90% of insurers’ claims go to fake claimants -Ogunbiyi

Group Managing Director Mutual Benefits Assurance Plc, Akin Ogunbiyi; Publisher/Editor-in-Chief Business Journal, Prince Cookey and Managing Director, Goldlink Insurance Plc, Gbolahan Olutayoat the event in Lagos.

Chuks Udo Okonta

Of every N10 paid as claims by insurers, N9 go to fake claimants the Group Managing Director Mutual Benefits Assurance Plc Akin Ogunbiyi, has said.

He disclosed this today Monday, at the 1^st Business Journal Insurance summit in Lagos. He called on the industry operators to put in place a mechanism that would enable them determine genuine claims.

He noted that most insurers today rush into paying claims because they want to be in the good books of the public.

Ogunbiyi said his company is committed to claims payment, but will only pay genuine claims. He noted that the firm has fora into retail business selling micro-insurance which has less claims obligation.

He said the company in July last year hit a monthly premium income of N1 billion, adding that the tempo has been sustained since then. He maintained that the firm has sold over 7000 new products through its micro-insurance channel.

He said micro-insurance remains the future of the insurance industry, urging operators to join forces with the National Insurance Commission (NAICOM) to deepen penetration through micro-insurance, which helps create wealth for people at the grassroots.