Staco Insurance Plc paid claims amounting to N1.87 billion in 2013 in line with its promise to pay all genuine claims promptly, the company's Managing Director, Sakiru Oyefeso, said.
Addressing insurance brokers in Lagos recently, Oyefeso also informed that the insurance firm has already paid about N900 million claims during the first six months of the current year.
He stressed that the company's strength lies in its passion for high standards and prompt claims settlement, pointing out that this and the notable quality services delivery by the company every time, has enabled it to win numerous awards in the recent past.
Oyefeso added that "the modest achievements recorded by the company since its establishment had been possible through foresighted leadership and excellent team spirit by the staff of the company. Our vision is to be a world class provider of insurance and other financial services and we pursue this vision vigorously."
While enjoining insurance operators to take insurance to the grassroots in order to increase the level of insurance penetration and density in the country, he said "We must all reckon with the fact that the insurance industry has remained underdeveloped because we have over the years placed more emphasis on large government and corporate accounts, leaving the grassroots unattended to."
"This is not the case in advanced countries where insurance is the way of life and the last hope of all citizens. The efforts of our regulator in deepening insurance penetration by introducing the six compulsory insurances and anchoring sustained campaigns should be supported by other key stakeholders like underwriters, brokers and loss adjusters."
He also charged the insurance brokers to be mindful of the threats facing their profession, saying "Today, Information and Communications Technology has become a viable channel in the selling of insurance policies through the use of internet, social media and SMS (Short Message Service) from the telecommunications companies. The question here is that "are the telecoms network companies licensed agent by NAICOM to sell insurance? This is thought provoking and we should be reminded of how Workmen Compensation was gradually taken away from us."
The STACO boss added that "We, as insurance marketers need to evolve strategies, structures and capabilities to ensure that we align our selling processes with the latest technology in order not to lose significant income to technological advancement."
Source Daily Independent
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