L-R: Tope Adaramola, Executive Secretary, NCRIB; Ekeoma Ezeibe, Vice President, NCRIB; Tunde Oguntade, Deputy President, NCRIB; Rotimi Edu, President, NCRIB; Benedict U. Ujoatuonu, Managing Director/CEO, Universal Insurance Plc, and Michael Olawale-Cole, President, Lagos Chamber of Commerce and Industry, during the NCRIB members’ evening sponsored by Universal Insurance Plc, held yesterday in Lagos.
BY NKECHI NAECHE-ESEZOBOR–Nigeria’s oldest underwriter, Universal Insurance Plc said its in the final stage of meeting the new minimum capital requirement introduced by the National Insurance Commission (NAICOM).
L-R: Rotimi Edu, President, NCRIB; Benedict U. Ujoatuonu, Managing Director/CEO, Universal Insurance Plc, and Paulinus Oluchukwu Offorzor, Executive Director, Technical, Universal Insurance
The Managing Director/Chief Executive Officer, Universal insurances Plc, Benedict Ujoatuonu, disclosed this at the April edition of the Nigerian Council of Registered Insurance Brokers’ (NCRIB) Evening which the Company sponsored that it’s finalizing arrangements with major shareholders to meet the new capital base of N10 billion through rights issue.
L-R: Chinedu Onyilimba, Company Secretary/Head Corporate Communications; Benson Ogbonna, General Manager, South; Patience Ezeakor, Head, Human Capital, and Tunji Oyebayo, Deputy GM, Marketing, all of Universal Insurance Plc.
He also assured that the exercise will be concluded shortly.
Cross section of Brokers at the event.
He noted that the company has been trading with capital in far excess of the current
N3billion, adding that with the introduction of the new capital regime, “we need just a little margin to meet the required level of N10billion.
On market expansion, he said that is their business growth strategy for 2022, adding that in pursuit of their growth strategy the company is planning to open more branch offices in the country.
Cross section of Brokers at the event.
“Our key strategy to grow our business for this year is to expand our market. In pursuit of this strategy, we are opening up more branches in Uyo, Apapa, and Kano. We have also expanded our marketing units within the Head office.”
Ujoatuonu told the Brokers that apart from the company’s core conventional Insurance business, their retail operations have been fully developed and is anchored completely on technology.
Cross section of Brokers at the event
On product development, he said effort in deepening the company’s retail business segment led to the development of new products.
“Our 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, “ he said.
Some Staffs of Universal Insurance at the event
He informed the Brokers that following the approval to transact Micro-Insurance, many more new products that will address the Insurance needs of the public will be unveiled shortly.
Reiterating the company’s commitment to prompt payment to genuine claims, the Universal Insurance Boss said “claims payment is 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.”
L-R: Segun Arinze, Nollywood actor and Special guest dicussing with Paulinus Oluchukwu Offorzor, Executive Director, Technical, Universal Insurance.
Speaking on technology, he said: “Universal Insurance is one of the very few digitally Compliant Companies in the market. We have portals that are available to our customers and brokers to access our 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 solicited Brokers continued support to the company even as the company was endorsed as Brokers friendly insurance company by the teeming Brokers who attended the event.
