‘Govt should intensify efforts to boost nation’s insurance industry’
In the last one year, our focus has been on transformation. This has been all encompassing touching on all areas; People, Service Delivery, Product Enhancement, Information Technology, Customer Service etc. People: Scaled human capital capacity with recruitment of experienced personnel
Service Delivery: Streamlined internal processes for efficient serv- ice delivery. Turnaround time for core transactions has reduced and we continue to work on this to achieve efficiency above current industry levels Product Enhancement: We have continued to work on our current product bouquets to create unique value for our customers. E.g, Recent review of comprehensive motor policy where we included additional features as well as reward for customer loyalty.
Information Technology: We continue to develop capacities within our I.T portfolio, these include installation and configuration of I.T help desk, Redesign of e-business portal & ongoing implementation of core business software
Delivery Channel: Expansion of our service delivery channel through introduction of retails sales team focused on driving insurance penetra- tion for the everyday man Customer Interaction: As part of effort to get closer to our customer and better understand their needs, we have set up a fully functional customer service unit. Also, our customer interactive lines have been commissioned to ensure our customers are able to reach us.
Special Risk: We also set up our special risk team to allow them focus on needs of client operating within sectors of Oil & Gas, Aviation and Engineering.
Nigeria’s insurance industry is going through a transformation, with major players strategising to take prime positions for growth. Polycarp Didam, Managing Director/chief Executive Officer, Veritas Kapital Assurance Plc, in this interview with BANKOLE ORIMISAN, speaks on the economy, while unveiling plans of the company and what the year holds for its shareholders. Excerpt:
I am a firm believer that every challenge provides an opportunity, if one only has the strength of character to see it.
Our company welcomes the introduction of the NAICOM Tier Based Minimum Solvency Capital model as we see this as an opportunity to consolidate on past efforts while we lay the foundation for future footprint on the insurance sector. As reiterated during the just concluded AGM, we are well positioned to remain a key player underwriting risk in all sectors. Hence, we would operate in Tier 1 and we have communicated this to our regulators.