The entrance of foreign firm’s into the Nigerian insurance market and its attendant impacts have been described as game changer in the way insurance services are delivered. This will also requires that operators reenergise their systems and process to remain and deliver increased value to customers and stakeholders, Ephraim Faloughi, chairman, Sovereign Trust Insurance plc has said.
“The wave of entrance of international brands into the Nigerian insurance industry is going to be the game changer in the way we serve the market and administration of claims to customers”
Falougi who spoke at the 20th Annual General Meeting of Sovereign Trust Insurance said the Company recognise the rapid changing nature of customers expectation and are aware of the imperatives of embracing innovation and sound initiatives toward meeting their needs through bespoke services.
He stated that this is a precondition to attainment of our desired leadership of the insurance industry, assuring that the Company will continue to access its service platforms to ensure they conform to the best in terms of global standards and are flexible enough to lead positive changes in the market.
Faloughi assured told shareholders that the Company appreciate the fact that it is in a changing time so has subjected its multilevel strategies to constant and frequent reviews to ensure they are flexible enough to withstand the emerging competition in the industry.
“The project of building the Sovereign Trust of our dream with huge capabilities to create wealth for stakeholders and meet up with expectations of all stakeholders is ongoing and we are confident that this will become a reality in the shortest possible time, he said.
He noted that beyond the just concluded Rights Issue, the management would continuously assess several initiatives to competitively position the company in the industry capital-wise.
According to him, “We believe that the future of the company is really bright particularly with the implementation of our new business model and deployment of competitive strategies to control better market share and improve our profit level. We will not rest in our oars towards realisation of our industry leadership ambition while keeping the company very profitable.”
On performance of the company he said the firm recorded 16 per cent drop in the gross premium written for the year ended 31st December, 2014.
Gross premium for the year under review stood at N7.2 billion, a performance that represent 16 per cent decline over a sum of N8.6 billion recorded in the previous year.
Wale Onaolapo, managing director of the Company said the year’s returns were also affected by the No Premium No Cover policy, as previous businesses underwritten by the firm were left out as the premiums were not paid.
He said the challenge associated with the No Premium No Cover, has been surmounted in this year’s business, as the affected clients have renewed their policies while assuring for better years.