Insurance coy pays N2.6bn claims in four years –Report

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KBL Insurance Limited said it paid N2.6bn claims to its customers between four and five years.

The underwriting company assured customers and the insuring public of its resolve to make prompt claims settlement a priority, to encourage Nigerians insure their valuables and deepen insurance culture in the country.

In a statement, the Executive Director, Business Development and Operations, Mr Charles Ajawihe, said this in Lagos, while responding to a media inquiry on what the Nigerian insurance sector planned to do differently in 2023, to encourage subscribers.

Ajawihe said, “KBL Insurance had paid N2.6bn in the last four to five 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 per cent across settlements.”

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 said it launched a new Enterprise Resource Planning software, called IES-Online application.

The statement said, “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 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.

The executive director added, “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.”

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