Niger Insurance Plc has finalized its discussions with some foreign investors that have picked interest in the company
The investors, Vanguard investigations revealed, are looking beyond providing financial muscle to support the companyâ€™s growth to providing managerial and technical services which would enable the company the company take its prime position in the sector.
Dr Justus Uranta, Managing Director, Niger Insurance, who made mention of it at the Membersâ€™ Evening of the Â Nigerian Council of Registered Insurance Brokers (NCRIB) held in Lagos which the company played host to, is quite enthusiastic about the future of the company with the new development.
Uranta said as a result paucity of fund in the countryâ€™s capital market, the company has sought alternative funding partner to enable the firm meets its medium and long term development plans.
He said this is geared towards the quest to make the company number one in the market in terms of size, premium profitability and underwriting practice.
He said, â€œThe company has increased its branches to 42 with six regional offices which have been empowered with autonomy to underwrite risks and pay claims.
â€œWe have continually strived to improve on our ICT platform to ensure that brokers and customers are served well, assuring the company is emerging online real-time where brokers from the comfort of their offices can access insurance with ease.â€
Uranta further stated that despite the challenges in the market, it would remain upright and exhibit the highest level of integrity in the management and payment of claims.
â€œClaims are why we are in the business of insurance, so, it must continue to come and that is why we are in business, he emphasised.â€
In increasing its market share, Uranta said the company is seriously strengthening its Agency System to sell life polices, having realised that investible funds are easier realised from life market, while keying up also in the evolving oil and gas business.
Meanwhile, the NCRIB at the members evening announced the companyâ€™s qualification as one of the ten underwriting companies in category â€˜Aâ€™ grouping of insurance companies.
Dr Teslim Sanusi, NCRIB President, said the criteria was based on solvency margin, claims administration, capital base, human capital development, geographical spread, information technology and corporate social responsibility.
The council awarded Niger Insurance Plc as the best broker friendly underwriting company in the industry.Â Sanusi, said the ward was in recognition of Niger Insurance Plc as the best broker friendly underwriting company in the market.
He said: â€œI am glad to inform you that the evening is being sponsored by one of the closest allies of insurance brokers as well as our council, Niger Insurance Plc.
â€œI must appreciate the company for accepting to host the programme with an assurance that the evening will significantly buoy up the fortunes of the company.â€
He further stated â€œthe platform provides an opportunity to highlight some of the actions taken on behalf of the council with respect to the protection of the interest of our members and the broking profession against total annihilation.
â€œWe are all cognizant of the inclement environment which the broking profession had been operating especially in recent times.
â€œSince my assumption of office, my attention and that of the management had been geared towards safeguarding the integrity of the broking profession and combating the various challenges of our sector.â€