Universal Insurance Increases Accessibility In New States

51,000 Residents To Benefit From Nasarawa Health Insurance Scheme

Universal Insurance Plc has increased its presence in new states in order to increase insurance availability in the country.

Dr. Ben Ujoatuonu, Managing Director and Chief Executive Officer of Universal Insurance Plc, stated this during the Nigerian Council of Registered Insurance Brokers’ members’ evening program in Lagos.

He said, “Our key strategy to grow our business for this year is to expand our market. 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.”

He stated that the firm was one of Nigeria’s oldest insurance firms, having been in operation for over 61 years.

In response to a question about recapitalization, he stated, “Universal Insurance Plc has been trading with capital in far excess of the current N3bn. With the introduction of the new capital regime, we need just a little margin to meet the required level of N10bn.

“The company is finalising arrangements with major shareholders to meet the new capital through rights issue. This exercise we believe will be concluded shortly.”

While acknowledging that claims payment is a critical component of any insurance company’s survival, he stated that the company handled its claims commitments in a timely manner.

This, he claims, is one of the main reasons it has remained in business.

He claimed that in terms of digital innovation, it had apps that were compliant and user-friendly, particularly in accordance with the current Web Aggregators’ guidelines.

Rotimi Edu, President of the NCRIB, guaranteed Universal Insurance of his support.

“The participation of Mr Arinze in our meeting is strategic, even though he may like to give us a taste of his acting prowess,” he added as he welcomed a notable Nollywood actor, Mr Segun Arinze, to the event.

“However, we are most pained whenever the news of the death of any actor or actress filters to the public, hence the rationale behind our desire to forge a collaboration with members of the movie industry, commencing with this engagement.”

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