The total concept of long haul insurance transaction resonates with how Coronation Insurance Plc, handles the insurances of its clients bearing in mind the unique insurance rule, that no risk is the same.
With this in mind, the head, bancassurance department, Mr.Uche Okanranwolu, said the company provides 360 degrees approach to risks underwriting. In the cause of risk evaluation, he said the company ensures that the client recognises the full scale of the exposure with the view to provide adequate cover for all of them.
Besides, he said the talents in the bosom of the composite underwriter, constantly come up with ideas on specific purpose underwriting and generate a risk profile ideal for customers which which could be used to provide cover.
The group managing director, Continental Reinsurance Company Plc, Dr. Femi Oyetunji, spoke at the webinar hosted by Access Bank Plc and Coronation Insurance Plc, during the presentation of the bancassurance partnership of the two firms with special focus on “Managing Risks at a Time Like of Uncertainty.” With the and small and medium enterprises at the exclusive halls of the webinar, Oyetunji set the once in a century type of uncertainty in another perspective and said, “What we have now is not uncertainty, but extreme event.” He added that “What has happened is one in 100 years. That you have not seen a black swan doesn’t mean it does not exist. Things we do not know tend to be more than what we know.”
The further said that the uncertainties that has journeyed with this year, arose from normal uncertainty and extreme event, and to leap over the vicissitudes inherent in the year, SMEs have to integrate their operations into suitable technology that is able to navigate the terrain of risks and, with special focus on protecting their uncertainties with adequate insurance policy. He said to make an impact, the business continuity plan of the businesses in focus, the SMEs, has to be technology driven at all levels. Businesses under the current situation has to go full circle in attaining full technology inclination.
Boxed in the current challenges, Oyetunji said, is a situation of rising inflation of up to 15%, low deposit rate and high lending rate. Added to this, is the pandemic that has turned everything upside down for the SMEs and the economy as a whole.
Therefore, Continental Re boss, said the current situation will require not only the ingenuity of the insurance industry, but the SMEs who are faced with the tough challenge of sourcing for huge component of forex which value is high and also, have to manage sundry risks. According to him , risk is anything that brings uncertainty into the business objective.
Also proclaiming the full circle Coronation has gone in a short while, Okanrawolu said the company has witnessed some big time transformation. “We have moved from where we used to be to where we are currently. “We have moved from a particular level of premium production to increasing that by over 100% in gross written premium.
“Over time we showed class in what stands us out from other insurance companies. In claims payment, we pay our claims within 24 hours of discharge voucher. “we have 24 hours customers service support for all corporate,” he stated.
This assertion was also shared by the deputy group managing director, Mr Roosevelt Ogbonna, who noted that Coronation Insurance “has retained the aura and right as the fastest growing business risk underwriter of the last decade.”