By Ifeanyi Ugwuadu
Standard Alliance Life Assurance Ltd, a member_company of Standard Alliance Group, has disclosed it paid out N4,74billion as maturities, value and death claims to its affected group and individual life policyholders during its operations covering three years from 2007 to 2009.
The companyâ€™s Managing Director, Mr. Austine Enajemo_Isire, who disclosed this in a statement made available to us at the weekend, gave a further breakdown of the above figures which shows that his company paid out N168,404,261 and N101,003,358 in 2007; N1,360,643,015 and N239,515,713 in 2008 as well asÂ N2,535,646,030.17 and N335,957,885 in 2009 respectively to its individual and group life policyholders.
According to Enajemo-Isire, â€œour ability to maintain our integrity on regular and prompt claims settlement, even in the face of the very harsh economic weather which businesses faced in 2009, has remained our selling point to life insuring public,â€ confessing further that â€œthis trust has continued to drive the business, bringing more customers, both individual and corporate.
â€œWe at SA Life believe that customers would want to do business and remain with you once you are trusted for regular and timely payments of matured policies and claims.Â We have never failed in meeting this obligation whenever occasion demands since we started full operations in January 2000,â€ the Managing Director revealed.
According to him, â€œwe have recently perfected a modern technology- driven system of claims and maturity payment which takes away the stress of coming to our head office in Lagos from the customers. We now operate a system which allows the customer to process and receive such payments at our branch office nearest to him.â€
Meanwhile, Standard Alliance General introduced a scratch card device aimed at tackling fake motor insurances and also to drive the sales of its motor third party product.
According to the companyâ€s Managing Director, Mr. Tom Imokhai, â€œwe face a lot of challenges with respect to the sales of the third party motor insurance policy. Most vehicle owners do not have the time to visit the insurance offices to purchase the policies themselves and are often too busy to attend to all the paper work required.
Not ready to face a process they see as cumbersome, they often resort to procuring fake policies. Imokhai, who disclosed that the cards were both for private and commercial vehicles, hinted that they were readily available for purchase at branch offices and through the appointed sales agents nationwide.