Mutual Benefits Pays N3.3bn Claims, Grows Underwritten Income to N11bn

Mutual Benefits Assurance Plc paid a total of N3.3billion in 2016, up 43 per cent from N2.3 billion paid in 2015. The company explained at the weekend that the claims payment was in line with its “firm commitment to honouring its obligations and delighting our customers, while improving customer service excellence.”

Mutual Benefits Assurance grew its underwriting income by 27 per cent from N8.3 billion to N10.7 billion despite the challenging economy and consumer apathy towards insurance. This, according to the organisation, was achieved through its improved risk retention policy. Its underwriting profit (non-life and life) rose from N3.619 billion in 2015 to N4.1 billion in 2016.

A few months back the organisation in conjunction with KPMG embarked on a strategic roadmap for the next five years, aimed at repositioning the company for future opportunities and challenges.

Chairman of the company, Mr. Akin Ogunbiyi told shareholders that Mutual Benefits Assurance Plc was strategically focussing on developing innovative customer-centric products, increasing market share and concentration on core insurance business.

Ogunbiyi said that gradual divestment from non-core insurance businesses allowed the company to grow its businesses, manage profitability in a difficult business environment and advance key strategic initiatives.

“To re-position the Group for further opportunities and challenges, in Q2 of 2016 the board directed an analysis of the company’s strategy and structure, incorporating the best insight from within the group, KPMG consultants, as well as invaluable contribution from the board of directors. The result is a new strategic roadmap to be implemented from Q4 2016. The themes of strategic thrust are to deepen market penetration / customer acquisition; embed customer and service delivery excellence; transform people and culture; and drive operational effectiveness,” he said.

The chairman noted that the bedrock of this strategic direction was the leverage on disruptive technology – use of electronic decision tools across all businesses.

Also speaking at a forum to mark the 21st anniversary of the company, Ogunbiyi acknowledged that it is going to be tough no doubt but assured that with the trust in the knowledge, professionalism and dedication of its stakeholders and staff they will be able to realise their vision of taking the company to the top of the industry in a recessed economy.

“This year must witness a remarkable shift in the way we do things. Our words and actions must be influenced by our strategic aspirations. There must be transparency, open enhanced teamwork, trust, effective communication and dialogue, well intentioned and conscientious execution of roles and sharper clarity,” he said.