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Chuks Udo Okonta
Unitrust Insurance Company Limited has assured policyholders of its refined processes to pay all claims within 48 hours having received executed discharged vouchers.
Its Managing Director/Chief Executive Officer, Dayo Arowojolu, said this today at a press conference in Lagos, stressing that the firm has paid N3.35 billion claims between 2021 and first quarter 2023.
According to him, the firm paid N1.09 billion claims in 2021; N1.98 billion in 2022 and N282.7 million as the end of first quarter 2023.
Arowojolu said the company, has as at the end of first quarter 2023, achieved N2.99 billion gross written premium; N396,684 million underwriting profit; net operating income of N643,173 million and N382,717 million profit before tax, stressing that the firm is also targeting a gross premium of N6.80 billion in 2023, underwriting profit of N1.223 billion; investment income, N1.096 billion; profit before tax, N961.64 million and profit after tax, N846.249 million.
He said the underwriting firm recorded N5.357 billion gross premium in 2022; underwriting profit, N283.8 million; investment income, N833.25 million and profit before tax, N94.757 million.
He noted that Unitrust is one of the reputable insurance companies in Nigeria, with over 37 years of experience in non-life insurance industry and that the company has a trademark of reliability in timely settlement of all genuine claims which is one of the principles behind its by-line of ‘The Quiet Confidence’.
“Our core values – Innovation, promptness, integrity and excellence has been the hallmark our relationship with customers and the driving force of our daily operations,” he submitted.
The Unitrust boss maintained that with the recent retirements of two of its top executives and resumption of duty of the Executive Director (Technical), Tunji Anibaba and himself and the support of the highly professional and experienced staff, the firm’s focus has been on improving customer experience and growing the business in a sustainable manner.
He said engagement of key stakeholders, especially insurance brokers and direct customers and aligning services to meet customers’ peculiar needs have been the firm’s top priority.
“We believe that our market has grown beyond the tradition wholesale of insurance products but rather proffering solutions to meet the specific needs of our customers.
“In order to make the purchase of Unitrust insurance products seamless for our numerous customers and prospects, we have deployed our e-insurance digital channels to ease the purchase of marine, motor and travel insurance thus providing a unique experience. We have also enriched our products offerings by adding Agric insurance to our product bouquet to cater for the needs of farmers and provide a one-stop shop for all non-life insurance products. In addition, we are very active in the area of direct sales which has always been one of our major strengths as we continue to leverage our shareholders’ connections to develop new business opportunities,” he posited.
With a solvency margin of 302 per cent as of March 31, 2023, he said Unitrust Insurance Company Limited capacity to settle all genuine claims is not in doubt, stressing that to ensure all claimants enjoy the best of services, the firm has refined its processes to pay all claims within 48 hours of receipt of executed discharged vouchers.
Arowojolu submitted that the company is on the right growth trajectory, and the management is committed to continuously engage customers with a view to developing efficient risk management techniques to improve their risk environment and minimize interruptions associated with mishaps in order to create a mutually beneficial relationship.
“We’ll also be fast tracking our retail business development and firming up collaborative discussions with some key partners already identified with a view to expanding our existing channels of distribution and consequently our market share,” he maintained.
