To provide compensations for specified losses suffered by its deserving customers, KBL Insurance Limited is said to have disbursed various sums of money to individuals and organisations to the tune of N1,991,051,388.85 as various claims settlements in the recent time. Each of these settlements was said to have come at record speed.
The Executive Director, of Business Development, Charles Ajawuihe, said the development came with a price. “It is our intentional investment in information technology, our Enterprise Resource Planning Software, and the upbeat ground breaking digital solution, the IES-Online Application, which drives our speed.
This infrastructure coupled with the drive of our highly technical professionals and resourceful workforce, I can say, is dictating the knack. How do we consistently make our customers happy and comfortable? How will they always think about KBL Insurance, any time it comes to general business? Achieving the requisite equilibrium, a calm state of mind, and finding appropriate answers to these questions, always occupy our mind at KBL”, the Director who also oversees the firm’s Technical Operations, explained.
For a long time, prompt claims settlement in the Nigerian Insurance industry has been an issue that has generated a lot of debate. While many have argued that some insurance companies settle claims faster than a few underwriters, others say there is still a number that always hesitates and acts intentionally uncooperative.
The attitude is said to have largely been the bane of insurance growth and development and has hindered the expected penetration, over the years. Mr. Sunday Thomas, Commissioner for Insurance recently confirmed, “Claims settlement has always been one aspect the industry is battling to balance”.
The National Insurance Commission (NAICOM), the regulatory body revealed that underwriters in Nigeria in the last 6 years however, have paid their customers as much as N1.5tn in claims settlement. The commission said the total sum of N318.2bn was paid to claimants in Nigeria, in the 4Q of 2022 alone.
It is noted that some clients have attested to the invaluable benefits of KBL Insurance’s swift claims settlement process.
