• Tuesday, July 16, 2024
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STACO Insurance pays out N1.48bn on claims


Committed to keeping its own side of the contract, underwriting firm, STACO Insurance plc in the 2013 financial year paid out claims amounting to N1.48 billion to its customers that suffered different degrees of losses during the period.

Claims payment, the company noted, constitutes a major part of its policy trust, which ensures that its customers are happy at all times and enjoy their relationship with the company.
Detailed analysis of the claims shows that the payments have emerged from risks absorption in fire and engineering business, motor business, general accident, marine, bond, oil and gas, as well as aviation, among others.

Sakiru Oyefeso, managing director, STACO Insurance plc, says the company will continue to give claims payment a priority because that is the best way to market the company, saying “we have put in place measures that ensure prompt settlement of claims and our customers are very happy about it that.”

On the company’s marketing strategy, Oyefeso notes that it’s by enhanced product offerings, excellent operations, relationship marketing and exceptional service delivery to customers.
“We ensure adequate risk management practice; the risk management philosophy enables our underwriters to operate on risk-based analysis to determine the intended consequence in our operations,” he says.

According to him, the company enjoys strong relationship with the brokers, as “we consistently strengthened our relationship with our brokers as a vehicle for increased market share. In the same vein, our focus has not shifted from public sectors at all levels of government, specially targeting the Ministries, Departments and Agencies (MDAs).”
He says that marketing strategies have been deployed to meet the dynamic peculiarities of the insurance sector, as activities are directed at productivity and operating efficiency as well as capturing full synergies for the benefit of all stakeholders.

“We shall continue to pursue new markets and segment for better penetration and improvement in revenue generation, and therefore assure you that we are positioned to achieve growth in profitable market share, even in this very challenging business environment.”

On service delivery, he says STACO is poised to deliver value to clients and this is aided by investment in information and communication technology and the exposure of its staff to quality customer service training.

“We shall not relent in our efforts in delivering quality service first time, every time. Management has further taken steps to deploy various e-payment platforms to enable clients pay easily and avoid the rigors associated with premium payment.

“Our internal process has further guaranteed reduction in overhead, streamlining of operations and creation of synergies.”
Going forward, in spite of the unfavourable business environment and economic upheavals, we are confident that STACO Insurance has a bright, robust and prosperous future with incredible opportunities to grow and build long term values for all stakeholders and remain on top of the competition.

“We have put appropriate strategies in place to strengthen our activities in micro insurance and the retail end of insurance marketing, Oyefeso states.