Underwriting firm, Mutual Benefits Assurance Plc and its subsidiary; Mutual Benefits Life Assurance Limited have demonstrated stability in the insurance sector with payment of N25.63 billion in claims in the first 9-months of 2024.
This is amidst a challenging economic landscape where businesses are grappling with numerous difficulties including inflation and currency fluctuations that threaten their competitiveness and survival.
By consistently fulfilling its claims obligations, Mutual Benefits has demonstrated resilience and commitment to its policyholders, setting itself apart as a trusted provider in a turbulent market.
The claims breakdown shows that Mutual Benefits Assurance Plc, the general business arm paid out in 9-months period N7.14 billion, whereas the life business arm paid out N18.49 billion, made up of N12.06 billion on deposit administration and N6.42 billion on insurance contracts.
A further breakdown of the general business claims shows that, the company paid out N1.77 billion on motor business, followed by N1.38 billion on fire. Others are general accident N1.33 billion; Marine N1.16 billion; Aviation N715.81 million; Engineering N706.75 million; and Oil and gas business N78.35 million, among others.
“This steadfast performance not only underscores our robust financial management capability, but also highlights our dedication to building customer trust and adapting to the dynamic needs of the Nigerian economy, Femi Asenuga, MD/CEO, Mutual Benefits Assurance Plc said.
He further said, “By consistently meeting our claims obligations, we have been able to build trust with policyholders, which has not only increased customer loyalty and retention but has also brought us new clients.
Read also: Mutual Benefits resilience strengthens position for growth in 2024
“What we have done is to ensure we provide excellent customer service through our processes. This has enhanced client satisfaction and foster long-term relationships that has remained critical for retention in tough economic situations like this”.
Commenting on the life business and what the company is doing, Biyi Ashiru-Mobolaji, MD/CEO, Mutual Benefits Life Assurance Limited said its major revenue sources are from group life insurance, with claims N5.21 billion, and individual life business, with claims amounting to N994.39 million in the 9-months period under review.
“When an insurance company pays claims promptly, it typically reflects positively on the company’s reputation and engenders customer loyalty. operational efficiency”
According to him, companies known for prompt claims processing can differentiate themselves in a crowded market, making them more appealing to potential customers with increased referrals.
“Efficient claims handling indicates a well-run organisation and that has been our focus and the reason we have continued to make investments in technology, staff training and processes, Ashiru-Mobolaji said.
Nigeria’s economy has been heavily dependent on oil exports, which accounts for a substantial portion of government’s revenue and foreign exchange earnings.
This reliance however continues to make the economy vulnerable to fluctuations in global oil prices, with domestic effects of high inflation, leading to increased costs of goods and services.
We understand the impact that these can have on our clients’ lives and businesses. Our ability to meet our claims obligations is a testament to our operational efficiency and the trust our clients place in us,” Ashiru-Mobolaji added.
As the year progresses, Mutual Benefits remains dedicated to safeguarding the interests of its policyholders and contributing to the growth and stability of the insurance industry in Nigeria.
The 29-year-old organization is a leading brand in the Nigerian insurance industry, renowned for its swift and reliable claims settlement.
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