NICON insurance said it has paid a total claim of over N138.11 million, made up of N50.98 million in general business and N87.13 million in life and pensions businesses from January this year to date.
The company has also embarked on a re-branding exercise, aimed at providing excellent services to its large client.
Speaking at the NCRIB members evening which the company hosted, its managing director, Bayode Samuel also said,’We have sent our staff to train at various reputable institutions so as to equip them sufficiently for proficient productivity.
He said that in its resolve to re-position the company, management has decided to extend its strategies to its six regional and forty branch offices across Nigeria for optimal and superior performance.
‘It suffices to say that prior to its privatization, NICON Insurance was the flagship of the insurance industry in Nigeria. This position was incontestable until the blueprint to privatize some government establishments in the country came into force. At that time, NICON Insurance had enjoyed an unparalleled market environment devoid of stress and strain.
However, privatization came with a lot of changes that drastically upturned the flow of events. The monopoly on federal government insurances was broken. The insuring public had wide choices to make in the insurance market. The relaxed mood of the company therefore, had to be awoken. It was then the real challenges of competing in the insurance market began’ he said.
Currently, he said that the management has taken action with concerted efforts aimed at re-branding the company which he said has become pertinent due to the fact that every establishment over time, carries out reforms that will re-position the organization in the comity of equals as wells as clients.
To succeed it the new initiative, Samuel sought the cooperation of Brokers to also promote the business of insurance in Nigeria to the delight of all.
The general manager further noted that annually, insurance companies make huge provisions for outstanding premiums in their books and delays or non-payment of these premiums, invariably affect their ability to make profit, pay dividends to shareholders and attract investments to sustain growth.
However, the new policy of ‘no premium no cover’ has impacted positively on the cash flow of the underwriters and has drastically reduced, if not totally eliminated outstanding premiums that were hitherto written off as bad debts, he noted.
The Local Content Act in the Oil and Gas sector which came into being in April, 2010, further provided huge opportunity for local operators to enjoy premium rights on services provided before it is taken abroad, adding that the energy and allied insurance pool that was promoted by NIA will ensure risks diversification and spread in the industry.
Speaking further, Samuel pointed out that the Nigerian Insurance Industry Database (NIID) should be strengthened by both NAICOM and NIA to rid the nation of fake insurers and insurances, stressing that the NIID which is the only central record of all insured vehicles in Nigeria could effectively be used by authorized Law Enforcement Agencies to enforce motor insurance law.