Polycarp Didam, Managing Director, Veritas Kapital Assurance Plc said the rebranding from Unity Kapital Assurance was to evolve a new direction that would enable the company take advantage of the significant opportunities that abound in the Nigerian insurance industry.
The rebranding is part of a five-year strategy with which authorities there hope to place the company among the top leading insurance brands in Nigeria.
Veritas Kapital Assurance Plc, formerly known as Unity Kapital, now has a capital base of over N10 billion, and according to Didam, the new capital is part of the gains of the ongoing total restructuring of the company which started in August last year. Recall that he unveiling was held recently in Abuja.
Didam said Veritas is poised to deliver dividends to its shareholders, provide excellent insurance services to its clients, and consolidate on past achievements inorder to usher in a new era of underwriting excellence as part of the company’s ongoing evolution.
Recall that Unity Kapital Assurance, now Vieritas was a product of a merger between Intercontinental Assurance Company Ltd, Global Commerce and General Assurance Company ltd, and Kapital Insurance Company Ltd during the industry wide consolidation exercise in 2007 mandated by the federal government.
The Managing Director said the rebranding of the Company almost eleven years after was to place the company in tune with globalisation, emerging technologies and platforms such as IoT, InsureTech, Cyber Risks, fast rising share economy, all which have critical roles in the Nigerian insurance market.
“Our change of name and logo is geared towards addressing key aspects especially reinvigorated service delivery and innovative approach to addressing the general insurance needs of the populace,” Didam told BusinessDay in an interview.
Acknowledging the huge challenges that the Nigerian Insurance sector faces, which are not just limited to low insurance penetration, lack of awareness and a general distrust of the sector among the insuring public, he said Veritas Assurance would provide risk management solutions as its principal focus.
“The current economic difficulties faced by the sector as well as the larger economy call for additional creative and aggressive sales methods and marketing ideas,” he further stressed.
He said Veritas Kapital Assurance is committed to being more accessible to both its customers and staff. He said they are honest about their beliefs, the purpose of insurance, and the security and functional benefit that they give to their customers and shareholders.
At the moment, the company’s services are restricted to non-life insurance services, including; ordinary general business, and the high-tech, special risks areas of oil and gas insurance, and various engineering covers.
“Veritas Kapital Assurance is about keeping our customers moving-whether in business or as individuals when it matters most…we are responsive, straightforward, proactive and we deliver on our promises.
“All these are aptly covered by the new colours that has been unveiled,” he told BusinessDay.
