By Patience Saghana
The Managing Director of Capital Express Assurance Limited, a frontline player in the life insurance sector, Mr. Anthony Aletor, has said that the company no longer celebrates payment of claims as this is one of the major reasons why an insurance company exists to do business. This was disclosed while fielding questions during a media chat in his Victoria Island, Lagos office recently.
While responding to enquiries on the companyâ€™s claims payment culture and how much it paid out as claims in 2008, Aletor responded that Capital Express Assurance Limited paid out over N900m as claims. According to him, â€œwhen you look at that kind of figure, it shows you that one of the things we respond to is claims and we do not owe any claim.â€
Speaking further, Aletor noted that it is sometimes embarrassing the way the issue of claims is treated especially with regards to enquiring into whether it is paid or not at a time like this when businesses are challenged globally to operate on standard practices. â€œWhy is the insurance company set up if not to render risk protection services and then pay claims whenever the need arises?â€ he asked adding that claims should be taken for granted that they will be paid.
â€œWhen you are looking at developments in the insurance business, there are other vital areas to look at and not necessarily focusing only on claims because we must pay claims, as that is the essence for which we are in business,â€ Mr. Aletor emphasized. He disclosed that for Capital Express Assurance, claim is no longer a big issue because it is part of the companyâ€™s culture to pay claims and to do so as at when due. He, however, disclosed that the company used to celebrate payment of claims as achievement by going to the press each time a claim was paid.
â€œWhen we were younger, we used to celebrate claims but now we look at it from the angle that we are in this business to respond to issues of claims when they arise so there has been a shift in attitude in this regard while we now focus more on value delivery and customer satisfaction,â€ he enthused.
Capital Express Assurance Limited acquired the life assurance arms of about 13 insurance companies during the consolidation of the insurance industry in 2007. Running under three major umbrellas, the company provides wealth management and risk protection services through Individual life policies, Group life policies as well as Annuities & Secured Funds. The company is currently beefing up its offerings, tailor-made to suit diverse risk protection and wealth management needs.