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IGI clears N2.3bn claims, pension liabilities

By Patience SAGHANA
Industrial and General Insurance Plc (IGI) has cleared N2.3 billion claims and pension liabilities in the first six months of the year.

Mr Remi Olowude, Executive Vice_Chairman of IGI who disclosed the company’s new strategies when it hosted Insurance Brokers for its 2010 Forum, said with its rapid claims payment system, the company is poised to settle genuine claims between seven and maximum of 14 days of signing the discharge vouchers.

“We believe that you too will reciprocate our new corporate direction through prompt remittance between seven and a maximum of 14 days so that all parties are placed on win_win platform”.

Olowude noted that the company has beefed up its capacity in the area of risk management and assessment, stating that it targets improvement in this area as part of IGI’s contribution to business development of the industry.

He stated that for underwriters, the delivery of superior service is always of paramount concern, which he said led to the company stepping up every effort to improve service delivery. This caused us to have a wholesome strategic rethink of our business particularly in key areas of growth, brand projection, people management and process re_engineering.

And this process renewal according to him entailed paying a lot of attention to underwriting, claims administration, product development, technology leverage, channel innovation, customer service as well as Agency/ broker relationship.

Olowude pointed that the co_operation of insurance brokers is needed for this business to succeed, without which the liaison between the insurer and the insured for confirmation and execution of engineering surveys may be seriously impaired.

According to him, one sore issue between the brokers and underwriters is the quantum of outstanding premium remittance and payment of claims, which he noted has not helped the business.

The interdependency of the underwriter to the broker he stressed can not be underestimated, urging the brokers to strive hard so that the gap can be closed for better delivery of insurance services.

“I believe that we can effectively avoid some of this issues that create loopholes in our relationship, but co_operate with in order to move the industry forward, so that together we can deepen insurance penetration in the country”


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