Mr. Chairman, esteemed Shareholders, members of the Board of Directors, Representatives of various regulators, Gentlemen of the Press, invited Guests, Ladies and Gentlemen….. WELCOME!!
It is with great pleasure I welcome you today as friends, associates and partners in progress, to the unveiling of the new name and logo of our company – Veritas Kapital Assurance Plc -an underwriting firm that is poised and ready to deliver dividends to its shareholders, provide excellent insurance services to its clients, and consolidate on past achievements to usher in a new era of underwriting excellence as part of our ongoing evolution.
Before I get into the substance of my remarks, let me highlight some of the significant developments that have occurred in our great institution.
OUR BRIEF HISTORY
In September of 2005, the Federal Government of Nigeria announced a new consolidation exercise for the Nigerian insurance industry. Through the Federal Ministry of Finance, the Government announced new financial regulations for the Nigerian Insurance Industry, to take effect from 28th February 2007. Under the new figures announced, Life companies are to have N2billion, General Insurance Companies are to have N3billion Composite companies are to have N5billion; and Reinsurance Companies are to have N10billion capital base respectively.
It was in this circumstance that three Companies – Intercontinental Assurance Company Limited; Global Commerce and General Assurance Company Limited, and Kapital Insurance Company Limited, with many similarities in their corporate philosophy, decided to fuse their operations together in a merger that resulted in UnityKapital Assurance Plc.
THE NEW BRAND
A question that I have been asked from time-to-time is “why rebrand now? Why change your name and logo now? And I always answer;“why not now?
With globalization, emerging technologies and platforms such as IoT, InsureTech, Cyber Risks, The fast rising Share Economy, etc that all have the potential to disrupt the Nigerian insurance market, there couldn’t be a more auspicious time to launch our company’s new name, new logo, new direction and ongoing evolution to take advantage of the significant opportunities that abound in these areas while announcing our presence to the world.
Generally speaking, and as we all may be aware, the Nigerian Insurance sector experiences numerous challenges not limited to low insurance penetration, lack of awareness and a general distrust of the sector among the insuring public. Our change of name and logo is geared towards addressing key aspects especially reinvigorated service delivery and innovative approach to addressing the general insurance needs of the populace.
As we move our business forward, simplify and refresh our corporate brand, and given the fundamental changes that the business has gone through, we have developed a new strategy to support our future growth plans.
Veritas Kapital Assurance Plc is committed to being more accessible to both our customers and staff. We are straightforward and honest about our beliefs, the purpose of insurance, and the security and functional benefit we give to our customers and shareholders. Veritas Kapital Assurance is about keeping our customers moving – whether in business or as individuals when it matters most. You will find that we are responsive, straightforward, proactive and we deliver on our promises. All these are aptly covered by the new colors that will be unveiled shortly. We indeed represent a new dawn; we represent trust, safety, rewarding partnership and much more.
The principal business of Veritas Kapital Assurance is the provision of risk Management solutions. For now, our services are restricted to Non-Life Insurance services only. These include ordinary general business, and the high-tech, special risks areas of Oil and Gas Insurance, and various engineering covers.
We are well aware of the current, economic difficulties present within our sector and the country at large and this will mean that we need to get extra creative and aggressive in our sales methods and marketing ideas. Nevertheless, tough times call on us to get tougher and not use the current economic climate as a negative block but rather an energizing spring board for new ideas within our company.
BUSINESS PRINCIPLES
Our business principles are vital to our continued existence. Our greatest asset is our reputation and the trust that others have in us. If we lose this trust then we put at risk everything we are working so hard to achieve.
We also make commitments to specific relationship groups – employees, shareholders, regulators, business partners, customers, the environment and community to mention a few. Where appropriate these are underpinned by group policies and statutory guidelines.
Our principles drive our behaviour:
INTEGRITY
Veritas Kapital Assurance Plc will act with openness, fairness, integrity, and diligence. We will always adhere to the applicable laws, regulations and standards of doing business.
PERFORMANCE
Veritas Kapital Assurance Plc will promote a positive and challenging high performance culture. We will do this by encouraging personal accountability and personal development and measuring, rewarding and recognizing success.
RESPONSIBILITY
Veritas Kapital Assurance Plc will act responsibly as individuals and as a company. This applies to the management of our business, our approach to corporate risk and our interaction with key external stakeholders.
COMMITMENTS TO CUSTOMERS
A satisfied and loyal customer base is core to our business. We are committed to:
• Delivering consistent and reliable levels of customer service
• Acting with integrity, due care and diligence
• Communicating openly, honestly and with sensitivity and understanding
• Listening to our customers
• Handling complaints fairly and promptly
• Respecting our customers’ rights to privacy and confidentiality
• Protecting our customers and our business from fraud
EMPLOYEES
Motivated and skilled employees are critical to our success. We are committed to:
• Fostering a positive and challenging high performance culture
• Rewarding superior performance
• Encouraging personal development
• Encouraging a culture of frank and honest communication
• Encouraging teamwork and strong leadership
• Providing a safe and secure working environment
• Encouraging diversity and equal opportunities
• Ensuring that grievances and unethical behaviour can be raised without fear of discrimination
In return we expect our employees to:
• Act with integrity
• Show support and commitment for change
• Focus their energy in getting the best from themselves and others
• Have the confidence and courage to act with conviction
• Show understanding for and meet external and internal customer needs
• Show a relentless desire for success
• Create positive and effective working relationships
BUSINESS PARTNERS
We demand high standards from the companies we work with and believe that they should expect the same from us. We are committed to:
• Carrying out our business with fairness and integrity
• Being reliable and quick to respond
• Awarding contracts and selecting business partners solely on the basis of fair and objective business criteria and having regard to high ethical standards
• Respecting all obligations and confidentiality
• Protecting our customers and our business from fraud
REGULATORS
We have an open, cooperative and transparent relationship with our regulators. We are committed to:
• Dealing with our regulators in an open, cooperative and transparent manner
• Managing our business with appropriate standards of risk management and controls
• Preventing and reporting any instances of significant financial crime
• Preventing breaches of relevant regulatory requirements
• Complying with all set standards
SHAREHOLDERS
Veritas Kapital Assurance Plc is committed to fulfilling the aspirations of our shareholders through a commitment to business performance, and high standards of transparency, communication and corporate governance through:
• A culture of business performance, focused on delivering returns to shareholders
• Comprehensive and transparent disclosure
• Aiding shareholder understanding through the disclosure of relevant financial and non-financial information
• Listening to the views of our shareholders
• Managing our business with appropriate standards of risk and control
• Ensuring due care in the selection of our third party advisers, including our auditors
• Preventing and reporting any market abuse
• Acting with due sense of responsibility on confidence entrusted to us
COMMUNITY & ENVIRONMENT
Veritas Kapital Assurance Plc believes in continuous improvement of our environmental performance and in taking action around emerging environmental issues. Wherever we operate we will seek positive engagement with local communities.
• As a business we have a responsibility to manage our impacts on the environment through appropriate use of resources such as energy, paper and water and the investment of our assets.
• We also have a responsibility to take proactive action on environmental issues that are likely to affect our business and the community at large.
• In each of these areas we will look to make continuous improvement and actively monitor our performance.
CORPORATE GOVERNANCE
Veritas Kapital Assurance Plc is under the guidance of a competent and capable Board of Directors Chaired by Mr. Thomas Etuh, a successful entrepreneur and experienced technocrat who served meritoriously for several years as chairman of a major Bank Group. Other members of the Board are:
Mr. Aminu Babangida
Dr. Oluwafunsho A. Obasanjo
Hajiya Yabawa Lawan Wabi
Ms. Priya heal
Mr. Abe Ibraheem
Sen. Maj Gen. Mohammed Magoro (rtd)
Alhaji Ibrahim Muhammad Kashim
Mr. Olalekan Oyinlade – Executive Director (operations), and
My humble self
These are astute business persons, captains of industry, experienced Boardroom practitioners and distinguished personalities who successfully manage other enterprises and take their oversight functions seriously. Together we shall expand on our company’s enviable pedigree, strong financial capacity, solid branch network, and cutting-edge IT infrastructure to put together a company that our clients and shareholders can trust and experience peace of mind.
STRATEGY
Our objective is to generate sustainable value for our shareholders through a relentless focus on meeting the needs of our customers, and a proactive but disciplined approach to investing in the most profitable growth opportunities.
Veritas Kapital Assurance is poised to have leading market positions in many of our chosen segments. This will be achieved in part, through our strong track record of delivering to our customer’s innovative and quality solutions as well as underwriting and claims expertise.
We have implemented an operational improvement programme to enhance operational efficiency, controls and the customer experience and are well positioned in our chosen market segments, with all core businesses showing strong potential returns.
Our strategy is based on a disciplined approach to delivering quality earnings and our financial objectives are:
• Sustainable performance with continued delivery of results in line with our targeted financial returns
• Targeted profitable growth in our ongoing businesses
The key to delivering against our strategy is having the right culture and right people. We are focused on developing talent through the creation of an environment where responsibilities and accountabilities are clearly defined, people are challenged and performance rewarded. We will continue to embed a performance culture across the company.
THE FUTURE
To ensure that we provide our Insurance services across all spectrums, we intend to expand in due course to the provision of products in Life Assurance, Health Management and other areas.
CONCLUSION
As a member of management in this company, I am proud to be associated with this brand.
As a professional in this sector, I see a new leader in this brand.
As an investor, I see untold opportunities in this brand.
As a service provider, I know a lot of people still have not realized the resourceful services they are missing by not associating with this brand.
I call on all those that crave efficient, professional and courteous service to stand and be recognised by allowing Veritas Kapital Assurance Plc to support you in your personal life and business because with us in behind you, you will be sure to experience peace of mind and feel restored in the event of the unexpected.
I therefore welcome you to Veritas Kapital Assurance Plc……be restored!!!!
Thank You.
