Allianz Nigeria Insurance Plc launched into the Nigerian insurance market over the weekend with a firm promise to redefine the business of risk underwriting in the country. Specifically, the company is projecting the top three spot in the industry few years from now.

Mr. Sunkanmi Adekeye, Managing Director of Allianz Nigeria Insurance Plc said the company is primed to offer the best products and services to Nigerian customers in both personal and commercial lines and highly optimistic about its growth potential in the industry.

On why Allianz invested in Nigeria, Adekeye said: “In nearly two decades of this century, Nigeria has witnessed significant population growth and rapid transformation in the areas of financial services provision, digital disruption, telecommunication and accessibility to the Internet. As Africa’s most populous nation, Nigeria represents the powerhouse of human capital on the continent and is one of the most dynamic economies in Africa. By launching in Nigeria, Allianz gains full access to this key market in Africa and this marks a major milestone for Allianz’s long-term growth strategy on the continent.”

He added that the company will explore opportunities in micro-insurance, retail, bancassurance and cyber security for businesses in terms of Cyber Liability Insurance Cover (CLIC) considering that Nigeria is a fast growing market.

“For the past 20 years, Allianz in Africa has steadily grown at an annual average of 10 per cent. Allianz aims to expand in major African insurance markets where we have no presence through M&A when conditions are met. Recent examples include Nigeria and Morocco, as well as following an organic growth strategy in those 17 markets where we are already present.”

The Allianz Nigeria Insurance MD sees claims automation as the biggest opportunity for innovation in the insurance market going forward.

Goldlink Insurance Plc has announced a recent change in its Board and Management as a result of the restructuring of the Interim Management Board of the company by the National Insurance Commission.

According to the report released by the Corporate Communications Unit of the underwriting firm, the Management headed by the Acting Managing Director, Mrs. Funke Moore has successfully completed its mission of repositioning the company for capital raise; hence the restructuring and has ceased to be at the helm of affairs.

This necessitated the appointment of Mr. Edore Kenneth Egbaranas as the new Managing Director/Chief Executive Officer, Mr. Nahim Abe Ibraheem as the Chairman of the Board with Messrs. Olanrewaju Sulaimon, Adeyinka Olutungase, Farouk Lawal Yola and Mrs.Tonbofa Ashimi as members of the Board.

The National Pension Commission (PenCom) is set to launch the Micro Pension Scheme this month with a target of N3trillion into the pension assets from over 20 million workers across the country. The initiative is expected to dramatically increase the level of total pension assets in the country from N8.45 trillion as at October 2018 to a higher figure.

To ensure seamless operations after launch, PenCom and pension operators have developed a robust Information Technology (IT) infrastructure that will support the Plan.

The commission has also had engagements with informal sector groups, such as, the Nigerian Union of Textile, Garment and Tailoring Workers of Nigerian (NUTGTWN), a body consisting Self Employed Tailors and Garment Workers; partner trade associations, Non Governmental Organisation (NGOs) and religious bodies in a bid to persuade them to subscribe to the micro pension plan.

The Acting Director-General of PenCom, Mrs. Aisha Dahir-Umar said the implementation of the Micro Pension Plan will improve the standard of living of the informal sector participants at retirement and reduce dependence on extended family for support at retirement.

She added that it would give self-employed people in the country the opportunity to participate in the pension scheme, especially those with irregular income, usually in the informal sector and are largely financially uninformed with limited or no access to financial services, especially, pension plan.

Indeed, Section 2(3) of the Pension Reform Act, 2014 legal framework extends the coverage of the Contributory Pension Scheme (CPS) to self-employed persons through micro pension scheme.

Dr. Farouk Aminu, the Head, Research & Corporate Strategy at PenCom said at a recent forum in Lagos that the commission is working on ensuring that the plan commenced as planned, noting that, this is a development that could enhance the growth of pension assets in the country.

In addition, Mr. Peter Aghahowa, Head, Corporate Communications at PenCom said the micro pension initiative is made flexible for people to easily join, while the method of contribution is decided by the contributors, who are to choose whether to contribute daily, weekly, monthly and quarterly.

Linkage Assurance Plc has strengthened its top management following the confirmation of Mr. Daniel Braie as substantive Managing Director/CEO of the company by the National Insurance Commission (NAICOM). The confirmation came via a letter dated December 28, 2018 to the Chairman, Board of Directors of Linkage Assurance Plc.

Mr. Braie was the Executive Director, Technical of the Company before he was elevated to the position of the Acting Managing Director earlier in 2018.

A seasoned insurance professional, he has to his credit over 35years work experience including at senior management levels across different companies in the industry.

He is expected to bring to bear his wealth of knowledge and experience to transform the operations of the company for greater growth.

Meanwhile, the company in line with its vision to enhance quality of operations has also announced the appointment of Mr. Okanlawon Adelagun as Executive Director, Technical.

Adelagun whose appointment became effective 7^th January, 2019 is subject to the approval of NAICOM.

He is expected to bring his wealth of experience to rejuvenate the technical operations of the company for efficiency and productivity.

Mr. Daniel Braie, the Managing Director/CEO has four decades of professional experience in the insurance industry garnered from UNIC Insurance Plc, Trust & Guarantee Insurance Company Limited, Crusader Nigeria Plc and Topflight Insurance Brokers Limited, where he held various managerial positions including: Deputy General Manager, General Manager, Company Secretary, Group Head and Chief Executive Officer.

Braie is an alumnus of Enugu State University of Science and Technology (ESUT) and the West African Insurance Institute (WAII).  He is also an Associate of both the Chartered Insurance Institute of London (CII) and the Chartered Insurance Institute of Nigeria (CIIN).

Wapic Insurance Plc has unveiled an Ombudsman Desk to ensure better customer experience in line with its transformational leadership objectives in the insurance sector.

Mrs. Yinka Adekoya, Managing Director/CEO of Wapic Insurance Plc said at the launch of the initiative that the Ombudsman Desk is to ensure seamless and smooth service for customers of the company as well as to improve their experience by remaining a top service provider in the industry. This implies having enjoyable experience with the company from the point of purchasing an insurance product to the point where the risk crystalises.

Reflecting on the development, Adekoya said: “We at Wapic Insurance Plc are very excited to be launching this initiative. Whilst the notion of having an Ombudsman Desk is not new in the western-developed society and some parts of Africa, including Nigeria, this is the time an insurance company will launch its own Ombudsman Desk. It is a feat for us as an organisation and this also buttresses our vision which is to transform and illuminate the insurance industry for the benefit of our customers and stakeholders as well as our mission which is leading in all that is worthy.”

The Wapic Insurance CEO added that the initiative is the best medium for customers of the company to channel their disputes and also build confidence in both current and prospective customers on the unique services of the company and its ability to handle their expectations.

“Our customers should know that we are continously transparent in our business operations while our corporate goal is to continue to strengthen business relationships. Wapic Insurance Plc is happy to launch its Ombudsman Desk as we strive towards a future of mutual success.”

She was upbeat that the measure will empower the company to enjoy sustainable trust from the insuring public in terms of claims settlement and lead to retention and satisfaction of the needs of customers.

The company has already resolved 57 disputes amicably through the Ombudsman initiative in the past year.

In the insurance sector, the Ombudsman would be responsible for settling disputes that arise between the company and its customers in terms of claims settlement. When issues arise in the process of claims settlement, the Ombudsman will step in to investigate the concern(s) of the customer and mediate fair settlement to ensure both parties (underwriter and the customer) are satisfied with the outcome.

Wapic Insurance Plc achieved total income of N14 billion in the 2018 business year while total assets stood at N28 billion in the same period.

L-R: Mr. Humphrey Ozegbe, Head, Human Resources; Mr. Tony Saiki, Head, Oil and Gas; Mr. Daniel Braie, Managing Director/CEO; Mrs. Joyce Ojemudia, General Manager, Marketing; and Mr. Moses Omoregbe, Company Secretary, all of  Linkage Assurance Plc at the Company’s 2018 End of the Year Dinner and Awards Ceremony held in Lagos.

Linkage Assurance Plc is positive that its business in the New Year 2019 will witness efficiency in operation, quality service delivery to customers and increased value for its shareholders.

The underwriter believes that with increased investment in technological infrastructure and as well as quality manpower, which the company has attracted in the outgoing year the future is bright for the company.

Daniel Braie, Managing Director/CEO, Linkage Assurance Plc made the remark at the Company’s 2018 End of the Year Dinner and Awards held at Lekki Coliseum, Victoria Island, Lagos.

Braie who commended the staff for their contributions in 2018, said the Company was able to overcome the challenges in the business environment because of the commitment of the staff.

“The business environment was very challenging in 2018 to the extent that companies were having difficulties but with God on our side we did not perform badly”.

“We have been able to attract quality staff, better infrastructure to enable us deliver quality service in the coming year and I am hopeful that we will do better in 2019, he said.

Braie however charged the staff to redouble their efforts to sustain the growth achieved so far and the targets it has set for itself as a company.

The event was an opportunity for the company to reward its staff who showed outstanding performance in their different departments during the out-going year.