L-R: Tope Adaramola, Executive Secretary, NCRIB; Ekeoma Ezeibe, Vice-President, NCRIB; Tunde Oguntade, Deputy President, NCRIB; Rotimi Edu, President, NCRIB; Benedict U. Ujoatuonu, Managing Director/CEO, Universal Insurance Plc and Michael Olawale-Cole, President, Lagos Chamber of Commerce and Industry during the NCRIB members’ evening sponsored by Universal Insurance Plc in Lagos.
Universal Insurance Plc is set to raise its operating capital to N10 billion via rights issue in the foreseeable future from the current level N3 billion to achieve sustainable growth in the Nigerian insurance market.
Dr. Ben Ujoatuonu, Managing Director/CEO of Universal Insurance Plc said at the Members’ Evening of The Nigerian Council of Registered Insurance Brokers (NCRIB) in Lagos that the underwriter needs just a little margin to meet the regulatory threshold of N10 billion given its capital level. He said Universal Insurance is already finalising arrangements with major shareholders to meet the new capital requirement just as he promised that the exercise would be concluded shortly.
Ujoatuonu told the brokers: “You the brokers/our partners are critical stakeholders in our relationship and therefore deserve first-hand information about our exploits and growth. Our Company having come this far as one of the oldest Insurance Companies in Nigeria has operated for over 61years following the support from you our partners despite harsh economic environment. I stand here today to acquaint you with the happenings in Universal and to strengthen the relationship between us and all of you.”
He said the company is also banking on digitalisation to drive its processes towards the corporate goal of becoming one the big guns in the industry.
“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 home or office. We have applications that are very compliant and friendly especially in compliance with latest Web Aggregators guideline. 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.”
The Universal Insurance CEO told the brokers that market expansion also features prominently in the future plans of the company.
“Our key strategy to grow our business for this year is to expand our market. In pursuit of this strategy, we are opening up more branches in Uyo, Apapa, and Kano. We have also expanded our marketing units within the Head Office. Apart from the core conventional Insurance business, our retail operations have been fully developed and is anchored completely on technology.”
He described claims payment as a fundamental factor for the continued existence of any insurance company.
“This we take very seriously in Universal, ensuring we 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 am quite sure that a lot of you here will attest to this.”
Going forward, Ujoatuonu promised that Universal Insurance will remain active on the fore-front of product development.
“Our focus and deliberate effort in developing the retail business led to new products like Okada pass, shop insurer, drivers pass, Keke pass, parcel guard, Uni-group cover, Uni-personal cover, local travel Insurance, School fees protection plan, kiddies personal accident Insurance among others. Following the approval to transact Micro-Insurance, many more new products that will address the insurance needs of the public will be unveiled shortly.”
And for the brokers, a final message:
“We are still standing today because of you. In these past years you have supported us by entrusting us with your risks. You are the reason why we are still here. Today I am confident to tell you that Universal is stronger and better and has built capacity to handle all your risks. I therefore ask you to continue to extend your businesses to us. For those who are yet to enjoy our services, I enjoin you to please extend your hands of fellowship to us, I assure you, you will never regret it.”
