Underwriting firm pays policyholders N1.25billion as claims
In a bid to regain confidence in the nation’s insurance sector, Law Union & Rock Insurance (LUR) Plc, said over N1.25billion claims have been paid to its policyholders from January to this year till date.
This was confirmed by the Managing Director of the firm, Jide Orimolade, at a press conference in Lagos, said LUR has reviewed its processes to ensure that claims payment are done within a short time, and that there are efforts to digitalise claims payment process.
According to him, the firm’s gross premium written for 2017 stood at N3.51billion against N3.19billion in 2016. Investment income, N611.86million; profit before tax, N727.87million; retailed earning N470.56million; shareholders’ fund, N6.22billion; and total assets, N10.36billion.
He said LUR in recent time, won some awards, inccluding: Global Most Trusted Company in Quality Insurance for the Year 2017, and CEOs Today 2017 in Africa.“You will all agree with me that one of the ways of measuring company brand visibility is through public recognition and award.
“Part of our corporate objective is to create niche for ourselves in the industry. We are not unmindful of the competition, which is characterised by price war in the industry, but we believe we could navigate through by differentiation and best service delivery.
“It is on this onerous focus that we have been giving our best to our esteemed customers,” he said.On prospects for 2018, he noted that Federal Government’s budget proposal of N8.612trillion with improvement on capital expenditure, which is 30.8 per cent, would really impact insurance business.
He added that with improve revenue, decrease in domestic borrowing (as the government plans to reduce their borrowing share to 60 per cent domestic and 40 per cent foreign) with significant decrease on interest on Treasury bills, there would definitely be an improvement in economic bubbling. Customer purchasing power is expected to increase, and all things being equal, insurance is expected to have a better share, better penetration and improve gross premium written in coming year.
He also said insurance operators expect that ongoing partnership between the insurance industry and Government midwife by the National Insurance Commission (NAICOM), will grow the income from compulsory insurance policies, would impact the sector positively.
The Executive Director, Technical Operations, LUR, Supo Sogelola, said the firm is presently investing in Information and Communication Technology (ICT), to drive operations, adding that the claims processes are being digitalised to ensure prompt settlement.
According to him, the firm is working hard to deepen its retail operations, adding that the company has acquired a software that would enable the public procure their insurances from the comfort of their homes without necessary coming to the company.
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