BY ROSEMARY ONUOHA & JOHN ENO
Great Nigeria Insurance Plc, GNI, have instituted effective measures to ensure prompt processing and settlement of reported claims in their determination to regain the confidence of the insurable public.
Managing Director and Chief Executive Officer of the company Mrs. Cecilia Osipitan added that management of the company will continue to intensify efforts in the area of claims settlement.
In her address to shareholders at the company’s 47th annual general meeting recently, Osipitan promised to maintain the commitment of offering unparallel support to clients at their hour of needs adding that the company’s human resources are vital partners in the drive to reposition the company unto the path of sustainable viability.
According to her, the company will always show sincere empathy and utmost good faith by assuaging the pains of the insured by settling claims promptly adding that the deliberate effort has started yielding dividends as evidenced in the renewed confidence of customers in their products.
“We have therefore taken as utmost priority; the task of upgrading the skill of our employees to meet the challenges of today’s underwriting business through extensive trainings and retraining of every staff in all areas of insurance underwriting and management. Weekly in house trainings were conducted throughout the year.
“In the same vein, we have established an in-housed training centre where extensive trainings in key areas of underwriting were treated.”
Osipitan noted that as one of the strategies for optimum performance; regular meetings were held with the various stakeholders that resulted in improved patronage of the company.
On the outlook for 2011, Osipitan noted that with substantial cleansing of their books of doubtful receivables and assets as well as regularisation of status with all regulatory authorities, prospects for a brighter future for the company has never been clearer.
In her words “Our ambition shall be the delivery of superior underwriting service to the Nigerian insurance public as well as reaching out to the uninsured. We shall vigorously pursue market share enlargement backed by value-based cost optimisation.
In the 2012 and beyond we will continue to drive human capital skill development, provide cutting edge technology, upgrading services delivery and sustain good corporate government practice.”
Meanwhile, Chairman of the company, Segun Oloketuyi revealed that claims paid increased to N273.35million in 2010 financial year from N212.34million in the corresponding period of 2009.
The Charman stated that total assets recorded a marginal growth of 3.8 per cent growing from N6.66billion in the financial year-ended December 31, 2009 to N6.92billion in the reporting period. “The growth in assets was primarily driven by conscious efforts at growing our short term investments portfolio and value enhancement arising from marking quoted stocks to the market,” he added.
According to him, gross earnings rose from N1.05billion to N1.16billion in the reporting period translating to a growth rate of 10 per cent, stating that the increment was attributable to concerted efforts to expand participation in the oil and gas sector underwritings and deepened their share of the insurance underwriting purse of their high profile customers.
In compliance with NAICOM’s new prudential guidelines on provision for outstanding premium, the Chairman noted that allowance for bad debts grew to N454.16million in the reporting period from N308.68million in the financial year ended December 31, 2009. This represents a growth rate of 47.1 per cent.