In a bid to tackle the challenge of meeting operational obligations, the management of Sovereign Trust Insurance Plc, has expressed readiness to form synergy with the Nigerian Council of Registered Insurance Brokers (NCRIB) in the area of reducing and managing the challenge of outstanding premiums in insurance business.
The Managing Director and Chief Executive Officer, Sovereign Trust Insurance Plc, Wale Onaolapo, while speaking at the NCRIB Members’ Evening recently, said managing premiums is one very critical challenge that was greatly militating against the growth of the industry with attendant difficulties in meeting with operational obligations from time to time.
“As partners in progress, we are desirous to have the broking community work with insurance companies in the area of products development based on hands on experience which have culminated to a wealth of knowledge that insurance companies can tap from in deepening the penetration of insurance and insurance products in the Nigerian landscape,” Onaolapo said.
He noted that the company has also restructured and strengthened its operations with a view to competitively playing in the insurance industry in Nigeria, to provide top of the notch insurance services in the country.
“We are driving this process with our newly initiated technology software called Eskadenia, which is designed to deliver seamless services with web enablement for online platform. It is worthy of note to state that we have never been found wanting in meeting with our claims obligations whenever the need arose,” he said.
Onaolapo noted that as at the end of October 2011, the company had paid the sum of N867 million as against the sum of N846 million paid in the whole of 2010.
“In the same vein, we have continued to post impressive operational result, as at the end of the 3rd quarter, which ended on September 30, 2011.
The Gross Premium written showed at 41 per cent growth over the amount posted in the same period of last year from N4 billion to N5.7 billion, while Profit Before Tax rose to N985 million from N795 million to record a 24 per cent increase above what the company posted in the same period of 2010. Our Profit After Tax (PAT) grew by 26 per cent from N700 million to N886 million.”