KBL Insurance Limited, has assured customers and the insuring public of its resolve to make prompt claims settlement a number one priority, with the view to encouraging Nigerians insure their valuables, and deepen insurance culture in the country.
Charles Ajawihe, executive director, Business Development and Operations, said this in Lagos, while responding to a media inquiry on what the Nigerian insurance sector plans to do differently in the year 2023, to encourage subscribers.
Ajawihe told the media that KBL Insurance has paid the sum of N2.6billion in the last 4 to 5 years as various settlements in claims, with the view to sustaining same speed in all the Company’s claims settlements as far as all necessary documents are promptly made available for proper verification. Claims from Motor Insurance alone contributed about 48.2 percent across settlements.
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As part of its strategy to contribute to the growth of the industry in Nigeria, make its services more accessible to the insuring public to bring services closer to its customers, KBL Insurance Limited launched a new Enterprise Resource Planning software, ERP, called IES-Online Application. IES Online is a digital application that comes with various modules structured to help transform manual operation and processes of various aspects of the entire insurance underwriting, claims settlement, delivery of certificates, discharge vouchers (DVs) and insurance policy documentation to customers with speed and in record time, as never been seen in the insurance business in Nigeria.
It is presumed that due to certain factors such as religion, culture and delays in claims settlement, Nigerians rarely consider the purchase of insurance covers to secure their valuables as a priority in their budgeting.
Zainab Ahmed, honourable Minister of Finance, Budget and Planning, had urged insurance operators to address the low contribution of the sector to the country’s Gross Domestic Product (GDP), put at 0.88 percent. However, the National Bureau of Statistics, NBS, indicated that the industry emerged from a sector GDP contraction of -4.58 per cent in the first quarter of 2021, Q1’21, while it grew by 15.68 per cent in Q2’21, as against a huge plunge of -29.53 per cent recorded in Q2’20, during COVID-19 lockdowns and other accompanying macro-economic headwinds.
The Executive Director said, “In our Industry today, a lot of things are changing, with technology playing a lot of critical roles. This is deliberate. The processes are now faster, less cumbersome and policies are written in simple language for every policy holder to read and be able to interpret. No Underwriter will deliberately hide any clause anywhere in the policy document with the intension to deny a genuine claimant from laying a claim or being reinstated, should anything happen as against the general skepticism among some members of the public in the past. When you buy insurance, you have purchased or paid for protection against unexpected financial losses. The insurance company pays you or someone you choose if something unexpected happens.
With branches all over Nigeria, KBL Insurance Limited, is registered by the National Insurance Commission (NAICOM), as one of the fully recapitalised general insurance companies to provide insurance cover on assets. A new generation insurance organisation with over 25 years’ experience, the firm’s specialty in corporate and retail insurance risks for Small and Medium Scale Enterprises (SMEs) in Motor, Computer All Risk, Fidelity Guarantee, Contractors All Risk, Marine Insurance, Fire and Special Perils, Group Personal Accident, Combined Fire & Burglary as well as Goods-in-Transit among others, has been acknowledged by a wild range of customers both in the private and public sectors.
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