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By Henry Uche
As part of its penetration and market expansion strategy, Universal Insurance Plc is set to storm Uyo, Apapa and Kano State to establish new branches and products offering.
Speaking at the Members’ Evening of Nigeria Council of Registered Insurance Brokers (NCRIB) in Lagos, its Managing Director/CEO, Dr Ben Ujoatuonu, affirmed that the company’s key strategy to grow its business for 2022 was to expand its market rapidly.
“In pursuit of this strategy, we are opening up more branches in Uyo, Apapa, and Kano. We have also expanded our marketing units within the head office, Apart from the core conventional Insurance business, our retail operations have been fully developed and is anchored completely on technology,”
He stated that the company has remained in business despite obvious harsh business environment, noting that it has been trading with capital in excess of the current N3billion paid-up share capital. However, with the introduction of the new capital regime, the company is working towards meeting the required N10 billion. “The company is finalising arrangements with major shareholders to meet the new capital regime through rights issue,”
He gave assurance that claims payment would remain a top priority, saying “Claims payment is a fundamental factor for the continued existence of any insurance company. This we take very seriously in Universal, ensuring we meet our claims obligations when due.
“We have consistently delighted our customers with prompt settlement of claims. This, to us, is the major reason we are in business. On digitalisation, we are 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 either buy, sell Insurance or lodge claims. All our retail line products are sold and bought digitally”.
