Lagos, said the company commenced the process in 2010, adding that in the past 18 months the company’s staff at all level, branch-network, business processes procedures and practices, reports and reporting standards, quality policy and management, have been subjected to world class rigorous checks, analyses and various audits both internally and by audits teams from SON.

He noted that the certification conferred on the company a unique competitive advantage and position-of-strength as it pursues growth and profitability growth.   

Director General SON Joseph Odomodu, said getting ISO certification is the only thing that can change Nigerian business practice, adding that the more company are certified, the better would be the economy. He noted that SON has decided that even the small and medium enterprises should benefit from been certified to boost their operations.

He said: “It is more interesting that insurance companies are getting certified and I really want to congratulate Lasaco for been a premier among others. Their certification indicates that we are coming up. Other insurance companies should follow the step of Lasaco for with the certification, the company’s result would soon begin to show that something has changed, for the system is structured in such a way that it would help them to offer better services and once that happens, people would flock to where better results are been posted. ISO certification is simply ensuring that things are done properly.”

The Managing Director Olusola Ladipo-Ajayi, said the company would live up to expectation, to enable it retain the certification, adding that the company decided to raise the standard in the insurance industry by applying for the certification. He noted that the company is repositioning to remain top in special risks, adding that the firm led a consortium last year to underwriter Nigerian satellite, a feat which was uncommon in time past.

 “What we are trying to do is to carve a niche for ourselves in the special risks, without loosing sight of the everyday insurance. Special risks are the type of risks that are denominated in dollars. They are international business; they give you a window into the international realm of insurance. You have an idea of best international practices. The major problems that Nigerian insurers face does not exist in special risk and that is prompt ensures payment of premium.

“In special risk, underwriters are empowered, and have the enabling environment to meet their obligations. Most of the problems of insurance companies of not been able to pay claims in Nigeria emanates from the fact that the premiums are not paid on time. But when you go to the realms of special risks, premiums are paid quickly; every obligation is met quickly, so when it is your turn, there is no excuse for you to drag your feet,” he said.

Lasaco’s gross premium income for last year stood at N2.7 billion as against N2.1 billion in 2010, the profit after tax was N213 million as against N249 million, while profit before tax was N478.91 million as against N249.65 million and paid claims of N157.733 million.