•Projects N5.3bn premium for 2023
By Henry Uche [email protected]
Norrenberger Group recently took over the management of the hitherto ailing International Energy Insurance (IEI) by making 100 percent investment in the shares of the company. But not deterred by the organisational challenges that almost wrecked it, IEI said it was coming up again with new products and services, not yet offered by any insurance company in the entire Africa, as the firm moves to recover lost grounds.
At a media brief in Lagos recently to announce the formal acquisition of IEI by Norrenberger (as the preferred bidder having obtained the approval from the National Insurance Commission (NAICOM) to acquire full equity holding in the Company after due processes and diligence, the newly appointed Managing Director/CEO, Olasupo Oladeinde Sogelola, said IEI was coming with a renewed vigour, vision and unprecedented offerings for different classes of people, He said its revenue would hit N5.3billion 2023, while unfolding a 5 – year plan among others
Excerpts.
What does it means being named International Energy Insurance, Managing Director/CEO,
I’m very delighted to be given this opportunity to do what I know best to do. I have twenty years plus experience supporting group-wide executive achievement in Technical Operations, consisting of Underwriting, Claims and Reinsurance and up to 40per cent growth in revenue YOY via marketing and business development strategies to drive revenue growth. I ensure 100 percent retention of key business accounts.
Yes Norrenberger, an integrated Financial Services Group has acquired International Energy Insurance Plc (IEI Plc or the Company). During the period, Norrenberger further obtained approval from the Nigerian Exchange Limited (NGX) for the block acquisition of 50.6percent equity in the first instance and commenced the process for the approval of the Nigerian Securities and Exchange Commission (SEC) for the Mandatory Takeover Bid to acquire the remaining holdings of IEI Plc. So I remain auspicious to steer the strategic direction of the Company to the next level.
Under Norrenberger leadership, your first step in the post acquisition
It is worthy of note that Norrenberger had held various engagement meetings with the representatives of the Retail Shareholders as well as other Stakeholders towards repositioning IEI Plc. Norrenberger expressed its comment to expand and strengthen the business models of IEI Plc and to improve its solutions and service distribution to its clients across the country.
Outstanding liabilities
We’re expending over N1.3 billion to clear all outstanding liabilities in terms of claims, taxation, pension, staff salaries and commission to brokers. We have assured that all outstanding foreign currency-denominated liabilities are being compiled and would also be settled in due course.
Strategic Plan
It is instructive to note that various measures are to ensure that proper steps are in place for revenue mobilisation for operations, cost optimisation, and efficient strategies for the healthy running of the Company. The Company in line with S.5.1.2.1 & S.5.1.2.2 of the Revised Market Conduct and Business Practice Guideline for Insurance and Reinsurance Companies as issued by the National Insurance Commission (Naicom) in September 2022, filed and obtained a No Objection letter dated January 18, 2023, from its primary regulator (Naicom) for my appointment of a new Managing Director/Chief Executive Officer.
So the Company is coming into the market with innovative products, quality service delivery and value creation, Putting customers satisfaction as top priority. Human capital development is very key for us to run with high speed and accuracy. We will be training our staff, particularly those who have been with us through the years and
those who will be joining us. And ensuring our compensation model is attractive enough to bring in quality hands. We are leveraging on technology, and are already working on bringing on board as soon as possible a robust core application that will help us to make an impact in the digital Insurance world. I can tell you we are back with the ‘energy to care.’
Branch Restructuring
For effective and efficient branch operations, the Company embarked on Head Office and Branch restructuring. The Corporate Office of the Company is now located on the Right Wing, 4th Floor, FF Towers, Plot 13/14 Ligali Ayorinde Street, Victoria Island, Lagos, while the branch offices have been restructured into Northern Branch (Abuja), Eastern Branch (Port – Harcourt) and Southern Branch (Ibadan) for optimum revenue generation.
For cost efficiency, some branches were converted to Agency offices in line with the volume of transactions in the identified areas. The branches scaled down to agency offices are Kano, Makurdi, Kaduna (for Northern Region); Akure, Ilorin, Abeokuta and Calabar (for Southern Region).
Your five year plans to recapture the market.
The company developed its 5-year growth plan from day One, anchored on market innovation, value creation and added services for stakeholders and policyholders, strategic business expansion, manpower development, brand equity and quality people to drive its return to the industry in great style.
Recapitalisation
We have over N5.0bn in cash in terms of recapitalisation pending shareholding allotment while the sum of N7.3 billion is the projected capitalisation of the insurer going forward.
2023 Projection
For the 2023 business year, the company is projecting premium income of N5.3bn in excess of 10%, given our market potentialities and other favourable indices, including our rebounding share price levels at the Nigerian Stock Exchange.
Priorities
We have 8-point focal points thus:
Reclaiming IEI’s brand place of pride in the sector, we have 8-point market advantage thus: One ownership via Norrenberger Group, one Focus and direction, one direction, stronger and better organisation, strong relationship with brokers, robust tech core application for seamless service delivery, innovative product and service and strategic expansion of retail outlets.
Strategies
We shall re- engineer our corporate services. We’re going to be the delight of brokers by the quality of our innovative products and services. We shall also retool our retail services because retail business has sustained the company over the years. Everything we are coming with are second to none: Finest technology, experienced personnel, cordial human relations with all relevant stakeholders, among others.
How do you convince the publics to do business with you?
Upon the lift of suspension on the underwriting firm by the Security and Exchange Commission (SEC), the share value of the company had started appreciating. Moreover our 2022 annual account of IEI Plc would be a proof that our company has made a great turnaround. IEI became one of the gainers at the floor of the exchange over the week. A new board led by Alhaji Burka Aji, a former Head of Civil Service of the Federation, had been constituted for the company. Moreover, we are targeting market women, drivers, trade unions, students, and other micro small and medium Enterprises with unique offerings. We have opened 10 retail and would do open more. We shall focus on High Networth Individuals (HNIs) and Medium Networth Individuals (MNIs) in terms of personal products while its alternative channels will address the needs of MSMEs and co-operatives to effectively address the issue and opportunity of insurance penetration in the country.
Your target market
Cooperatives, Religious, Educational Institutions, Hotels and Hospitals, market women, students, drivers, trade associations and groups with products tailor-made for their needs.