BY NKECHI NAECHE-ESEZOBOR–The Chartered Insurance Institute of Nigeria (CIIN) has urged the management of STACO Insurance PLC to ensure they meet all regulatory requirements and ensure compliance on all their dealings.
President of CIIN, Edwin Igbiti, gave the advise while speaking on ‘Insurance Contribution’ at the firm’s management retreat in Lagos.
This, he said, should include excellent customer relations; reflecting in prompt claims payment, delivery policy document, response to proposal and quotation, as well as prompt servicing of policyholders at all times.
CIIN boss further charged them to be up and doing so as not to be delisted from the Nigeria Stock Exchange, but rather attract and maintain big ticket transactions outside government businesses
He said ‘Insurance Contribution’ can be said to mean the part played by insurance in bringing about a result or helping the growth and/or advancement of the country.
“This has many facets and each company has its own quota that makes up the contribution to the whole insurance space, which as at Year 2021 financials is at 0.88 per cent of the country’s GDP.
“Of this less than one per cent, Staco must ensure that it continues to improve on its outputs to be a positive force to be reckoned with in the insurance
industry.”
He said at the Nigeria Stock Exchange (NSE) in Year 2007, STACO share price was traded at N6.82 and made investors to enjoy both capital gains and dividends, which made the company to pride itself as a market leader in that year.
During the period then, he said STACO of a crack management team, dedicated/loyal staff and a good network of branches across Nigeria, with an acknowledged welfare package for employees in the industry.
“The interruption, without saying much, which I believe as insiders you know more than me, brought a setback to the early glory days. But you did not allow issues to linger for too long. I think STACO listened to the advice of Richard Nixon in his famous quote “Failure isn’t falling down” failure is not getting up after you have fallen down.I am glad STACO is up and running and the fight for a refreshed brand and enhanced market share has intensified.”
The Managing Director/Chief Executive Officer, Mr Wale Banmore,noted that the company had come back stronger after its earlier operating challenges.
While promising to offset all outstanding claims, he said, “We all believe the outstanding issues, especially the claims and other obligations were not incurred in a day or a year, therefore we seek your assistance by giving us time to settle these obligations within a short time but support us to recover with good businesses, for STACO Insurance Plc to be back.”