Law Union & Rock Insurance Plc paid claims of N1.5 billion in 2016 and another N380 million in the first quarter of 2017 to underline its corporate commitment to settlement of claims as part of its customer-friendly policy. The company also has a 5-day claim payment policy for effective and efficient claims processing regime for the benefit of customers.
Mr. Jide Orimolade, Managing Director/CEO of Law Union & Rock Insurance said yesterday that besides meeting obligations to policyholders, the company is also committed to adding value to customers through strategic innovation that delivers seamless, convenient and stress-free business ecosystem.
“Our strategic innovation driven majorly by ICT has eliminated financial risk in the payment process, ensures product deployment with key features that guarantees edge over the competition and has empowered us to grow our retail business production by nine percent via seamless technology despite the prevailing economic constraints in the market.”
In the 2016 business year, Law Union & Rock reported 100 percent growth in Profit After Tax from N280.9 million in 2015 to N561.8 million while claims ratio dropped from 67 percent to 49 percent in the same period under review. The underwriting result grew by 10 percent to N1.2 billion from N1.1 billion in 2015.
Orimolade said the focus of the company in 2017 is to grow the company’s gross premium written by 50 percent, retain 90 percent of existing customers, grow direct and retail businesses, improve relationship with brokers, achieve improved credit rating from A- to A+ by GCR and become the preferred first choice underwriter in general business in Nigeria.
“The second focus of the company is on process improvement. We are committed to improve our service delivery, improve brand visibility nationwide and develop new products in the area of retail and agricultural insurance. The company is strategically positioned to consolidate on the good financials achieved in 2016 to drive its operations in 2017.”