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How N38.5 billion claims’ settlement will aid policy adoption

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As total asset hits N394 billion

Determined to encourage automation and regain consumers’ confidence in the nation’s insurance industry, the Managing Director/Chief Executive Officer, Leadway Assurance Company Limited, Tunde Hassan-Odukale, told The Guardian over the weekend how claims payment is key to the development in the industry reiterated the need for continued commitment to policyholders through prompt claims payment.

According to him, the company has paid over N136 billion in claims to its customers in the last six years.

Odukale, said the firm held 48th yearly general meeting through the platform in strict compliance with social distancing recommendations by the World Health Organisation, the Federal and the State Governments, as part of efforts to curb the spread of COVID-19.

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According to him, at the virtual event, the firm presented its 2019 financial year results to its shareholders and, among critical declarations made at the meeting, was an increase in claims paid to its policyholders, from N33.9billion in 2018 to N38.5 billion in 2019.

He said the company posted stronger balance sheet size which enlarged by 26% from N312billion recorded in 2018 to N394 billion in 2019 in support of a Gross Written Premium (GWP) of N90.6billion in 2019, representing an increase of 4% from N87.5billion in 2018.

He attributed the growth in its GWP to a boost in its composite business, specifically via the Specialty Life portfolio.

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“We continue to demonstrate our commitment to our loyal customers through our customer services delivery channels, underpinned by a motivated team, outstanding brokers and agents, innovations and technology.

“I am proud that we have transmitted the principle of devoted customer-focus into a five-decade legacy that would continue to be the compass with which we steer the next half-century of operational excellence. With our balance sheet strength and technological innovations, we are confident of maintaining market leadership, whilst deepening insurance penetration to our youthful African population,” Tunde Hassan-Odukale said.

The Chairman, Board of Directors, General Martin Luther Agwai acknowledged the strategic leadership qualities, vision, and the prudence of the erstwhile Managing Director, Oye Hassan-Odukale who retired from the company after 38 years of dedicated stewardship.

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He welcomed Tunde Hassan-Odukale “to chart the next path and phase of growth for Leadway to become a global competitor of the next generation’s reference.”

He maintained that the company is in pole position to meet the new regulatory requirements for recapitalization of the industry.

“The prudence of the company’s Management over the years has prepared them the regulations of today where we are in a good position to comply with the minimum share capital requirement without the exigency for any call on shareholders.

The Strategy, Marketing and Communications, Allianz Nigeria, Bolade Odanye, who also spoke at the weekend on how prompt claims payment is paramount to the insurance business in the country, expressed deepened footprints across Nigeria in the quest to serving customers and shareholders even better than previous years.”

Odanye, reiterated that “Customer satisfaction is the fulcrum of insurance business and this inevitably builds customer loyalty will not fail to ensure this.

Other underwriters that also explained how they are paying customers in just 60-minutes, as a nationwide campaign to settle motor claims within 60 minutes that was launched on February 17, 2020, has seen a total of 53 claims to the tune of N2, 784, 225 settled in less than an hour.

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