By Henry Uche
Universal Insurance Plc has applauded the Nigerian Council of Registered Insurance Brokers(NCRIB) for their support in 2023 financial year, while soliciting more collaboration to offer bespoke products and services to its customers to achieve more in 2024.
Speaking at the Brokers’ Evening in Lagos recently, the Managing Director 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 in fulfillment of its promise.
He said: “We will continue to grow our tempo in claims settlement. We wouldn’t have achieved anything without the support of members of Nigerian Council of Registered Insurance Brokers.
“Our success story cannot be complete without mentioning your role in our success journey. We believe we can do greater this year.”
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 digitise its operations and offering 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, lodge claims all at the comfort of their home or office. We have applications that are very compliant and friendly especially in compliance with latest web aggregators guideline.”
Ujoatuonu revealed that in 2023, the company grew its premium income by 63 per cent from N5.7bn to N9.4bn, its Profit After Tax (PAT) grew by nine per cent from N619 million to N675 million, while its total claim paid grew by 157 per cent 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 lives of the poor in the society.
“In 2023, a total of N21 million was donated to as 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 our knowledgeable, young vibrant workforce, quick response to claims, digitalisation 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.