Universal Insurance Plc is considering a rights issue to enable it complete its recapitalisation plan that will put the firm’s share capital at N10 billion.
Ben Ujoatuonu, managing director/CEO Universal Insurance Plc made the disclosure the Nigerian Council of Registered Insurance Brokers Members Evening hosted by the underwriting firm in Lagos.
He said with the introduction of the new capital regime, the company need just a little margin to meet the required level of N10 billion.
According to him, the Universal Insurance is finalising arrangements with major shareholders to meet the new capital through rights issue, and the exercise is believed will be concluded shortly.
On claims payment, he said this a fundamental factor for the continued existence of any insurance company.
“This we take very seriously in Universal, ensuring we meet our claims obligations as and when due, and so we have consistently delighted our customers with prompt settlement of claims, he said.
“This to us, is the major reason why we are in business. I am quite sure that a lot of you here will attest to this.”
On digitalisation, we are one of the very few digitally Compliant Companies in the market. We have portals that are available to our customers and brokers to access our products, lodge claims all at the comfort of their home or office.”
He said the company has applications that are very compliant and friendly especially in compliance with latest Web Aggregators guideline.
This enables any digitally Compliant Company to easily have a handshake with our software to either buy, sell Insurance or lodge claims.
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All our retail line products are sold and bought digitally, he said.
On market expansion, Ujoatuonu said the Company’s key strategy is to grow its business this year through market expansion.
“In pursuit of this strategy, we are opening up more branches in Uyo, Apapa, and Kano. We have also expanded our marketing units within the Head office. Apart from the core conventional insurance business, our retail operations have been fully developed and is anchored completely on technology”.
On product development, he said its focus and deliberate effort in developing the retail business led to new products like Okada pass, shop insurer, drivers pass, Keke pass, parcel guard, Uni-group cover, Uni-personal cover, local travel Insurance, School fees protection plan, kiddies personal accident Insurance among others.
“Following the approval to transact Micro-Insurance, many more new products that will address the Insurance needs of the public will be unveiled shortly.”
Ujoatuone concluding said : “In these past years you have supported us by entrusting us with your risks. You are the reason why we are still here. Today I am confident to tell you that Universal is stronger and better and has built capacity to handle all your risks”.
