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Chuks Udo Okonta
Universal Insurance Plc, has been rated financially strong; reliable and trustworthy by insurance brokers.
The rating and applause was accorded the firm at the April Edition of Nigerian Council of Registered Insurance Brokers (NCRIB) Members’ Evening held on Tuesday, this week in Lagos.
The past President of the NCRIB and former Managing Director SCIB Nigeria Limited Shola Tinubu, at the event narrated how his former company got in contact with Universal Insurance through Goodwills shared by other brokers.
According to him, when he heard of the progress made by the firm, he researched and observed that the firm was a toast to many others, which then endeared SCIB to the firm, a relationship he said he never regretted.
Tinubu urged the management of Universal Insurance to sustain the legacies already built, whilst imploring brokers to entrust their businesses with the underwriter.
The President of NCRIB Babatunde Oguntade, also lauded Universal Insurance for being forthright in the handling of businesses and relationship with brokers.
He implored brokers to related with the firm freely, stressing that the Council has found it worthy to earn it trust.
The Deputy President of the NCRIB Mrs. Ekeoma Ezeibe, also spoke glowingly about the firm, whilst encouraging the Management to uphold the confidence reposed on it by brokers.
The Managing Director of Universal Insurance Plc, Benedict Ujoatuonu,
said the firm’s journey with NCRIB and member broker companies is one of partnership, adding that the firm is grateful for the partnership and sincerely believe in making the partnership stronger.
“You the brokers and our friends are the integral part of our success. Our success story cannot be complete without mentioning of your roles in our success journey.
“I stand here today to acquaint you with the happenings in Universal and to strengthen the relationship between us and all of you,” he posited.
He said claims payment remains the firm’s focal point and priority, stating that at Universal, they strive to meet claims obligations as and when due.
“We have consistently delighted our customers with prompt settlement of claims. This to us is the major reason why we are in business. I assure you that we will continue to grow our tempo in claims settlement,” he said.
Ujoatuonu remarked that the firm is one of the very few digitally compliant companies in the market, noting that they have portals that are available to customers and brokers to access products, lodge claims all at the comfort of their home or office.
“We have applications that are very compliant and friendly especially in compliance with latest Web Aggregators guideline. This enables any digitally Compliant Company to easily have a handshake with our software to either buy, sell Insurance or lodge claims.
“All our retail line products are sold and bought digitally. I encourage all brokers to take advantage of this,” he posited.
On market expansion, he stated that the strategy to grow the firm’s business through expanding its market has continued, stating that the company has opened a total of six branches in less than 2 years, Yenagoa branch being the most recent one. “More new branches will come up within this quarter. We are also enhancing our online platforms to ease our business operations,” he added.
He said the management is so delighted because brokers support has continuously made the firm better, adding that as they aspire to grow higher with brokers’ support, it is important to inform them where the firm are.
According to him, in 2023, with support from brokers, the firm grew its premium income by 63 per cent from N5.7 billion to N9.4 billion and its Profit After Tax by nine per cent from N619 million to N675 million and total claim paid grew by 157 per cent from N682,589 million to N1.756 billion.
He said the firm’s strength lies on knowledgeable, young & vibrant workforce; quick response to claims; digitalisation of operations including claims and flexibility in our business approach.
On Corporate Social Responsibility (CSR), he said in 2023, a total of N21,181,111.00 was donated to the society, compared to N15,429,200.00 donated in year 2022.
He told the brokers that the firm is still standing today because of them, adding that in these past years they have supported the firm by entrusting it with their risks.
“You are the reason why we are still here. Today I am confident to tell you that Universal is stronger and better and has built capacity to handle all your risks. I therefore ask you to continue to extend your businesses to us. For those who are yet to enjoy our services, I enjoin you to please extend your hands of fellowship to us, I assure you, you will never regret it,” he submitted.
