Bisi Bamishe
Universal Insurance Plc has completed plans to open branches in Uyo, Apapa and Kano soon as it eyes larger market share in the nation’s insurance industry.
The company’s managing director Ben Ujoatuonu made this known at Brokers evening April edition of Nigeria Council of Registered Insurance Brokers (NCRIB) hosted by Universal Insurance today in Lagos.
Addressing the brokers, he said, “our key strategy to grow our business for this year is to expand our market. In pursuit of this strategy, we are opening up more branches in Uyo, Apapa, and Kano. We have also expanded our marketing units within the Head office”.
He disclosed that Universal Insurance Plc has been trading with capital in far excess of the current N3b and with the introduction of the new capital regime, it needs just a little margin to meet the required level of N10b.
“The Company is finalizing arrangements with
major shareholders to meet the new capital through rights issue. This exercise we will be concluded shortly”, he added.
On the issue of claims payment which is a fundamental factor for the continued existence of any insurance company, he said, “this we take very seriously in Universal, ensuring we meet our claims obligations as and when due. We have consistently delighted our customers with prompt settlement of claims. This to us is the major reason why we are in business”.
Apart from the core conventional Insurance business, Ujoatuonu stated further that Universal retail operations have
been fully developed and anchored completely on technology.
Focus and deliberate effort of the 60years old company in developing its retail business led to introduction of new products like Okada pass, shop insurer, drivers pass, Keke pass, parcel guard,
Uni-group cover, Uni-personal cover, local travel Insurance, School fees protection plan, kiddies personal accident Insurance among others.
According to him, Universal is one of the very few digitally compliant companies in the market, affirming “we have portals that are available to 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”.
This he said enables, any digitally compliant company to easily have a handshake with Universal Insurance software to either buy, sell Insurance or lodge claims as all its retail line products are sold and bought digitally.
Following the approval to transact Micro-Insurance, many more new products that will address the Insurance needs of the public will be unveiled shortly by the company.
