Veritas Kapital Assurance Plc says its operations manual does not make room for backbench classes of business but all the the nine classes of business it offers to customers are all in the frontline of its operations.
In the first meeting with the media, the two year old new management of the quoted general insurance company said, “The interesting thing for us as an organisation is that we have nine different classes of businesses and all of these businesses have witnessed tremendous growth. When you talk about specific line of business that is driving our growth, we can only speak to these lines of businesses that have significantly contributed to the growth that we are witnessing today.”
The company falls back to explain that the nine lines of businesses sprinting in their classes of divers colours have generated commendable performance. “When you compare what we have done same period, that is half year 2023 against half year 2024 you notice that on each line of business we have witnessed tremendous growth.”
The meeting with the press where the company showcased that three strands of cord is not easily broken saw the Managing Director Adaobi Nwakuche, Executive Director Operations, Sunkanmi Adekeye and the Chief Financial Officer, Mojeed Somorin connected virtual from Abuja, combined to present the company’s business fortifications.
Navigating the growth attained, Dr. Nwakuche joined by Adekeye said, “What gave us an edge is the implementation of those strategic goals, for instance, one of the strategies for growing our market share is by growing our top line, middle line as well as our bottom line. Second, the position we enjoy today is at the instance of our customers. We have earned the societal trust, we have earned the market trust. These have significantly contributed to the position we enjoy today. Our customers put us there.
“Behind all of these is the Board. We have enjoyed tremendous support of our Board of Directors. They are willing to provide assistance, they go as far as giving us referrals to big ticket transactions which has contributed to what we have today,” she stated.
Also fueling the match that has assembled the good performance is the company’s risk profile. Rallying the position of the general insurer, Adekeye said, “What we have going (well) for us is the first thing we did in respect of risk profile is that we defined our risk appetite. We ensured that we don’t accept risk without consideration for our capacity, which is our retention plus reinsurance limit which is equal to our capacity. On the basis of that we defined our appetite to ensure that when the need arise for us to answer the call of our teeming customers especially when there is a claim we don’t give any excuse so long as the claim is genuine. We have paid over N1.3bn, not outstanding claim.
“Second, we ensure that we do contract certainty, in other words, we don’t take a risk we don’t have reinsurance protection for. That also speaks to our risk profile. The third is that there is a threshold of transaction that require seeking the services of surveyors that will give us professional advice on risk improvement measures on how to manage such transactions,” he stated.
“These are some of the strategic steps that we take in order to ensure that as we give assurance to our clients, we also have protection from reinsurance companies that are giving us that assurance as well,” he explained.
