Claims Payment is Our Priority, Says Universal Insurance
Universal Insurance Plc's Managing Director, Mr. Ben Ujoatuonu, stated that claims payment continues to be the company's top priority.
Speaking at the "Members' Evening" event organized by the Nigerian Council of Registered Insurance Brokers (NCRIB) in Lagos, sponsored by Universal Insurance, Ujoatuonu said the company will maintain its commitment to efficient claims settlement.
He stated, "Claims payment remains our focal point and priority. At Universal, we aim to fulfill our claims obligations as they arise. We've consistently pleased our customers with prompt claims settlement, which we believe is our core reason for being in business. I assure you that we will continue to increase our focus on claims settlement."
Regarding digitalization, Ujoatuonu mentioned that Universal Insurance is among the most digitally compliant companies in the market. He explained, "We offer portals accessible to our customers and brokers to access our products and lodge claims from the comfort of their home or office.
"We have user-friendly applications that comply with the latest Web Aggregators guidelines. This enables any digitally compliant company to easily integrate with our software to buy and sell insurance or file claims. All our retail products can be bought and sold digitally. I encourage all brokers to take advantage of this."
He mentioned that the company is continuing to grow its business by expanding its market reach, adding, "We have opened a total of six branches in less than two years, with the Yenagoa branch being the most recent. More branches are expected to open this quarter. We are also enhancing our online platforms to facilitate business operations."
In 2023, the company increased its premium income by 63%, from N5.7 billion to N9.4 billion, and its profit after tax by 9%, from N619 million to N675 million. The total claims paid grew by 157%, from N682,589 million to N1.756 billion.
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