Managing Director of Standard Alliance Insurance Plc Mr. Tom Imokhai, has assured that as a service organisation, his company will continue to improve on service delivery to customers and business partners through value-added service delivery for customers’ satisfaction.

Imokhai said that his company’s management has increased emphasis on introducing new customer-friendly products as well as expanding channel of reaching their scattered customer-base.

He said, “We will continue to deploy strategies that will enable us fully exploit emerging business opportunities and also place the company amongst the first top five market leaders within the next three years.”

Meanwhile Chairman of the company, Mr. Yahaya Sa’ad recently told shareholders that despite the continued harsh economic climate under which businesses operated in 2013 business year, the company recorded a gross premium of N3.78bn just as it has paid out N1.07bn in claims to its genuine affected policyholders.

According to Sa’ad, the gross premium recorded was N3.78bn against N5.38bn in 2012, a drop of 30%, clarifying however that of the N5.38bn in 2012, N2.81bn was impaired, making N2.57bn the effective gross premium for 2012. This was connected to the expected impact of the ‘No premium, no cover policy’ which became effective at the beginning of the year as well as the slow growth of the economy.

Sa’ad hinted further that the company recorded a loss of N240m as against N1.05bn in 2012, noting that the improvement in performance in comparison to the loss made in 2012 was a result of cost optimisation and prudent management of ‘no premium, no cover policy’ in the year under review.