The Managing Director/Chief Executive Officer, Mr. Ademola Abidogun, says the company has set an assembly line that rolls out distinct service that is nurtured by professionals from different endeavours of life.
Abidogun who made this disclosure at the Nigerian Association of Insurance and Pension Editors’ (NAIPE) first quarter 2023 CEOs Forum in Lagos, said this underwriting assembly line is the the company’s creation of smart service that is not predisposed to the first line of service policyholders, but also its shareholders. .
Speaking on the enforcers and reinforcers of this current disposition, Abidogun said: “We have a very robust board and work force that is made up of accountants, lawyers and other professionals with a very strong business experience working together to ensure we are where we are today.”
Abidogun said the company has able to establish such a backbone of human capital by its investment in staff training and acquisition of technology, adding that currently “we have so many portals including the Third Party Portal which helps us in doing our Motor Business. Motor Business still remains the biggest of our products and we have partnership with a few brokers on that.”
According to him, “we are also getting new businesses from Brokers such as Marine Insurance for example. This segment is also growing despite the fact that there has been a lot of challenges in the areas of dollars and importation. Our oil and gas business portfolio too has also picked up because people are very passionate about insurance.”
On agriculture insurance, he said the company is partnering with some international bodies to come into that space. He said the process of getting approval for travel insurance from NAICOM is ongoing.
On other areas of strength, Abidogun said it has made progress with the company’s motor and marine portal and this has earned the partnership with some brokers who have signed on.
His words “The brokers partnership, our new business initiatives, our portal that we have for motor and marine insurances and some business with government agencies combined to ensure that we are getting value for our shareholders.”
On branch expansion, he said, “We really don’t want to open a lot of branches but what we are doing is to have as many sales outlets as possible because to open new branch offices now is very expensive. We want to have sales outlets and well run central underwriting system and a central accounting system.
He said the focus is on limited strategic branches in strategic areas to complement the existing branch and enhance operations in selling most of products and brand repositioning.