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Chuks Udo Okonta
As the Holy Bible says that there is joy in heaven when a sinner repents, so also, there is tripartite joy amongst the National Insurance Commission (NAICOM); Insurance practitioners and policyholders when claims are paid promptly.
Claims payment can be likened to salvation gained by a sinner, as it also saves policyholders from troubles and failures.
Owing to the essence of claims in the insurance value chain, past and present Commissioners for Insurance have these remarks about claims payment.
Fola Daniel: Claims payment is the best advertorial needed by an insurance company.
Sunday Thomas: Insurance companies are in business to pay. claims
Olusegun Omosehin: Insurance Insurance companies should see reasons to pay genuine claims.
According to NAICOM, it is heart warming to note that there was an improvement in claims management of the industry which served as a driver for expansion in gross claims reported in Q3 2024, reaching N564.1 billion which is representative of about 48.1 per cent of the total premiums generated during the period.
While insurance companies pay claims, they are not expected to honour fraudulent claims, as they are also in business to make profit and impact the society.
