By Alex C
Underwriting firm, Guinea Insurance (GI) plc, has reiterated the company’s total commitment to consolidate and strategically grow its market share through decisive long-term investment and customer engagement initiatives.
Boasting of the support of its people factor, the company stated it made of skilled professionals in the business of underwriting, an edge it believe places it in strong position for market competitiveness.
Polycarp Didam, managing director of Guinea Insurance, said ‘’the company’s strength lies in her passion for high standards and determination to become a world-class enterprise, one with the scope and economies of scale necessary to serve the financial and risk management of her customers, many of whom trade not just in domestic markets, but regionally and throughout Sub-Saharan Africa.
“Part of our repositioning strategy is to constantly improve on customer service, claims experience and ultimately stand out the Guinea Insurance brand amongst its peers.”
Wole Fayemi, group lead, Technical, further emphasised the company’s commitment to continually optimise its business processes with the aim of meeting the dynamic needs of its numerous customers.
Customer satisfaction is the pivot of the Company’s achievements and this, inevitably builds brand loyalty, he said, saying “Our company’s capacity to settle genuine claims to the insuring public is underscored by its increasing premium yielding policies and capital generating ventures.
“We have therefore adopted a Rapid Claims Payment System (RCPS) to ensure that our response time for claims settlement is within 72 hours upon receipt of a duly executed discharge voucher (EDV) from the insured.’’
The Company as at the end of second quarter made a total claims payment of N138 million on various classes of insurance, with N44,501,734.42 going to general accident policies representing 32.2 percent of total claims paid, while N41,532,642.89 on marine insurance policies represents 30.1 percent.
Motor insurance policies accounted for 13.5 percent amounting to N18,667,042.57 while Oil & Energy insurance policies accounted for 15 percent amounting to N20,781,151.52; Engineering and Fire insurance policies 9.12 percent amounting to N12,607,860.41 and the sum of N135,715.91 was paid on Aviation insurance policies for the period.
He also added “we are bent upon becoming one of the top five insurance companies in the country by the year 2018, hence, we have carefully crafted a 5-year strategic business plan, and our objective is to build capacity, consolidate and reposition the Guinea brand and ultimately build loyal and dedicated customers who would remain the brand ambassadors of the company.