Shareholders of Wapic Insurance Plc, have giving their backing to change the company’s name to Coronation Insurance Plc, this is following public presentation of 2019 performance that ended with a gross premium income of N15.20b from N13.89b in 2018.
The change of name came as a Special Resolution during the Company’s 61st Annual General Meeting (AGM) which held in Lagos chaired by the new board chairman, Mutiu Sumunu. the company said this reflect its independence, achieve set goals and in line with ongoing transformation in the nation’s insurance industry
Shareholders shared the sentiment of the chairman that the new ownership was in their interest and commended the previous chairman, Aigboje Aig-Imoukhuede for leading the transformation of Wapic Insurance that has not only made the company relevant, but a major player in the industry.
Adeyinka Adekoya, managing director/CEO Wapic Insurance, speaking on the performance of the 17 percent growth in gross written premium to N15.20b from N13.89 b in 2018, said this could not translate to huge profitability, because the year 2019 was a challenging year for the company as it was only able to achieve marginal growth in her gross written premium.
The increase recorded in claims expense and other operating expenses, she noted, were as a result of costs incurred on its ongoing transformation projects, expecting that the benefits of these investments will begin to reflect in her performance from 2020 and beyond.
“With our value propositions focused on improved excellence, service delivery and competitive pricing, we are on a journey to becoming a top three insurer in the Nigeria life and non-life insurance market by year 2023. We worked with a global consulting firm in the development of this 5-year strategic plan, which has set us on an ambitious growth trajectory from 2019 to 2023,” she stated.
Adekoya declared “to achieve our aspiration of being a top three insurer by the target date, the need to scale up our business is paramount. We are building on the successes we have experienced so far within the corporate space and extending our reach to mid-sized corporates and SMEs who have special needs that are currently unm
She assured that Wapic Insurance would remain resilient as it keeps investing proactively in technology and talent to bolster her core systems and capabilities.
“These efforts are aimed at enhancing customer experience through artificial intelligence (AI), digitalisation, new and improved sales platforms, new and bespoke product development, and other innovations aimed at strengthening the company in preparation for the stiff competition which is likely to be the face of the insurance industry as it proceeds through-this challenging year,” she explained.