‘Insurers Pay 54% Of Income As Claims To Policyholders In 2023’

Of the over N1 trillion Gross Premium Income of the insurance industry in 2023 financial year, insurance companies paid N536.5billion translating to 54 per cent of the income generated, as claims in 2023 financial year, says the chairman, Nigeria Insurers Association(NIA), Mr. Kunle Ahmed.

Ahmed, who is also the managing director/CEO of AXA Mansard Insurance Plc, noted that allocation of such huge money from its income for payment of claims, shows that the insurance industry has improved and has always been paying genuine claims.

Speaking at his pre-Investiture media unveiling as the26th NIA chairman, at the association’s headquarters in Victoria Island(VI), Lagos on Wednesday, Ahmed assured that his administration will focus on improving “our claims processes, ensuring we fulfil promises and exceed expectations. The recent growth in claims paid—N536.5 billion in 2023—demonstrates our dedication to our clients. However, we recognize that there is more work to be done and will continue to improve the process to enhance the trust and confidence of our stakeholders.”

Disclosing that his regime will adopt Customer Centricity, in a bid to enhance customer satisfaction, this, he said, will involve driving programmes, initiatives, and policies to simplify the insurance onboarding process, improve claims handling, and ensure transparency in operations. To him, “A satisfied customer is not just a repeat client; they will be the best advocates of our industry. We will implement best practices that prioritise the customer journey, ensuring that our clients always feel valued and understood.”

Promising to embark on digital transformation as an industry, he noted that the insurance sector has historically been slow to adopt digital solutions. Moving forward, embracing digital innovation will be essential as we plan to launch an innovation challenge to invite solutions that streamline our processes and enhance customer experience, he pointed out.

RELATED

FirstHoldCo Demonstrates Resilience With Robust Half-Year Performance, Grows Gross Earnings By 18.1% To ₦1.7trillion…

2 hours ago

Earnings Optimism Triggers N4.32trn Equities Gain In 5 Days

1 day ago

While planning to engage government agencies to advocate policies that support the insurance sector, he and his colleagues promised to work diligently to ensure that insurance is integrated into national development plans. This includes collaborating on the Nigeria Insurance Reform Bill, which aims to modernise our regulatory framework and enhance the industry’s capacity to serve the public effectively, he said.

“Raising awareness about the importance of insurance is vital not just for our industry growth but for our economic development. We will expand our outreach initiatives, including educational programmes in schools and partnerships with media organisation and institutions to disseminate information about insurance products and their benefits.We are convinced that, by fostering a culture of insurance literacy, we can empower individuals and businesses to make informed decisions,” he vowed.