By Henry Uche
Universal Insurance Plc has reported a substantial 150 per cent hike in operational. The Managing Director, Mr. Benedict Ujoatuonu, who made this known to newsmen in Lagos yesterday, affirmed that despite the harsh economic climate in Nigeria, the company was able to record N9.3 billion premium income in 2023, a profit of N530 million, and has swiftly and consistently meet up with its claims obligations towards its policyholders.
He said the company seeks to raken in N20 billion from premium income.
According him, the company’s assets increased from N11 billion to N17.5 billion, while shareholders’ fund increased from N9 billion to N12 billion.
Ujoatuonu revealed that Universal insurance has made every necessary plans to fully incorporate and deploy Artificial Intelligence (AI), in all of its operations particularly in claims administration even as the company plans to open more branches across the country.
“We have concluded plans and arrangements to deploy AI in all our operations. We want to use AI both in assessment, adjustment, and settlement of claims. So far, we have underwritten insurance bonds and guarantees profitably, while others run away or avoid, we explored. We must reiterate that the dynamics of our retail business is digital operations it’s paying off”
He affirmed that the company has targeted to hit N100 billion premium income in the next five years. “I want to leave a strong and a virile insurance company that would outlive me, as my legacy. But we are striving to reform and improve our services and operations through AI,” he added.