'Claims payment remains our priority' - Universal Insurance

Managing Director of Universal Insurance Plc, Mr Ben Ujoatuonu, has said that claims payment still remains the priority of the company.

Speaking at the ‘Members’ Evening’ ceremony of the Nigerian Council of Registered Insurance Brokers, NCRIB, held in Lagos, and sponsored by Universal Insurance, Ujoatuonu said the company will continue to grow the tempo in claims settlement.

He stated: “Claims payment still remains our focal point and priority. At Universal, we strive to meet our claims obligations as and when due. We have consistently delighted our customers with prompt settlement of claims. This to us is the major reason why we are in business. I assure you that we will continue to grow our tempo in claims settlement.”

On digitalisation, Ujoatuonu said that they are one of the digitally compliant companies in the market, stating: “We are one of the very few digitally compliant companies in the market. We have portals that are available to our customers and brokers to access our products, lodge claims all at the comfort of their home or office.

“We have applications that are very compliant and friendly especially in compliance with latest Web Aggregators guideline. This enables any digitally compliant company to easily have a handshake with our software to buy, sell insurance or lodge claims. All our retail line products are sold and bought digitally. I encourage all brokers to take advantage of this.”

He noted that the strategy to grow the business through expanding their market continues, adding: “We opened a total of six branches in less than two years, Yenagoa branch being the most recent one. More new branches will come up within this quarter. We are also enhancing our online platforms to ease our business operations.”

According to Ujoatuonu, in 2023, the company grew its premium income by 63 per cent from N5.7 billion to N9.4 billion and profit after tax by 9% from N619 million to N675 million and total claim paid grew by 157% from N682,589 million to N1.756 billion.