- To Open More Branches
By Henry Uche, Lagos
Universal Insurance Plc has applauded Nigerian Council of Registered Insurance Brokers(NCRIB) for their unwavering support in the 2023 financial year, and at the same time, solicits more collaboration to offer bespoke products and services to its teeming customers to achieve more in 2024.
Speaking at the Brokers’ Evening in Lagos just recently, the Managing Director/CEO of Universal Insurance, Dr. Ben Ujoatuonu, made it clear that the company wouldn’t have achieved anything without the partnership of NCRIB.
The MD affirmed that while Universal Insurance plans to expand its visibility across the country, it would not hesitate to pay genuine claims to policyholders as and when due; in fulfilment of its promise, Claims payment – being the essence of the insurance business. “We will continue to grow our tempo in claims settlement.
“We wouldn’t have achieved anything without the support of members of the Nigerian Council of Registered Insurance Brokers. Our success story cannot be complete without mentioning your roles in our success journey. We believe we can do better this year. We’re expanding our offices, another branch is coming in Lagos”
Hosted by the aforementioned underwriter, the session saw the presence of over 100 Insurance Brokerage Companies which endorsed Universal Insurance as the best underwriter to partner with, given its ability to digitize its operations and offer excellent services.
“As one of the very few digitally-compliant companies in the market, we have available portals for our customers and brokers to access our products, and lodge claims all at the comfort of their home or office. We have applications that are very compliant and friendly, especially in compliance with the latest Web Aggregators guidelines”
Ujoatuonu revealed that, in 2023, the company grew its premium income by 63% from N5.7bn to N9.4bn, and its Profit After Tax (PAT) grew by 9% from N619 million to N675 million, while its total claim paid grew by 157% from N682,589 million to N1.756bn.
While calling on the public to transfer their burden of risks to them, he added that its board and management would not relent in sustaining its Corporate Social Responsibility drive to affect the lives of the poor in the society. “In 2023, a total of N21 million was donated to CSR compared to N15 million donated in year 2022. We provided Food and household items to a less privileged home at Ikorodu, provision of books and other educational materials to schools amongst others.
“Our strength has remained: Knowledgeable, young & vibrant workforce; quick response to claims; digitalization of our operations including claims; flexibility in our business approach, among others,, and we are giving up in our quest to give the very best to our community,” he assured.