Claims payment stands out as one of key boosters of insurance and the confidence policyholders have in the business; hence why firms endeavour to settle claims promptly.
It is in this light that policyholders of Universal Insurance Plc have applauded the firm for its ability to settle their claims when due.
The firm has paid N1.2 billion as claims to policyholders in the last five years. A breakdown of the claims paid showed the company paid N147.8 billion as claims in 2015, N111.1 million in 2016, N330.3 million in 2017, N334.2 million in 2018, and; N338.2 million claims in 2019, bringing the total claims to N1.2 billion on nine classes of insurance.
The Chairman, Manny Insurance Brokers Limited, Kayode Okunoren, said Universal has a rich heritage of professional practice in Nigeria, believing that it is being sustained. He stated that the insurer has etched its name among the most brokers’– friendly companies operating today in the Nigerian market.
“It is the belief of Management that the desire of Universal to forge collaborative relationship with brokers through the Nigerian Council Registered Insurance Brokers (NCRIB) platform will be achieved,” he stressed.
Aside Okunoren, many brokers equally endorsed the company whilst attesting to how their claims were promptly settled by the underwriter even as they urged other brokers to place their clients’ risks with the company.
Similarly, the Actors Guild of Nigeria (AGN), which chose Universal to provide it with Group Personal Accident Insurance policy for its 150,000 members across the country, also commended the underwriter.
Don Pedro Obaseki, Former Chairman, Lagos State Chapter of the AGN expressed his delight saying, for the first time in the history of AGN, the Actors now have insurance protection, noting that it is a wonderful experience and something the group have been looking forward to.
Also, some of the actors said the development was a dream come true for them because they are always exposed to varying degree of occupational hazards without any form of compensation.
Commenting, the Managing Director, Universal Insurance, Ben Ujoatuonu, said the company is presently meeting all its obligations especially, in the area of prompt claims settlement to clients and other stakeholders, adding that the insurer is liquid enough to carry out its civic responsibilities and underwrite big risks.
“We have a competitive edge in claims settlement through investment in state-of-the-art communication and information technology thereby enhancing our operational efficiency and offer to pay off legitimate claims in a jiffy after the execution of discharge voucher. We have a tractable but reduced claims process circle,” the CEO said. He revealed that the company is eyeing the retail market and will soon unveil some retail insurance products to deepen insurance penetration.
He further noted that the firm has also imbibed the culture of training and retraining of its workforce as it believes in the human capital development, motivation and empowerment to drive policies and create values.