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Chuks Udo Okonta
People and organisations in Kano, Uyo and Apapa should rejoice as Universal Insurance Plc is bringing to their doorsteps robust risk management revolution by opening more offices.
The firm which has distinguished itself through development of robust risk management products has concluded plans set-up more offices in the aforementioned locations which would help transform the lives of people living there.
The Managing Director of the underwriting firm, Benedict Ujoatuonu, speaking at the April edition of Nigerian Council of Registered Insurance Brokers (NCRIB) Members’ Evening, yesterday in Lagos, said the firm’s key strategy to grow its business for this year is to expand its market, adding that in pursuit of this strategy, the firm would be opening up more branches in Uyo, Apapa, and
Kano, whilst it had expanded its marketing units within the Head office.
He noted that Universal Insurance Plc has been trading with capital in far excess of the current N3 billion, stressing that with the introduction of the new capital regime, the firm needs just a little margin to meet the required level of N10 billion.
He submitted that the company is finalising arrangements with major shareholders to meet the new capital through rights issue, adding that the exercise would be concluded shortly.
He noted that claims payment remains a fundamental factor for the continued existence of any Insurance Company. “This we take very seriously in Universal, ensuring we meet our 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 am quite sure that a lot of you here will attest to this,” he posited.
Ujoatuonu said the firm is one of the very few digitally compliant companies in the market, stressing that it has portals that are available to its 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,” he added.
He submitted that apart from the core conventional insurance business, the firm’s retail operations have been fully developed and is anchored completely on technology.
He maintained that the company’s focus and deliberate effort in developing the retail business led to new products like Okada pass; shop insurer; drivers pass; Keke pass; parcel guard; Uni-group cover; Uni-personal cover; local travel Insurance; School fees protection plan; kiddies personal accident insurance among others.
“Following the approval to transact Micro-Insurance, many more new products that will address the Insurance needs of the public will be unveiled shortly,” he said.
Ujoatuonu noted that the company has benefitted immensely from brokers, stressing that they supported the firm by entrusting it with their risks, adding that Universal remains stronger and better and has built capacity to handle all 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 posited.
