Management of Union Assurance Company Limited (UACL), has said that it is eyeing the future with the objective of making the company one of the top five insurance firms in all performance indices.
To this end, the company is developing and implementing a Balanced Scorecard – an integrated strategic planning and performance management system that communicates with clarity its vision, mission and strategy to employees and other stakeholders.
Poised to deepen insurance penetration and awareness in the country, Union Assurance Company Limited, on Tuesday said it has earmarked on key strategic initiatives for 2014 to 2018.
Godwin Odah, the managing director/CEO at the Monthly Members’ Evening held at the Nigerian Council of Registered Insurance Brokers (NCRIB) in Lagos, said some of the key strategies include the unveiling of a micro-insurance model that will enable the company leverage affinity groups thereby achieving a lower acquisition cost for this important segment
According to him, it will participate in large transactions, particularly in the energy and power sectors, adding that the company will partner with the big lenders such as First Bank, Union Bank, Stanbic IBTC Bank, Standard Chartered Bank.
On growing its customer based, the Union Assurance boss said that they will improve brand visibility and awareness among the young upwardly mobile middle class, adding that service and product innovation will enable the company deliver (particularly with the emerging middle class) a competitive value proposition.
He said: “We shall also aim to develop bespoke products that meet our clients risk and business demands.”
Speaking further on business process he said that by the end of 2014 it hopes to increase its retail force from 1,400 to at least 2,000, adding that it will create an online store with an improved business process that will enable the company deliver its products seamlessly across multi channels Group and affinity line. He further said that this would “deepen our relationship with the top tier brokers, as it is expected that brokers, because of the complex nature of insurance will continue to play a major role in the industry particularly in the commercial segment of our business.”
On the organisation’s capacity, he said the firm will improve on its employee knowledge, skill and ability, adding that they will build capacity and technical competence in the big ticket businesses such as oil and gas, power and telecom.
On Union Bank’s divestment process he said the bank is in the final stage of complying with this CBN requirement by divesting its 93 percent shareholding in Union Assurance, adding that as soon as the formal regulatory approvals are secured, “we shall be glad to unveil the new owners of the company to our stakeholders including the broking community,” he affirmed.
Odah was optimistic that the years 2014 and 2015 promises to produce interesting and exciting performance for the company as it transit through these phases.