Business Journal


NCRIB Endorses Universal Insurance for Brokers, as Firm Reaffirms Commitment to Prompt Claims Payment


From left: President of CIIN, Edwin Igbiti; Executive Secretary Nigerian Council of Registered Insurance Brokers(NCRIB), Mr. Tope Adaramola; Past President of NCRIB, Shola Tinubu; Deputy President of NCRIB, Mrs. Ekeoma Ezeibe; President of NCRIB, Mr Babatunde Oguntade presenting a gift plaque to the Managing Director/ CEO of Universal Insurance Plc, Benedict Ugochukwu Ujoatuonu; Vice President of NCRIB, Mrs. Funke Adenusi; Executive Director, North, Mr. Reginald Chikodili Anyanwu and Head, Marketing, James Olatunji Oyebayo, when Universal Insurance Plc hosted the April edition of Brokers’ Evening at Brokers House in Lagos.

The Nigerian Council of Registered Brokers (NCRIB), on Tuesday endorsed Universal Insurance Plc as the most broker-friendly insurance company in Nigeria.

The NCRIB President, Mr Babatunde Oguntade, gave this approval at the April edition of members’ evening of the Council, hosted by Universal Insurance Plc in Lagos.

While welcoming the host of the event, Managing Director/ CEO, Benedict Ugochukwu Ujoatuonu and members of his team as well as the over 300 insurance brokers present, Oguntade explained that the endorsement was as a result of the company’s unique way of responding to claims payment.

He said: “I make bold to say that Universal Insurance is a very strong company. They have never been found wanting in the industry. Universal have a unique way of responding to claims experience.”

In his address, the Managing Director/ CEO, Benedict Ugochukwu Ujoatuonu, while speaking on its relationship with brokers said: “Our journey with NCRIB and member broker companies is one of partnership. We are grateful for the partnership and sincerely believe in making the partnership stronger. You the brokers and our friends are the integral part of our success. Our success story cannot be complete without mentioning of your roles in our success journey. I stand here today to acquaint you with the happenings in Universal and to strengthen the relationship between us and all of you.”

On claims payment, he said, “claims payment still remains our focal point and priority. At Universal, we strive to meet our claims obligations as and when due. We have consistently delighted our customers with prompt settlement of claims. This to us is the major reason why we are in business. I assure you that we will continue to grow our tempo in claims settlement.”

On digitalization he said: “We are one of the very few digitally-compliant companies in the market. We have portals that are available to our customers and brokers to access our products, lodge claims all at the comfort of their homes or offices. We have applications that are very compliant and friendly, especially in compliance with latest web aggregators guidelines. This enables any digitally-compliant company to easily have a handshake with our software to either buy, sell Insurance or lodge claims. All our retail line products are sold and bought digitally. I encourage all brokers to take advantage of this.”

On market expansion strategy he said “our strategy to grow our business through expanding our market continues. We opened a total of six branches in less than two years, Yenagoa branch being the most recent one. More new branches will come up within this quarter. We are also enhancing our online platforms to ease our business operations.”

He assured them that Universal Insurance is stronger and better and has built capacity to handle all kinds of risks.

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