By Faith Agbi
Sovereign Trust Insurance Plc, STI, has said that it paid out over N386.9 million as claims in the first quarter of the year. In a statement, the company noted that the move is part of efforts to demonstrate avowed commitment towards prompt claims settlement.
The company noted that the total claims figure was duly verified by the Industry’s regulatory authority, the National Insurance Commission, NAICOM for the period under review. A rundown of the claims composition paid revealed that motor insurance claim recorded the highest figure of N151.4 million, followed by general accident accounting for N140.8 million while N78.8 million was paid as claim under fire insurance.
Other figures as released by the organisation are N9.9 million for marine & aviation insurance while N6.0 million was paid as claim under engineering class of insurance. While commenting on the claims payment, the Divisional Head, Technical, Mr. Rufai Tajudeen said that the company is totally committed to settling all genuine claims within agreeable periods.
In his words, “there is no compromise to claims settlement in Sovereign Trust Insurance and that will always remain so to keep our customers always coming back. Prompt claims settlement no doubt will remain the enduring yardstick for our customers in determining whether we are delivering on our promise or not.
Friendly claim process
We do not intend to fall short of this obligation and we will continually strive to make good our promise at every point in time”. He further stated that the company has put in place a friendly claim process which ensures that customers do not go through undue bureaucratic process in getting their claims settled in good time.
Managing Director/Chief Executive Officer of the organisation, Mr. Olaotan Soyinka stated that over the years, the company’s prompt claims settlement has helped to strengthen the relationship between them and their various customers across the country.
“We do not allow our customers to go through distasteful experience in the process of getting their claims settled. Our processes are hinged on professionalism, speed, ethics and promptness”.