BY NKECHI NAECHE ESEZOBOR--At the Special Resolution during the Company’s 61st vitual Annual General Meeting (AGM) shareholders’ of Wapic Insurance Plc approved the change of name to Coronation Insurance Plc.
The Chairman of the company Mutiu Sumonu, said the decision was aimed at enabling the Company reflect its independence, achieve set goals and in line with ongoing transformations in the nation’s insurance industry.
He assured the shareholders that this resolution was in the best interest of the Company and would reflect the direction it is going as a leading player in the industry.
On the performance of the Company in 2019 financial year, Adeyinka Adekoya, managing director/CEO, of the company said the Group recorded a 17 percent growth in gross written premium to N15.20 billion from N13.89 billion in 2018.
While this could not translate to huge profitability, she said the year 2019 was a challenging year for the company as it was only able to achieve marginal growth in her Gross Written Premium. The increase recorded in claims expense and other operating expenses, she noted were as a result of costs incurred on its ongoing transformation projects, expecting that the benefits of these investments will begin to reflect in her performance from 2020 and beyond.
She said the new strategic plan for the company gained full speed in 2019 with very bold and audacious objectives set to outstrip competition and increase her consumer share of wallet.
“With our value propositions focused on improved excellence, service delivery and competitive pricing, we are on a journey to becoming a top three insurer in the Nigeria Life and Non-life insurance market by year 2023. We worked with a global consulting firm in the development of this 5-year strategic plan, which has set us on an ambitious growth trajectory from 2019 to 2023.”
“To achieve our aspiration of being a top three insurer by the target date, the need to scale up our business is paramount. We are building on the successes we have experienced so far within the corporate space and extending our reach to mid-sized corporates and SMEs who have special needs that are currently unmet”
She further assured that Wapic Insurance will remain resilient as it keeps investing proactively in technology and talent to bolster her core systems and capabilities.
“These efforts are aimed at enhancing customer experience through artificial intelligence (AI), digitalisation, new and improved sales platforms, new and bespoke product development, and other innovations aimed at strengthening the company in preparation for the stiff competition which is likely to be the face of the insurance industry as it proceeds through-this challenging year.”