“Brokers are critical stakeholders in our relationship in our relationship and therefore deserve first hand information about our exploits and growth.”
That was the authentic testimony of the managing director at Universal Insurance Plc, Mr. Ben Ujoatuonu, at the Members Evening hosted by the general insurer at the Insurance Brokers House, Yaba Lagos on Tuesday. Besides, the president who established the Members Evening event in his tenure over 15 years ago, Ashiwaju Michael Olawale-Cole, was at the event as the President, Lagos Chamber of Commerce and Industry.
Noting the strides the company had made in its 61 years including the accomplishment as a digitally compliant company on different fronts for ease of business transactions, Ujoatuonu said the support from brokers has endorsed its upward swing despite harsh economic environment.
Assuring the brokers assembled at the event that it has not only surpassed the current minimum capital of N3bn required for a general insurer, it’s already finalising arrangement to meet the required level of N10bn which he said the company has a little margin to cover, by liaising with major shareholders to meet the new capital through rights issue, promising the exercise will be concluded before the end of the year.
Reminding brokers that claims payment remained a fundamental factor for its existence, he said “We have consistently delighted our customers with prompt settlement of claims. This to us is the reason why we are in business.”
Speaking on the two-pronged action on market expansion and product development, he said the key strategy is to grow and expand business with three new branches set for opening at Uyo, Apapa and Kano and tagged with this is the expansion of the marketing units within the head office. The second action is its focus and deliberate effort in developing the retail market by creating new products, and an avalanche of them is already on offer for brokers to convey to their customers and potential customers.
The focus to have more new products he said, has been set in motion following the approval to transact micro-insurance, and on account of this, he stated, “many more new products that will address the insurance needs of the public will be unveiled shortly.”