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Chuks Udo Okonta
The President, Chartered Insurance Institute of Nigeria (CIIN) has charged the management of Staco Insurance Plc to work out new strategies; be diligent in all their ways and work as a team to enable them beat expectations.
He gave the admonition while speaking on a topic, ‘Insurance Contribution’ at the firm’s management retreat in Lagos. He submitted that the management should ensure that they meet and continue to meet regulatory requirements and also ensure that compliance must be adequate and total.
Continuing he urged them to work and provide excellent customer experience reflecting in prompt claims payment, prompt delivery policy document, prompt response to proposal and
quotation, servicing of policyholders at all times.
Igbiti also implored them to ensure they have and maintain sound risk assessment system in order to protect their shareholders’ fund, take a position on sound rating of businesses, adding that it is better they are known for something than known for nothing.
The management were also enjoined to ensure that there is no gap in their reinsurance programmes. In other words, there must be prompt placement of reinsurance for new and existing businesses.
They should also ensure that all marketing approach direct, brokers, agency, bancassurance with a willing bank are adopted and aggressively pursued, he stressed.
“Do not encourage the board to delist from the Nigeria Stock Exchange in order
to attract and maintain big ticket transactions outside government businesses,” he said.
The CIIN boss noted that ‘Insurance Contribution’ can simply be said to mean the part played by insurance in bringing about a result or helping the growth and/or advancement of the Country.
He posited that as a practice, insurance markets, practice and consequently, its contribution, reflects the industry’s unique environment as well as supplier, buyer, and product characteristics.
“This has many facets and each company has its own quota that makes up the contribution to the whole insurance space, which as at Year 2021 financials is at 0.88 per cent of the country’s GDP.
“Of this less than one per cent, STACO must ensure that it continues to improve on its
outputs so as to be able to be a positive force to be reckoned with in the insurance
industry,” he submitted.
He said at the Nigeria Stock Exchange (NSE) in Year 2007, STACO share price was traded at N6.82 and made investors to enjoy both capital gains and dividends, which made the company to pride itself as a market leader in that year, adding that for a period, STACO boasted of a crack management team, dedicated/loyal staff and a good network of branches across Nigeria and that the welfare package for staff was acknowledged as leading in the industry at the time and the work environment was convivial as it was a place to be and workin.
He maintained that the company got businesses that made premium income to grow year by year and the generated premium income gave investors’ confidence and positive belief in the brand. “Permit me to state that the premium income over these years are with you and nothing to be repeated,” he added.
He said STACO was involved in good causes and that the company gave out donations and gifts to charity, stressing that its Corporate Social Responsibility programme was good as the firm supported the Institute’s programmes particularly the car gift to the winner of CIIN organised Miss Insurance Dance Pageant and that the Institute is indeed grateful for the many years of support to all its programmes.
“The interruption, without saying much, which I believe as insiders you know more than me, brought a setback to the early glory days. But you did not allow issues to linger for too long. I think STACO listened to the advice of Richard M. Nixon in his famous quote “Failure isn’t falling down. Failure is not getting up after you have fallen down” I am glad STACO is up and run, and the fight for a refreshed brand and enhanced market share has intensified,” he said.