WAPIC tack­les in­sur­ance trust is­sues

Daily Trust - - MONDAYBUSINESS - From Sun­day Michael Ogwu, Lagos

In a bid to stem the tide of trust is­sues in the in­sur­ance in­dus­try, WAPIC has as­sured on re­vamp­ing re­la­tion­ship among cus­tomers and un­der­writ­ers in the in­sur­ance in­dus­try.

The ex­ec­u­tive di­rec­tor, WAPIC In­sur­ance Plc, Mr Bode Ojeniyi, who stated this while launch­ing the com­pany’s om­buds­man desk, stressed that one of the chal­lenges af­fect­ing the in­sur­ance in­dus­try was lack of trust.

He added that his com­pany was mak­ing all ef­fort to re­build con­fi­dence in the heart of cus­tomers, say­ing that over N2 bil­lion was paid to cus­tomers who were on the claim lists when the com­pany be­gan its op­er­a­tion afresh.

“The great­est is­sue with the in­sur­ance in­dus­try to­day is the is­sue of trust, cus­tomers don’t trust in­sur­ance com­pa­nies and one of the great­est chal­lenges that the in­dus­try needs to re­solve is the is­sue of trust.

“Let’s take a step to the WAPIC of to­day and the point at which the for­mer board dis­sected from the com­pany so a new com­pany emerged, one of the things we said to our­selves is to be­gin to re­build the trust of cus­tomers. And the first thing we did was to pay all out­stand­ing claims that we had on our books.

“And in that year alone, which was 2013 - 2014, we paid over N2 bil­lion in claims and the sec­ond year, we also fo­cused on that. Then, we were not fo­cused on whether we are record­ing profit or not, what we wanted then was to re­build trust in the new or­gan­i­sa­tion and that is what we are achiev­ing. And one of the pil­lars of the or­gan­i­sa­tion to­day is cus­tomer ex­pe­ri­ence,” he stated.

Ojeniyi re­vealed that be­fore the of­fi­cial launch of the om­buds­man desk, the com­pany had re­solved over 57 com­mer­cial dis­putes.

“The onus is on us as an or­gan­i­sa­tion to en­sure that we re­solve the is­sues and not es­ca­late them. It is seen as our fail­ure to be un­able to re­solve our is­sues, to clar­ify be­fore it even gets to the level of NAICOM,” he said.

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