Brokers endorse business growth strategy of Universal Insurance for 2022

The fraternity of insurance brokers in Nigeria – The Nigerian Council of Registered Insurance Brokers (NCRIB), have endorsed the 2022 business growth strategy of Universal Insurance Plc targeted at market expansion and deepening penetration.

Speaking at the April edition of the brokers’ evening held in Lagos and sponsored by the company, insurance brokers who responded to the speech of the managing director/CEO of Universal Insurance Plc, Benedict Ujoatuonu, commended the company for the high standard of professionalism in the practice of insurance in the company particularly in prompt settlement of all genuine claims and churning out new products that meet the needs of the consumers.

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According to the brokers, the management over the past 60 years of existence has exhibited sound technical and managerial expertise in the practice of insurance business in the industry.

As a result, they advised insurance brokers to do more business with the company.

The CEO of the Company, Ujoatuonu, in his presentation said in pursuit of our growth strategy, the company is planning to open more branch offices in the country.

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, held yesterday in Lagos.

According to him, “Our key strategy is 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, our 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 by this exercise, we believe will be concluded shortly.

Besides, he reiterated the company’s commitment to prompt payment of genuine claims, adding that “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 brokers evening.

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