Insurance World

Wapic Insurance Set 2020 Deadline For Deployment Of Bancassurance Model * Pays N2.03bn As Claims FY19

L-R: Managing Director, Wapic Insurance Plc, Mrs.Yinka Adekoya; Chairman, Mutiu Sunmonu CON, and Company Secretary, Ms. Mary Agha, during the company’s 61st virtual Annual General Meeting in Lagos.

BY NKECHI NAECHE-ESEZOBOR–Top underwriter, Wapic Insurance Plc, on Wednesday said it hope to conclude and deploy its banassurance model before the end of 2020 financial year.

The chairman of the company Mr. Mutiu Sunmonu, disclosed this during its 61st Virtual Annual General Meeting held in Lagos that in spite the lockdown, brought about by the COVID-19 pandemic, the firm has received regulatory approvals for Bancssurance model which is in final stages of development,

It would be recalled that the insurer commenced the optimization of the bancassurance model in 2019.

He also maintained that the firm’s I-agent application is now fully operational and in use by its sales workforce in the sales of the company’s products to customers.

Presenting its financial statement to representatives of the shareholders, he said that the a total of N2.03 billion was paid out as claims by the company in 2019 and over N814 million was paid as claims half year (H1) 2020.

While the company’s gross premium written increased from N13.89 billion in 2018 to N15.2 billion in 2019, this indicating a growth of 9.42 per cent.

He added that the automation of the firm’s actuarial valuation operation process has been concluded and that the company is now able to seamlessly compute the traditional risk reserves, unexpired premium reserves and differed acquisition cost which hitherto was done manually.

He said the firm has identified Deloitte as partner for seamless implementation process of IFRS 17, stressing that the implementation process is expected to commence in third quarter 2020 to ensure the company’s readiness ahead of the regulatory date.

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