Building Public Confidence: Insurers To Publish Lists Of Unclaimed Claims

L-R: Deputy Director, Corporate Communications and Market Development, National Insurance Commission (NAICOM), ‘Rasaaq, Salami; Managing Director/CEO Universal Insurance Plc, Ben Ujoatuonu and Deputy Director, Corporate Communications & Human Resources/Administration, Nigerian Insurers Association, Davis Iyasere at the Press Briefing today, April 6, 2023 in Lagos.

As a way of building public confidence and trust in Insurance industry, the Directors of various insurance companies have been urged to advertise outstanding claims in their books so that the policyholders who have any claim would be aware to go for it.

Addressing insurance journalists after the Insurers Committee meeting today in Lagos, a member of the Publicity and Communications Sub-Committee, Mr Ben Ujoatuonu, who is also the Managing Director/CEO, Universal Insurance PLC, gave highlights of the decisions taken at the meeting.

Speaking further on claims, he said it was agreed that efforts should be geared up to ensure harmonization of claims payment processes and make it very seamless and easy to understand.

On the Financial Reporting Standard 17 (FIRS 17), he said the National Insurance Commission (NAICOM) is assisting operators to ensure compliance, adding that the Commission has given operators the go ahead to submit 2022 financial report on FIRS 14.

Operators, according to him were also given up to June this year to submit their accounts on FIRS 17.

On the area of customer service and engagement, Mr Ujoatuonu said members were encouraged to try as much as possible to come up with initiative that will enhance customer-operators relationship, help to endear the operators to their customers as well as boost customer retention.

On publicity regarding the Third Party Motor Insurance, he said the market has been given the go ahead to publicize it not only publicizing the upward review of the premium payable but also the value and benefits the policyholders stand to gain.

He said the house will meet further in a smaller committee to finalize the arrangements, stating that the campaign might commence in the month of May.

On Risk Based Supervision, Ujoatuonu said the third batch of underwriters have received letter of visitation by NAICOM in the effort the Commission is making to cover the market and ensure compliance with risk based supervision model.

On the portal, it was stated that NAICOM has acknowledged that the portal is running and that the compliance level Is high but not without some challenges, adding that the. Commission is working assiduously to address those challenges.