How N9.92 billion claims settlement will boost policyholders’ confidence

Insurers sustain 60 minutes motor claims payment

Determined to regain confidence back to the nation’s insurance industry, underwriters are beginning to explore digital avenues to aid the settlement of claims in the country.

One the underwriters that spoke on the prompt claims payment to customers in the industry, the Managing Director/Chief Executive Officer of FBN Insurance, Val Ojumah, said the firm has settled claims worth N9.92 billion to policy-holders to continually boost customers’ confidence and trust in the company.

According to him, the 2018 Most Profitable Life Insurance Company in Nigeria, FBNInsurance Limited, paid the sum of N9.92bn claims in 2019 as against N4.31bn in 2018.

“However, as a responsive and reliable insurer that keeps its promises, we promptly paid claims to clients to the tune of N9.92bn which is a 130% increase from N4.31bn paid in 2018. Strategy remains providing financial security for our esteemed customers and as always, we will not fail to exceed customers’ and stakeholders’ expectations”, he added.

Allianz Nigeria which also spoke on the development industry expressed deepened footprints across Nigeria in quest to serving customers and shareholders even better than previous years.”

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

This, he said 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,

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.