Just as the earth revolves on its axis and rotates on the elliptical path to bring about day and night, time and seasons, so does claims payment to the insurers and the insureds. It keeps the activities of both the insurance companies and the fulfilled policyholders at the level of satisfaction.
Universal’s, firm policy that insurance companies exist to pay claims has earned the accolades of benefitting policyholders and the reaction is like the gush of a burst dam.
One after the other, the beneficiaries either as individuals or as a member of a group policy or as a broker, spoke from the heart about the experience of claims paid by the company. Also following after and closely too, is the satisfaction expressed by the insurer meeting its obligation: claims payment.
The relay endorsing Universal was stepped up by the chairman, Manny Insurance Brokers Limited, Kayode Okunoren, who professed that the company “has a rich heritage of professional practice.”
Speaking on behalf of the body of brokers, Okunoren while pulling the same views of professional colleagues said the brokers wish the disposition was not a flash that appears and disappears but a deliberate and sustained police and, that was the only way to create a sustained bind with brokers. He registered it this way “the belief of…Universal to forge collaborative relationship with brokers through the Nigerian Council of Registered Insurance Brokers (NCRIB) platform will be achieved.”
It was not only the brokers that stood on the platform of satisfied customers, the customers also, were standing there expressing their nod of approval. One of them was Actors Guild of Nigeria, the famed Nollywood industry, Universal Insurance provides their group personal accident insurance policy; covering 150,000 members across the country.
The actors in a voice pop said the policy was a dream come true and, it has taken care of the occupational hazards and giving them a sense of purpose and belonging to the once troubled organisation that now is united.
Commenting further, former Lagos chair of the state chapter, Don Pedro Obaseki, narrating the group’s good experience said “It’s commendable and forward looking and this is going to further leapfrog the industry and actors into another level in… health related issues. So, this will go a long way to trying to checkmate that and also create other health awareness amongst our members.” Obaseki is the founder/CEO, ACC Broadcast Multimedia Limited.
The performance of Universal has been fallowed by stakeholders, especially the media and this has earned it awards, for instance the Best Innovative Insurance Company of the Year 2019 at the Champion Newspapers award held in Lagos.
Presenting the award, Mr. Feyi Smith, a former managing director, Champion Newspapers, said Universal deserved it, a match for the progress the company has made in recent times , an honour well deserved.
Receiving the award on behalf of the company, Ogbuefi Paulinus Offorzor, executive director, (technical), Universal Insurance Plc, said: “I must say that this award has presented to the entire Universal Insurance family, a greater challenge to continue to put smile on the faces of our esteemed customers and I can assure you that Universal Insurance will become a mega company in the post recapitalisation insurance industry.”
The company listed some claimants to include NTA-star TV Network Limited , N135.6m; TVC Atlantic Vacation group, N105m as claims between 2016 and 2020. Also Akinwekonmi Collins Dele N5.8m while Pastor Robert Udeagha got N2.6m under individual clients.
The breakdown of claims paid in the last five years showed a tally of N1.2b. In 2015, policyholders paid claims was N147.8m, it dropped to N111.1m in 2016, it was N330.3m in 2017 and N334.2m in 2018. The mark for 2019 was N338.2m, and up until September 2020, claims paid was N1.2bn. Analysis by class of business showed that bond claims cheque for five years was N182.3m, it dropped to N11.4m in 2016 and N13.3m in 2017, and N5.9m in 2018 and N151.7m in 2019.
Other classes were N178.1m for engineering, fire N412.1m, general accident N299.8m, aviation N10m, marine N43.9m while marine hull gulped N5.6m, motor insurance closed at N156.8m.
The managing director, Ben Ujoatuonu, said the firm’s competitive edge in claims quick payment puts it ahead and the company has invested adequately in IT “thereby enhancing our operational efficiency and offer to pay off legitimate claims in a jiffy after the execution of discharge voucher. We have tractable but reduced claims process circle.”
Despite being a formidable middle level player, he said the company is involved in big risks and is pushing for major entry into the retail market and this has been prepared foe by training and retraining of staff and it was now in a vantage position to provide valuable advisory services on clients portfolios.
Ujoatuonu speaks, “Universal Insurance serves commercial, institutional and individual customers through an extensive general insurance network, also providing financial services and risk management services nation-wide. The company’s leadership is as a result of its underwriting skills, innovative insurance solutions, financial strength, superior service and prompt claims settlement.”