Raising hopes for policyholders with N1.3 billiom claims settlement
While the insurance claims process is increasingly modernised, it still remains complex. More variables and data are constantly coming into play, but carriers must determine appropriate settlements and flag potential fraud faster than ever.
At the 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, given that the initial steps in the core claims system transformation process are so long.
But determined to regain the confidence back in the nation’s insurance industry, the Managing Director/Chief Executive Officer, Anchor Insurance Company Limited, Ebose Augustine, said his company paid N1.3 billion claims in 2019, and also expressed optimism to generate N10 billion premium income in 2020.
Assuring the shareholders that the company has automated its claims system, he said it will make it possible for claimants to be settled without coming to the office.
According to him, the company has marshaled plans on how to deploy its post recapitalisation funds to enable it to remain top in the sphere of underwriting business.
At the company’s interactive session with newsmen in Lagos, he noted that the company also grew its premium income to N5 billion in 2019, stressing that to achieve the set target for 2020, plans have been concluded to increase branch network across the country.
The company would also leverage the use of technology to sell its products and improve on its agency system to reach esteemed customers.
According to him, the firm is poised to play big post recapitalisation.
He added that the company has so far achieved about 85 per cent of the new minimum capital required to remain afloat post recapitalisation.
He noted that Akwa Ibom State Government which owns 61 per cent stake in the company has through the right issues, injected N9.6 billion to the company, stressing that the company hopes to raise its capital to N11.6 billion post recapitalisation.