No doubt claims pay point of insurance companies is not a wilderness outpost, it has notched up points as a busy pay point. Insurance companies and the regulator wants it to get busier for the right course, unflinching obligation to pay claims. A new dimension to this is the Insurers Committee decision that companies publish unpaid claims, build confidence and get more potential insurers buy needed policies.
The responsibility to get this ferried to the public was squared by Mr Ben Ujoatuonu, a member of the publicity and communications sub-committee and MD/CEO Universal Insurance Plc, and adjunct to this is a planned harmonisation of claims payment making it seamless and easy to understand. The new page of customer-operators relationship would not only benefit the customer but expectedly lead to customer retention.
Other highlights shared include the Financial Reporting Standard 17 (FIRS 17), and the assistance from NAICOM to ensure compliance pointing out that operators were also given up to June this year to submit their accounts on FIRS 17.
While noting the concern of the public regarding the current upward review of third party motor insurance Ujoatuonu said there would be advertisement not only on the new tariff but also value and benefits to customers. He said there would be further meeting in a smaller committee to finalise the arrangements on the campaign starting in the month of May.
On Risk Based Supervision, Ujoatuonu said the third batch of underwriters have received letter of visitation by NAICOM ensure that the market is covered on all fronts concerning the next phase of regulation and ensure compliance at take-off.
He cleared that the portal is running and compliance level is high but not without some challenges, which the Commission is currently addressing.