How N5.4b claims settlement will boost shareholders’ confidence
The modern insurance claims process is increasingly complex. More variables and data are constantly coming into play, but carriers must determine appropriate settlements and flag potential fraud faster than ever.
On top of technical challenges, insurers are dealing with their customers during stressful and vulnerable moments- times when the delicate balance of empathy and automation must be struck to give insureds the peace of mind they seek.
The shift to a mostly-automated claims process will likely take a decade, but given that the initial steps in the core claims system transformation process are so long.
Determined to regain the confidence back in the nation’s insurance industry, FBNInsurance Limited has settled claims worth N5.4 billion to policy-holders in space of nine months in Nigeria.
The Managing Director/Chief Executive Officer, Val Ojumah, who spoke with The Guardian, at the weekend, said that the focus of the company is to maintain the indisputable leadership position in the life insurance sub-sector by paying claims promptly and at the same time protect the interest of its various corporate and individual clients.
According to him, the business of trust and as part of our efforts geared towards maintaining irrefutable leadership in the life insurance sub-sector, we have built a solid foundation where our clients can insure their trust by promptly paying their claims.
“We have also deepened our footprints across Nigeria in our quest to serving our customers and shareholders even better than we have done in previous years,” he said.
He further reiterated that customer satisfaction is the fulcrum of insurance business and this inevitably builds customer loyalty and we will not fail to ensure this.
“We believe once FBNInsurance is able to pay customers’ claims as they arise, numerous customers and the general public will have faith to take up more life policies because they are convinced that should a claim/loss arise, FBNInsurance will be able to meet its financial obligations to them,” he said.
It will be recalled that FBNInsurance paid N4.8 billion claims in 2018, despite the unpredictable economic situation in the country occasioned by the preparation for the general election at that time.
FBNInsurance is an FBNHoldings company associated with the Sanlam Group SA and was incorporated in 2010 to transact life insurance business in Nigeria and currently operates out of over 40 sales outlets and two branches nationwide.