From left: Managing Director, Wapic Insurance Plc, Mrs.Yinka Adekoya; Chairman, Mutiu Sunmonu CON, and Company Secretary, Ms. Mary Agha, during the company’s 61st Annual General Meeting in Lagos.
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Chuks Udo Okonta
Wapic Insurance Plc has secured the approval of its shareholders to change the Company’s name to Coronation Insurance Plc.
The change of name came as a Special Resolution during the Company’s 61st Annual General Meeting (AGM) which held in Lagos yesterday, in compliance with COVID-19 directives.
The newly elected Chairman of the underwriting firm, Mutiu Sumonu, who presided over the meeting said the decision was aimed at enabling the Company reflect its independence, achieve set goals and in line with ongoing transformations in the nation’s insurance industry.
Sumonu assured the shareholders that this resolution was in the best interest of the Company and would reflect the direction it is going as a leading player in the industry.
The shareholders, including Sunny Nwosu, national coordinator, Independent Shareholders Association of Nigeria and Boniface Okezie, chairman, Progressive Shareholders Association of Nigeria applauded the immediate past chairman, Aigboje Aig-Imoukhuede for leading the transformation of Wapic Insurance that has not only brought the Company back to position of relevance , but as major player in the industry.
They however urged the new chairman to step in the shoes of Imoukhuede and bring more value to shareholders, while giving their promise to support the new board to take the company to greater heights.
Adeyinka Adekoya, managing director/CEO, Wapic Insurance speaking on the performance of the Company in 2019 financial year said the Group recorded a 17 percent growth in gross written premium to N15.20 billion from N13.89 billion in 2018.
While this could not translate to huge profitability, she said 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.
Adekoya said the new strategic plan for the company gained full speed in 2019 with very bold and audacious objectives set to outstrip competition and increase her consumer share of wallet.
“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.”
Adekoya stated “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 unmet”
She further noted that given the uncertainties surrounding 2020, she assured that Wapic Insurance will 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 posited.