Wapic Insurance applauds new industry claims policy

Management of Wapic Insurance plc has applauded the National Insurance Commissions (NAICOM’s) September 30th deadline given to insurance firms in Nigeria to clear all outstanding claims.
The company stated that it had since 2014 cleared all outstanding claims presented to it by clients as a first key step to becoming the reference point amongst Nigerian underwriters in Claims payment service delivery and turnaround time.

The company also noted it has reorganized the entirety of its claims process to ensure that it fulfills its contractual obligation to clients. It also has an internal ombudsman to monitor claims resolution and effectiveness in a bid to ensure an overall enjoyable customer experience with the company.
The Claims settlement process is handled by dedicated and highly experienced team of professionals. This team focuses on providing high quality service delivery through prompt claims settlement, a senior officer in the company said.
“In 2013, the Company paid claims in excess of N1.12 billion. This consisted largely of the legacy claims that have remained unpaid prior to 2013. In 2014, the total claims paid by the company was N822million while for the first half of the current year 2015, the company has so far paid N344.47 million in claims.”
A further analysis of the company’s claims shows that within the period under review the Company has settled claims of over N750million on Motor insurance, while for the first half of 2015, the company’s claims settlement on Motor Insurance amounts to N150million. On Fire Insurance, the Company has settled claims in excess of N100million, while on their General Accident businesses, the settled claims is valued at over N900million.
As at today, a total sum in excess of N1billion has been committed to the settlement of claims in the Oil and Gas, Aviation, Marine and Engineering businesses.
Wapic plc is driven by its core mission of transformational leadership and service promise in all its activities within the insurance industry. They ensure that in all dealings with their clients they are always “Risk Insured, Rest Assured, the officer disclosed.

Source: Businessday