• Saturday, July 13, 2024
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Market confidence rises for Staco Insurance as new management courts brokers, others

Insurance as tool for financial planning

Insurance Brokers have joined several other strategic stakeholders and clients to give their renewed confidence to the capability of the newly revived Staco Insurance Plc to give excellent insurance services in the country.

Rotimi Edu, president of the Nigerian Council of Registered Insurance Brokers(NCRIB) said the noticeable turnaround in the company under the new management led by Wale Banmore was enough credibility to attract Brokers again to the company.

According to Edu, it is characteristic of organizations to have crisis, but what matters was the resolve to put in place strategies for quick and strong recovery, noting that Staco was a solid underwriting firm which had human capital, rather than technical issues, and that with the new leadership the confidence level of clients is moving northwards for the company again.

He stated that the volume of businesses being underwritten by the company in the little space of time of the revalidation of its operational license speaks volume of the goodwill and confidence in the new Board and Management.

Read also: Court clears former Staco Insurance MD Oyefeso of bankruptcy

Speaking in a similar vein, Bimbo Onakomaiya, another foremost insurance broker extolled the virtues of the managing director, Banmore whom he described as a humble, diligent and astute underwriter, whose track records of customer sensitivity in his previous positions in the industry trail him everywhere and would stand him in good stead on his now assignments.

Banmore who led the Management of Staco Insurance Plc to October Edition of the NCRIB Lagos Area Committee said the forum had earlier canvassed the support of Brokers, noting that great attention had been paid to settlement of all outstanding claims by the company, a situation he said had started to turn around the fortune of the company positively and rapidly too.

He said since Insurance Brokers constitute a critical chunk of the customer base of all underwriting companies in Nigeria, no underwriter could excel without their support and opined that Staco was on the right path to its underwriting excellence.