Insurance

Law Union & Rock Insurance pays N1.25bn

From left: Olayiwola Olabisi, Chief Financial Officer; Mrs. Eyoanwan, Head, Human Capital Management; Olasupo Sogelola; Executive Director, Technical & Operations; Mrs. Olufolake Afolabi, Chief Technical Officer; Steve Ajudua; Chief Marketing Officer Law Union & Rock Insurance Plc at the event.

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Chuks Udo Okonta

Law Union & Rock Insurance Plc, has paid over N1.25 billion claims from January this year to date, its Managing Director, Jide Orimolade, has said.

He disclosed this at a media parley in Lagos, stressing that the firm has reviewed its claims processes to ensure that claims payment is done within a short time and that there are efforts to digitalize claims payment process.

According to him, the firm’s gross premium written for 2017, stands at N3.51 billion as against N3.19 billion in 2016. Investment income, N611.86 million; profit before tax, N727.87 million; retailed earning N470.56 million; shareholders’ fund, N6.22 billion and total assets, N10.36 billion.

He said the firm has in recent times won some awards, which are: Global Most Trusted Company in Quality Insurance for the Year 2017 and CEOs Today 2017 in Africa.

“You will all agree with me that one of the ways of measuring company brand visibility is through public recognition and award.

“Part of our corporate objective is to create niche for ourselves in the industry. We are not unmindful of the competition which is characterised with price war in the industry, but we believe we could navigate through bydifferentiation and best service delivery.

“It is on this onerous focus that we have been giving our best to our esteemed customers,” he said.

On prospects for 2018, he noted that Federal Government’s budget proposal of N8.612 trillion with an improvement on capital expenditure which is 30.8 per cent, would really impact insurance business, stressing that with improve revenue, decrease in domestic borrowing (as the government has planned to reduce their borrowing share to 60 per cent domestic and 40 per cent foreign) with signal of decrease on interest on Treasury bill, there would definitely be an improvement in economic bubbling. Customer purchasing power is expected to increase and that all things being equal (ceteris paribus), insurance is expected to have a better share, better penetration and improve gross premium written in coming year.

He also stressed that insurance operators expect that the on-going partnership between insurance industry and State Government midwife by the National Insurance Commission (NAICOM) to grow the income from the compulsory insurance policies, would impact the sector positively.

Executive Director Technical Operations, Supo Sogelola, said the firm is presently investing on Information and Communication Technology (ICT) to drive its operations, adding that the claims processes are being digitalized to ensure prompt settlement.

According to him, the firm is working assiduously to deepen its retail operations. He noted that the company has acquired a soft ware that would enable the public procure their insurances at the comfort of their homes without necessary coming to the company.

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