Sovereign Trust  pays N386m claims in Q1 2016

Sovereign Trust Insurance plc has continued to demonstrate avowed commitment towards prompt claims settlement as the underwriting firm paid out a total sum of N386.93 million as claims in the first quarter of this year.

A breakdown of the claims composition paid revealed that Motor Insurance claim recorded the highest figure ofN151.41 million followed by General Accident accounting for N140.80 million whileN78.83 million was paid as claim under Fire Insurance. Other figures according to the Company are N9.9 million for Marine & Aviation Insurance while N6,000,403.46 was paid as claim under Engineering class of insurance.

While commenting on the claims payment, the Divisional Head, Technical, Rufai Tajudeen reiterated the fact that the company is totally committed to settling all genuine claims within agreeable periods. In his words, “there is no compromise to claims settlement in Sovereign Trust Insurance and that will always remain so to keep our customers always coming back. Prompt claims settlement no doubt will remain the enduring yardstick for our customers in determining whether we are delivering on our promise or not. We do not intend to fall short of this obligation and we will continually strive to make good our promise at every point in time”.

He further stated that the company has put in place a friendly claim process which ensures that customers do not go through undue bureaucratic process in getting their claims settled in good time.

In the same vein, Olaotan Soyinka, managing director/CEO of the organization, stated that over the years, the company’s prompt claims settlement has helped to strengthen the relationship between them and their various customers across the country.“In his words, we do not allow our customers to go through distasteful experience in the process of getting their claims settled. Our processes are hinged on professionalism, speed, ethics and promptness”.

Sovereign Trust Insurance Plc is fast emerging as a reckoning force in the Nigerian Insurance Industry with its extensive branch network spread across the geographic regions of the country.