COVID 19: Veritas activates business continuity and disaster management protocol
As a preferred insurer with primary focus to support its customers through in difficult time, Veritas Kapital Assurance activated its business continuity and disaster management protocol that ensures continued seamless service to their customers.
This, the company said, is in response to the State and Federal Government’s declaration of various full and partial lockdown directives to curb the spread of the pandemic.
The company stated that despite the lockdown, they have maintained support to their teeming customers by providing them with business and communications flexibility during this difficult period, adding that recently they offered a discount on their motor insurance policies lasting through June 30th, 2020.
According to the company, “We are expanding our digital channels to ensure that we are able to continuously serve our customers in a contactless environment through the introduction of new products and sales channels to address various risk protection needs by our customers.
“We will also leverage our strength in Agriculture insurance to provide necessary protection to the Agriculture sector to reduce the risks inherent in the food production value chain and support the Federal Government’s interventions and increased investments in this critical sector of the economy during this challenging period.
“We continue to maintain a robust treaty arrangement through our risk transfer mechanism to protect our Company against excessive claims payout that may constitute a threat or disruption to our operations.”
The company stated that to ensure that they are able to meet their obligations to their stakeholders during this challenging period, they have amplified their focus on expense reductions to de-prioritise non-essential expenditures and investments, in addition to establishing increased controls on the disbursement of cash.
At the same time, the company stated, they are continuously assessing the adequacy of internal controls under the new working arrangements while intensifying security and safety awareness amongst their staff and customers in accordance with prescribed NCDC guidelines.
“In Q1 2020, and through the period of the lockdown, VKA recorded a higher volume of business compared to the same period last year.
“We currently do not foresee liquidity challenges for our Company and expect to be able to discharge our financial obligations to our customers and other stakeholders in a timely manner. We continue to explore investment opportunities to further diversify and balance our investment portfolio to guarantee a sustainable return on our investments in the face of a volatile economic landscape.
“VKA remains extremely focused on managing the risk our customers may encounter during the current uncertain economic environment. We are confident that we will respond quickly and effectively to adapt to changes in our operating environment. We would ensure that we continue to discharge our obligations effectively at all times and remain poised for medium and long-term growth as a company, “ the company promised.
