 |
| From left: Managing Director/CEO, Union Assurance Company Limited, Mr. Godwin Odah, receiving a plague from the Deputy President of Nigeria Council of Registered Insurance Brokers, (NCRIB), Mr. Kayode Okunoren, when the company hosted the August edition of Members Evening of the council in Lagos today. |
Settles N3.329b as claims in five years
By Nkechi Naeche
Poised to deepen insurance penetration and awareness in the country, Union Assurance Company Limited, on Tuesday said it has earmarked on key strategic initiatives for 2014 to 2018.
The Managing Director/CEO Godwin Odah, at the Monthly Members Evening held at the Nigerian Council of Registered Insurance Brokers (NCRIB) in Lagos, said some of the key strategies include the unveiling of a micro-insurance model that will enable the company leverage affinity groups thereby achieving a lower acquisition cost for this important segment
According to him it will participate in large transactions, particularly in the energy and power sectors, adding that they will partner with the big lenders such as First Bank, Union Bank, Stanbic IBTC Bank, Standard Chartered Bank.
On growing its customer based, the Union Assurance boss said that they will improve brand visibility and awareness among the young upwardly mobile middle class, adding that service and product innovation will enable the company deliver (particularly with the emerging middle class) a competitive value proposition.
He said: "We shall also aim to develop bespoke products that meet our clients risk and business demands."
Speaking further on business process he said that by the end of 2014 it hope to increase its retail force from 1,400 to at least 2,000, adding that it will create an online store with an improved business process that enable the company deliver its products seamlessly across multi channels Group and affinity lines
He further said that "deepen our relationship with the top tier brokers, as it is expected that brokers, because of the complex nature of insurance will continue to play a major role in the industry particularly in the commercial segment of our business."
He noted that they will effectively leverage extensive branch network, particularly to strengthen its growth in the retail and public sector, which he said will focus among the growing states of Rivers, Delta, Akwa Ibom and Cross Rivers
On its organisation capacity, he said that they will improve on the company’s employee Knowledge, Skill and Ability, adding that they will build capacity and technical competence in the big ticket businesses such as Oil and Gas, Power and Telecom.
Speaking further on claims payment, he said the company paid N3.329billion as claims in the last five years to various companies in the country.
On Union Bank’s divestment process he said the bank is in the final stage of complying with this CBN requirement by divesting its 93 per cent shareholding in Union Assurance, adding that as soon as the formal regulatory approvals are secured, "we shall be glad to unveil the new owners of the company to our stakeholders including the broking community," he affirmed.
Odah was optimistic that the years 2014 and 2015 promises to produce interesting and exciting performance for the company as it transit through these phases.
Source: Businesstoday
No comments:
Post a Comment