By ROSEMARY ONUOHA
The management of Niger Insurance PLC has approved the opening of a dedicated account solely for claims and commission payment.

The move is part of efforts to address the delay sometimes witnessed by the company’s clients in claims administration and settlement.

Managing Director, Justus Uranta, who disclosed this while addressing staff at the annual management conference of the company in Lagos recently, with the theme ‘Niger Insurance Plc at 50: Repositioning for the Next Phase of Performances’ said that they are also targeting a premium income in excess of N20 billion in year 2012.

Uranta stated that the company’s decision to open a special account for payment of claims and commission is premised on its belief that settlement of outstanding claims and commission is the best marketing strategy for business generation. He said “In furtherance of this goal, the marketing, technical, and accounts departments have been instructed to collate all outstanding claims to expedite immediate settlement accordingly.”

He said the company possesses both human and material resources to achieve and surpass the N20 billion premium income target.

He therefore enjoined all members of staff to put in more effort to ensure that the 50 year old insurance firm occupies its rightful position in the nation’s insurance industry.

Uranta stressed that the company is determined to tap into the market potentials facilitated by the country’s huge population of more than 150 million people hence introduced the agency and life department ten years ago and that is becoming a success story.

He, however, pointed out that the company’s retail agency business has not been successful as expected in spite of the firm’s large branch network, adding that in order to revitalise this aspect of the company’s business, a new incentive model has been put in place.

Uranta maintained that “Our aspirations are in line with the Market Development and Restructuring Initiative (MDRI) of the National insurance Commission (NAICOM) which emphasises compulsory insurance. This makes retail business a gold mine which companies with well spread branch network like ours should dominate.”

Having always complied strictly with the rules of the business, the Niger Insurance boss assured that the company is poised to ensure that it is not found wanting in this regard, stating “This is taking into consideration the fact that the legal environment of the business is fast changing with several regulations coming into force from the financial sector regulatory bodies such as NAICOM, Securities and Exchange Commission (SEC), Nigerian Stock Exchange (NSE), etc. which all companies are expected to comply with fully and timely.”

Uranta emphasised that corporate governance has become a global issue because of its effect on operations of firms as it focuses on the adherence to acceptable ethical standards and best practices for the benefits of all stakeholders.

He further disclosed that Niger Insurance, as part of its ongoing re-engineering exercise, recently acquired a new software programme called Turnquest to create an enabling platform for improved service delivery.