Determined to reclaim confidence, an underwriter, Universal Insurance, said it is exploring digital avenues to support the settlement of claims to policyholders who suffered losses in the 2024 financial year.

Speaking on the year’s full review at the weekend, the Managing Director/Chief Executive Officer of Universal Insurance, Dr Jeff Duru, said insurance subscribers benefited from N3 billion claims payment between January and 31 December 2024.

Duru noted that the claims settlement was a reflection of the company’s commitment to meet insurance consumers’ expectations despite economic challenges during the year.
He said the insurer has grown its businesses through retail space with pocket-friendly top-of-the-line products designed to include and satisfy low-revenue earners as well as artisans.

He added that the insurer is fully computerised to drive excellence in service delivery and prompt claims payments.

Addressing journalists on the development during the insurer’s yearly general meeting in Lagos, a shareholder of the operator, Segun Akinrelola, called on insurance operators in the country to consistently pay claims to raise the confidence level.