Guinea Insurance repositions for excellence

Didam

·         Eyes top five positions by 2018

Chuks Udo Okonta

The Managing Director of Guinea Insurance (GI) Plc, Polycarp Didam, has once again reiterated the company’s total commitment to consolidate and strategically grow its market share through decisive long-term investment and customer engagement initiatives.

In a statement by the Team Lead, Corporate Services, Guinea Insurance Plc, Ufot Hanson, the Managing Director said: “We are peopled by skilled professionals in the business of underwriting; an edge we believe will take our organization to the next level.

“Our company’s strength lies in our passion for high standards and determination to become a world class enterprise, one with the scope and economies of scale necessary to serve the financial and risk management requirements of our numerous customers, many of whom trade not just in domestic markets, but regionally and throughout Sub-Saharan Africa.”

 While noting that part of the repositioning strategies of the company was to constantly improve on customer service, claims experience and ultimately stand out the Guinea Insurance brand amongst its peers; Group Lead, Technical, Wole Fayemi, further emphasized the company’s commitment to continually optimise its business processes with the sole aim of meeting the dynamic needs of its numerous customers.

He said: “Customer satisfaction is the pivot of our achievements and this, inevitably builds brand loyalty. Our company’s capacity to settle genuine claims to the insuring public is underscored by its increasing premium yielding policies and capital generating ventures.

“We have therefore adopted a Rapid Claims Payment System (RCPS) to ensure that our response time for claims settlement is within 72 hours upon receipt of a duly Executed Discharge Voucher (EDV) from the insured.

“In line with our corporate objectives of providing top quality services, delivering fast, fair, honest and accurate claims services, we have made a total claims payment of N138 million as at the end of the second quarter of this year on various classes of insurance: a total of N44,501,734.42 was paid on General Accident insurance policies representing 32.2 per cent of total claims paid, while N41,532,642.89 was paid on Marine insurance policies representing 30.1 per cent of total claims paid, Motor insurance policies accounted for 13.5 per cent amounting to N18,667,042.57 of claims paid, while Oil & Energy insurance policies accounted for 15 per cent amounting to N20,781,151.52, Engineering and Fire insurance policies stood at 9.12 per cent amounting to N12,607,860.41 and the sum of N135,715.91 representing 0.1 per cent was paid on Aviation insurance policies for the period.

He noted that the firm hopes to be rated among the top five underwriting firms in the country by 2018.

“we are bent upon becoming one of the top five insurance companies in the country by the year 2018, hence, we have carefully crafted a 5-year strategic business plan, our objectives being to: build capacity, consolidate and reposition the GI brand and ultimately build a tribe of loyal and dedicated customers who would remain our brand ambassadors because our commitment to them is total,” he added.