From Left: Mrs. Monsurat Ayoola, Director, International Energy Insurance (IEI) Plc; Mr. Olasupo Sogelola, Managing Director/CEO, IEI Plc; Dr. Adeyinka Hassan, Director, and Elvis Otunta, Managing Director, Norrenberger Securities Limited, during the a pressing briefing by IEI Plc held today in Lagos .
BY NKECHI NAECHE-ESEZOBOR–It is in a bid to improve Insurance premium penetration rates of 0.7percent of the Gross Domestic Product (GDP) and increase insurance penetration in Nigeria, that International Energy Insurance Plc on Friday unveiled it’s plans to reposition the company and contribute immensely to the growth of the industry.
From Left: Emmanuel Bassey, Chief Finance Officer, IEI PLc; Wale Adedokun, Head, ICT, and Solabomi Odubiyi, Head Technical, during the a pressing briefing by IEI Plc in Lagos on Friday
Speaking at a press briefing held in Lagos, the Managing Director/ CEO, Olasupo Sogelola said the company is coming into the market with innovative products, quality service delivery and value creation
Putting customers satisfaction into focus, he said “we will be taking care of our customers’ very specific needs in Insurance and other related services.”
On Retail business he said “our retail business which has sustained the company for a while, we will be expanding and creating the personal line to carter for the needs of our Medium and High net worth individuals
He added that it’s alternative channels of distribution will take care of SMEs and MMES, Cooperatives, Religious, Educational Institutions, Hotels and Hospitals with products tailor-made for their needs.
He however, said that their major area of focus for the company is the corporate channels such as the Brokers’ market, adding that they hope to become the Brokers’ delight in the very short run.
On branch network, he noted that the company currently have five major branches and eight retail outlets; while noting that they intend to expand to other part of the country.
He also disclosed that the company will be innovatively forging into the public sector space creating value for them.
On human capital development, he said “We will be training our staff, particularly those who have been with us through the years and
those who will be joining us. And ensuring our compensation model is attractive enough to bring in quality hands.
On technology he said “we are already working on bringing on board as soon as possible a robust core application that
will help us to make an impact in the digital Insurance world. I can tell you we are back with the energy to care.”
IEI is a global financial institution that provides integrated solutions to the energy, industrial and service sectors.
It focuses on the energy-sector and provides underwriting solutions for offshore and onshore risks, as well as general insurance business.
Its products include aviation insurance, energy insurance, general accident insurance, and marine insurance.
It offers a range of aviation insurance that covers aviation hull insurance, aviation cargo insurance, automatic passenger/pilot/crew personal accident, aviation personal legal liability insurance, and aviation third party liability insurance. Its energy insurance covers power, renewable energy, oil and gas and petrochemicals, solid minerals, and satellites and equipment in orbit.
Its general accident insurance covers packaged insurance, house owners insurance, product liability insurance, and others. Its marine insurance includes marine hull insurance, marine cargo insurance, and others.
it would be recalled, that Norrenberger Advisory Partners Limited (NAPL) last year took over the operation of the company after it obtained the approval of the National Insurance Commission (NAICOM) to acquire 100% equity holding in the company.
This development has enable Norrenberger to expand and strengthen its business model which has improved its solutions and service distribution to clients across Nigeria.
