Universal Insurance Unveils Business Growth Strategy For 2022
One of the oldest insurance underwriters in Nigeria, Universal Insurance PLC, has unveiled its key business growth strategy for this year.
Speaking today at the April edition of the Nigerian Council of Registered Insurance Brokers’ (NCRIB) Evening which the Company sponsored, the Managing Director/ Chief Executive Officer, Benedict Ujoatuonu said the key driver of their business growth strategy for 2022 is market expansion.
In pursuit of their growth strategy, he said the company is planning to open more branch offices in the country.
According to him, “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.
Ujoatuonu told the Brokers that apart from the company’s core conventional Insurance business, their retail operations have been fully developed and is anchored completely on technology.
He said their effort in deepening the company’s retail business segment led to the development of new products.
“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, “ he said.
He informed the Brokers that following the approval to transact Micro-Insurance, many more new products that will address the Insurance needs of the public will be unveiled shortly.
On recapitalization, Ujoatuonu said the Company is finalizing arrangements with major shareholders to meet the N10 billion new capital through rights issue, adding “This exercise we believe will be concluded shortly.
While reiterating the company’s commitment to prompt payment of genuine claims, the MD/CEO said “Claims payment is 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.”
He said Universal Insurance is 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,” he added.
He solicited Brokers continued support to the company even as the company was endorsed as Brokers friendly insurance company by the teeming Brokers who attended the event.
