Yemisi Izuora
The Universal Insurance Plc, has said there is no magic wand that sustains business except transparency, honesty, innovative approaches and quality leadership.
The foremost insurance firm, said it has adopted those prime principles to retain customer confidence which has supported growth over the years.
The Universal Insurance Plc, Managing Director and Chief Executive Officer, Dr. Ben Ujoatuonu, was bold to inform industry operators who convened at the members evening at the Nigeria Council of Registered Insurance Brokers, NCRIB, house on April 30, that retaining customers confidence stems from its prompt claims payment.
“Claims payment still remains our focal point and priority. At Universal, we strive to meet our claims obligations as and when due. We have consistently delighted our customers with prompt settlement of claims. This to us is the major reason why we are in business. I assure you that we will continue to grow our tempo in claims settlement.” Ujoatuonu boldly stated.
He said next is that the company is one of the very few digitally Compliant Companies in the market. “We have portals that are available to our customers and brokers to access our products, lodge claims all at the comfort of their home or office. We have applications that are very compliant and friendly especially in compliance with latest Web Aggregators guideline. This enables any digitally Compliant Company to easily have a handshake with our software to either buy, sell Insurance or lodge claims. All our retail line products are sold and bought digitally. I encourage all brokers to take advantage of this.” elated Ujoatuonu declared.
Some of these initiatives, he pointed out are key strategies adopted to grow the firms business through expanding its market continues.
“We opened a total of 6 branches in less than 2 years, Yenagoa branch being the most recent one. More new branches will come up within this quarter. We are also enhancing our online platforms to ease our business operations.”
How all these impacted on the firms finances was the next presentation of the MD/CEO.
He said, “I am so delighted because your support has continuously made us better. As we aspire to grow higher with your support, it is important to inform you where we are. In 2023, with your support we grew our premium income by 63% from N5.7B to N9.4B and our Profit After Tax by 9% from N619M to N675M and total claim paid grew by 157% from N682,589M to N1.756 B.”
Also, in 2023, a total of N21,181,111.00 was donated to the society as the company’s Corporate Social Responsibility, CSR, intervention compared to N15,429,200.00 donated in year 2022.
This culminated into food and household items to a less privileged home at Ikorodu, books and other educational materials to schools amongst others.
He went on to say,, “We are still standing today because of you. In these past years you have supported us by entrusting us with your risks. You are the reason why we are still here. Today I am confident to tell you that Universal is stronger and better and has built capacity to handle all your risks. I therefore ask you to continue to extend your businesses to us. For those who are yet to enjoy our services, I enjoin you to please extend your hands of fellowship to us, I assure you, you will never regret it.”.