Cecilia Osipitan

Managing Director/CEO

Great Nigeria Insurance Plc

Great Nigeria Insurance Plc (GNI) has continued to affirm its willingness and capacity to honour all genuine claims as and when due.

The company, in its quarterly release of the total claims paid showed it had obligated a total sum of N501, 591,032.61, (Five hundred and One Million, Five Hundred and Ninety-One Thousand, Thirty-Two Naira, Sixty-One Kobo) to various insured spread across the country. The organisation is a composite entity licensed to underwrite both Life and Non-Life insurance businesses.

In a statement, the company’s Spokesperson and Corporate Communications & Brand Manager, Oyinkansola Sobande, said that GNI does not pay lips service to settlement of genuine claims when they occur.

She however, stated that the claims experience so far has been very alarming which she attributed to the downturn in the economy. According to her, “every insured wants to claim at every given opportunity which impacted the claims figure since the occurrence of the pandemic.”

The summary of the claims composition paid in the first quarter of 2021, shows that Group Life had the highest figure of N422 million while General Insurance business totalled N79 million. Under the Non-Life business: Fire ranked first with total claims settled of N32.2 million while General Accident recorded N25.8 million.

The total sum of N12 million was paid as claims on Motor Insurance, Engineering gulped N6.7 million, Oil and Gas Insurance stood at N1.1 million with Marine Insurance closing the figures with N0.96 million.

While commenting on the intent of the organisation as regards claims settlement, the Managing Director/CEO of GNI, Mrs. Cecilia O. Osipitan had this to say:

“There is no compromise to claims settlement in Great Nigeria Insurance Plc because the major focus of the company is to ensure that our customers get to enjoy the benefits of taking out any form of insurance policy with us through prompt settlement of their claims when the need arises. That to us, is the only way to prove that we are well and alive to our responsibilities as an Underwriting Firm in the country. We intend to uphold this obligation and we will continually strive to make good our promise at all times to delight our esteemed customers.”

Osipitan further stated that the company has put in place a friendly-claim-process with the major aim of putting smiles on the faces of its various customers across the country by ensuring that claims are settled within the shortest period possible on completion of all necessary documentation.

“Our commitment to uphold our Vision and Mission has made the company one of the country’s most relevant and responsive insurance companies in the country. Great Nigeria Insurance Plc is no doubt a formidable force to reckon with in the Nigerian insurance landscape with a network of offices spread across locations in the country buoyed by cutting-edge technology in delivering seamless and convenient insurance service to all teeming customers in the country and beyond.”

Mr. O. S. Thomas

Commissioner for Insurance/CEO

National Insurance Commission

The Executive Committee of the African Insurance Organisation (AIO) has finally announced that the 47^th Conference and Annual General Assembly of the AIO will hold in Lagos, Nigeria from September 4-8, 2021.

The Committee said in a communiqué that the improvement in the global situation of the Covid-19 pandemic through mass vaccination around the world in addition to lifting of travel and gathering restrictions has made it possible to hold the conference.

The confab was earlier scheduled for 2020 but was later postponed due to the global pandemic outbreak.

Mr. Tunde Hassan-Odukale

Managing Director/CEO

Leadway Assurance Company Limited

Leadway Assurance Company Limited says Nigerian insurers must develop and deploy digital channels and focus on the need of customers to generate sustainable growth their brand in the future.

Speaking on the topic “Insurance For The Future In 2021” at the virtual training for insurance journalists organised by Leadway Assurance Company Limited, Mr. Akinyemi Alebiosu, Principal Investment and Strategy,  Leadway Assurance Limited, said that underwriting in the future is going to be driven by data.

According to Alebiosu, if companies have proper data, they can predict incidents of loss and properly price it.

He said: “Data is the new oil and underwriting in the future is going to be driven by data and analytics. We are getting to a point where we will be using historical records, using robotics, artificial intelligence in making decisions of pricing, type and extent of risks we take.

“Insurance companies of the future will seek to collect large pools of data, analyse it, try to make meaning of it, prepare or create predictive models, at the end of the day make decisions that will make the product better. For example, in analysing the data, I want to know the pain point of our customers, what is their biggest concern, how am I able to create products that meet these needs at the lowest cost because if I have a proper data I can predict incidents of loss and properly price it and also know what their price point is. So at the end of the day if we use data and analytics correctly in our underwriting process, the customer will be happy, the underwriter will be happy and all the stakeholders will benefit from the insurance ecosystem.”

Alebiosu stated that digital channels will soon displace insurance agents despite their current dominance of the market.

“Insurance is largely driven by agents and brokers; it is only a matter of time that the digital platforms will outnumber insurance agents in the distribution of insurance. So for insurance companies of tomorrow, for insurance products, we need to consciously gravitate from directly selling to customers to creating digital channels that are customer friendly and customer centric.

“For example, if I want to buy insurance, I don’t need to call somebody, I just go to the website, I can find what I need and make a purchase. We need to be able to meet our customers over the social media, because they want to send us messages and get instant answer. Social media is also an avenue for customer education. If we compare the number of Nigerians on social media and the number of Nigerians that have insurance, you will see that we have a very long way to go.”

He said that Leadway is a solution based company, adding “We want to see your problems, your risks and we want to solve them.”

Executive Director, General Business, Leadway Assurance Limited, Ms. Adetola Adegbayi  implored Nigerians to embrace insurance, stressing that insurance remains a key source of raising fund to carter for risks.

She noted that Leadway Assurance over the years has being providing happiness to the insuring public through prompt payment of claims.

Mr. Olaotan Soyinka

Managing Director/CEO

Sovereign Trust Insurance Plc

In spite of the challenging operating environment that characterised operations of most businesses in the country in 2020 which was largely due to the effects of the Covid-19 pandemic and the seeming lull in the insurance sector in the year, Sovereign Trust Insurance Plc has once again put up a commendable performance in the year under review when compared with the company’s performance in 2019.

The Managing Director and Chief Executive Officer of the underwriting firm, Mr. Olaotan Soyinka said the development is an encouraging one considering the level of work that was put in place in 2020.

It is quite interesting to note that the company recorded a leap of 37% in its Profit After Tax of N687 million as against N503 million recorded in year 2019.  The Gross Premium Written in 2020 stood at N11.1 billion compared to the N10.8 billion written in 2019, representing a marginal increase of 2%.

Another interesting highlight of the 2020 accounts which could be described as heart-warming is the rise in the company’s total assets from N13.4 billion to N14.8 billion in 2020 representing 11% increase.

As the company grew its balance sheet in 2020, so did it also increase its claims payout. In 2020, a total of N3.48 billion was paid as claims against N2.2 billion that was paid in 2019. This in a way underscores the company’s claims paying ability coupled with the company’s renewed attention at delighting our customers.The net premium income also grew by 10% from N5.9 billion to N6.5 billion in 2020.

The Managing Director while briefing newsmen in Lagos said the management of the company is committed to meeting and surpassing the expectations and aspirations of its shareholders and stakeholders alike.

“These performance levels are a confirmation of the management’s determination to effectively and strategically position the company as one of the leading insurance companies in the country while at the same time, propel the company to a profitable height for shareholders’ delight” in the years ahead.

Mr. Daniel Braie

Managing Director/CEO

Linkage Assurance Plc

Linkage Assurance Plc has released its 2020 audited financial result, posting a Gross Premium Written of N8.3 billion, an increase of 28 percent YoY from N6.5 billion in 2019, while total assets also rose by 18 percent YoY in 2020 to N33.9 billion, compared to N28.7 billion in 2019.

The company also witnessed significant improvement in other indices, with underwriting profit growing by 102 percent, from N0.4 billion in 2019 to N0.8 billion at the end of 2020,and this according to the company was as result improvement in core business activities on the backdrop of healthy business underwriting decisions, reinsurance optimisation and efficient claims management process.

Notwithstanding the irrepressible impact of COVID-19 pandemic on economic landscape, the Company remained resilient, recoding a  profit before tax of N2.5 billion, compared to N1.3 billion in 2019 representing 89 percent YoY growth, while profit after tax was N2.4 billion, increasing by 65 percent from N1.5 billion in 2019.

From this profit and committed to delighting its shareholders,  Linkage Assurance will be proposing for approval at her Annual General Meeting (AGM) a bonus share issue amounting to N2 billion (of 4 billion ordinary shares at 50k per share) and a cash dividend of N0.05 per share (amounting to N500 million), to existing shareholders.

In his remark, the MD/CEO, Daniel Braie, said the company’s outstanding performance was hinged, amongst others, on activation of a robust Business Continuity Management (BCM) Plan during COVID-19 lockdown which stimulated continued customers’ interaction, retention, engagement, and satisfaction.

He also emphasised that, as a leading player in the Nigerian Insurance Industry, the Company is well positioned to provide sustainable insurance solutions to the varying needs of the market through its strong capital base, innovative products, and digital platforms.

“Our strategy is to consistently grow our revenue and deliver strong returns and excellent customer experience, while leveraging on technology, strategic alliances, and capabilities to provide world-class insurance & risk management solutions.

“Our guiding principles are our core values and vision. They underpin our desires, ambitions and aspirations aimed at reinforcing the trust of our stakeholders.”

“We will continue to refine our strategy in line with the political, economic, sociological, and technological changes in the industry particularly the impact of Coronavirus (COVID-19) pandemic on the business landscape. We will also continue to develop innovative products, alternative channels of distributions and strategic initiatives that will enable us to achieve our corporate goals and objectives. With a medium-to-long term perspective, we believe that the Company will have improved growth from these initiatives.”

As a socially responsible organisation, we embarked on Corporate Social Responsibilities with a view to supporting our community and enhancing stakeholders’ engagement, Braie said.

“In line with our corporate ambition, we will continue to leverage on technology, committed workforce and strong capital base to increase market share, enhance corporate visibility, and achieve operational excellence towards a more viable and successful company.”

Folashade Joseph

Managing Director/CEO

Nigerian Agricultural Insurance Corporation

The Nigerian Agricultural Insurance Corporation (NAIC) paid over N848 million as claims to its insured farmers in the 2020 business year.

Mrs. Folashade Joseph, Managing Director/CEO of NAIC, said the Corporation also paid N856 million in 2019 to its clients to cover losses incurred by them in the course of doing business.

Joseph enjoined agricultural investors and lending institutions to continue to partner NAIC to realize the food security agenda of President Muhammadu Buhari and the noble intentions of the Central Bank of Nigeria (CBN) under the leadership of Dr. Godwin Emefiele.

Mr. Daniel Braie

Managing Director/CEO

Linkage Assurance Plc

In a bid to strengthen its market presence in the Northern part of the country, Linkage Assurance Plc will this week be engaging its broker partners in Kano and environs for better product distribution and increased consumer service.

The brokers under the umbrella body of Nigerian Council of Registered Insurance Brokers (NCRIB) Northern Area Committee (NAC) will be playing host to Linkage Assurance top management led by its Managing Director/CEO Mr. Daniel Braie in a meeting slated for Thursday in Kano.

Linkage Assurance will use the opportunity to explain some of its top-flight products that have made marks in the underwriting market to the Northern brokers, and how they could use the company’s multi-channel platforms to increase distribution.

Mr. Daniel Braie said ‘Insurance Brokers are our key partners in this business and that is why we have continued to work closely with them for the benefit of our customers across the country.

Linkage Assurance Plc, it would be recalled has held similar partnership meetings with the NCRIB Lagos Area Committee, NCRIB Abuja Area Committee as well as NCRIB Port-Harcourt Area Committee, and it plans to take this across the six geopolitical zones of the country.

By Elvis Eromosele

Numbers tell a story. If you can connect one story with another, you can make plausible inferences. Two reports released last week showed the power of these connections.

The Nigerian Bureau of Statistics showed that the unemployment rate for the fourth quarter of 2020 hit 33.3 per cent. This is an increase from the 27.1 per cent recorded in Q2, of the same year.

The Nigerian Protein Deficiency Report 2020 released in the same week indicated that cost and household income levels remain the major deterrents to adequate protein intake in Nigeria. According to the report, 45 per cent of Nigerians do not consume protein daily.

Can you see the connection?

The unveiling of The Nigerian Protein Deficiency Report 2020 was the highlight of the Protein Challenge Webinar Series 8. Protein Challenge is the tag of The Nigeria Protein Awareness Campaign, a protein pull media campaign supported by the United States Soybean Export Council (USSEC) and other partners to create awareness about the prevalence, status and impact of protein deficiency in Nigeria.

The report was presented by Mr. Obaro Agalabri, Service Line Lead (West Africa) IPSOS Channel Performance. IPSOS is a leading market research company that carries out in-depth analyses of various issues, such as health statistics, population demographics, and other related fields. Others on the panel included Dr. Beatrice Oganah Ikujenyo (PhD), Chief Lecturer, Department of Home Economics, Adeniran Ogunsanya College of Education, Oto-Ijanikin, and Prof Adetunji Lawrence Kehinde, Provost, College of Agriculture, Osun State University, Osun State, Nigeria.

The session was moderated by Dr. Adepeju Adeniran, Co-founder and National Chair of the Nigerian Chapter of Women in Global Health, a multi-national movement of women in health care devoted to global health improvement.

Here are my Top 10 Takeaways from the seminal session:

• The NBS has stated that less than half of the country’s work force is unemployed. This rate of unemployment is alarming with wide-ranging far-reaching effects. It means a reduction in the purchasing power of households leading to lower general food purchases. Yet, the lower socio-economic classes believe they eat sufficient protein. Information!
• A rise in unemployment results in low income, which causes poor diet. Nigeria has a gap in its protein consumption. The cost of protein in Nigeria is high and this restricts the consumption level (of protein). Cost and household income level are the main hindrances to adequate intake of protein in Nigeria. Income Gap!
• The poverty level in Nigeria is contributing largely to the protein deficiency problem. The majority of Nigerians use more than 68 per cent of their income in purchasing protein foods. This is, for many Nigerians, a heavy burden; one that many would seek to avoid. So, naturally, protein intake declines to unacceptable levels. Poverty!
• Protein deficiency in pregnant women could affect their unborn children. Pregnant women should ensure that they eat a balanced diet at all times. Nigeria has the second-highest burden of stunted children in the world. Growth and nutritional value are the main concepts associated with proteins and soybeans. Children and women should be prioritised in protein consumption in households. Prioritize Children in Protein Consumption!
• Poor knowledge of food and protein leads to nutrient deficiency, poor diet and protein deficiency. We consume foods but we do not know the nutritional content of the food that we eat. To effectively tackle protein deficiency, we must eat right. Knowledge!
• National orientation agency should promote protein awareness to the general public. The majority of these organisations also carry out CSR in sensitizing the public on eating a balanced diet. Word of mouth is currently the major source of awareness on protein food sources. Create Awareness!

• The margin of people that are unemployed in Nigeria is on the rise. Agriculture can provide solutions here. It creates employment, empowers people and produces protein-rich food. Agriculture contributes to the nutrition status of any economy. The potential of the agricultural sector to alleviate protein deficiency is very high. Encourage Agriculture!
• Food consumption patterns in Nigeria lean too much towards carbohydrates. Every day more and more people turn to rice, fufu, bread, pasta, yams and noodles. Protein-rich foods like soybeans, beans, legumes need to be consumed more. The most commonly consumed soybeans derivates are Soy Milk, Soy Powder, Soy Oil and Fried Soybeans. The use of a healthy food plate is important in meal planning. Explore Protein Power!
• Though there have been some public-private sector interventions on soybeans, there is a need for more collective and collaborative efforts to drive more awareness. If affordability is a major limitation to the daily consumption of protein-rich meals, then soybeans should be a staple in households across Nigeria. Soybeans are a protein-rich food source. It needs to be consumed more across the country. Soypower!
• It is advisable to consume protein from natural sources rather than take protein pills for our protein intake. The medical background of the patient is very important. Proper dieting is essential for the patient. Medicine is the last resort after the diet fails. Eat Well. Get Protein!

Funfact: Beans are the most consumed protein food by 81 per cent of Nigerians. 

Elvis Eromosele, a Corporate Communication professional and public affairs analyst lives in Lagos.

Cecilia Osipitan

Managing Director/CEO

Great Nigeria Insurance Plc

To position it for better performance and for the attainment of world-class status in all areas of its operation, the management of Great Nigeria Insurance Plc recently reiterated its commitment to exceptional service delivery to ensure that the organisation achieves its goal of attaining the top five position in the insurance industry.

While addressing the media at the Head Office of the organisation in Lagos, Cecilia O. Osipitan (Mrs.), the Managing Director/CEO of the foremost underwriting firm explained that the “organisation shall remain committed to its vision, mission and shared values, it will also come up with innovative ideas on how to move GNI Plc forward while also ensuring the implementation of all measures and strategies to engender the achievement of the company’s various goals and strategies” Osipitan posited.

Osipitan further commented that the company will pay particular attention to Excellent Service delivery and adoption of global best practices by the organisation in all areas of its operation.

In her words: “We are out to reshape the industry, we are also aware that we cannot attain the top five position in the industry if our service delivery is questionable, we will at the same time strive to imbibe global best practice in all facets of our operation to ensure we remain front-liners in the industry.”

According to her, the company has put in place modalities that will ensure effective co-ordination of the organisation’s re-positioning and re-structuring strategies as well as the formulation of strategies to deepen direct market penetration while also monitoring the production and collection performance for the company and provision of advisory support when needed in correcting shortfalls.

Also, the regular review of the company’s internal processes and procedures will be done for continued performance improvement.

Osipitan asserts that the company has clearly set out to chart a professional course in the practice of insurance business in Nigeria and that Great Nigeria Insurance Plc will not leave any stone unturned in the quest of attaining the status of a world-class insurance company.

In her words, “We are poised to meet up with our obligations as and when due. “We will continually strive not to disappoint our teeming customers and uphold the confidence of our stakeholders”, she concluded.

Great Nigeria Insurance Plc is fast emerging a giant in the Nigerian insurance industry with an extensive network of branches spread across the country. The company has over the years demonstrated commitment to improving on its existing infrastructure in order to attract and retain the best hands in the industry.

With an avowed commitment to Best Practice, Professionalism and Excellent Service Delivery, Great Nigeria Insurance Plc aims at becoming one of the top five players in the Insurance sector in the very near future.