LAW UNION UPGRADES TO A- CLAIMS PAYING ABILITY RATINGS WITH STABLE OUTLOOK
Global Credit Rating of South Africa has upgraded the Law Union and Rock Insurance Plc. rating to A- from BBB+ with a stable outlook. This implies that Law Union have high claims paying ability relative to other issuers or obligations in Nigeria.
This rating reflects Law Union strong risk adjusted capitalization, underpinned by a sizeable capital base catering for the quantum of insurance and market risk exposures. It means that the company’s Capitalization is likely to remain within a strong range over the rating horizon, supported by sound internal capital generation. GCR also confirm the company’s strong liquidity profile with adequate claims cash coverage underpinned by sound operating cash-flow generation. According to the rating Agency Law Union’s earnings capacity is expected to remain within a sound range. This upward rating grade of the company also confirms its sustainable underwriting profitability with strong level of liquidity and solvency margin.
The Managing Director of the Company, Mr. Jide Orimolade who was delighted with the new feat recorded by the company gave the credit resolute to the commitment of the staff to improved service delivery rendering to their esteemed customers. The Managing Director stated that in 2015, N1.64billion was paid on claims while over N1.2billion have been paid on various claims settlement as at third quarter of this year. Our unwavering commitment to customers’ course has contributed to the high customer retention so far. Mr. Orimolade reaffirms the company’s resolute commitment to meeting their obligations as they fall due.
According to Mr Orimolade, the upgrade movement rating of the company confirms our financial stability and claim paying ability on various risks we undertake. He also confirmed that the team work enjoyed among its staff contributed significantly to our improved service delivery which has engendered our esteemed numerous customers to keep faith with us. This upgraded rating would rather motivate us to keep doing more in serving our teaming customers without compromising our shareholders’ expectation said Mr Orimolade.
Law union and Rock has embarked on various strategic initiatives since the beginning of this year to reposition the company toward improved profitability, service delivery and customer satisfaction. These include opening of new branch at Victoria Island, restructuring of claim processing, development of tailored products, improved branch network efficiency and distribution of their retails products through digital/online media.
LUR Appoints New Board
Renowned technocrats and professionals have been appointed into the Board of Directors of Nigeria's first generation insurance company, Law Union & Rock (LUR)Insurance Plc. This is following the successful acquisition of 1.7 billion units of the company's shares initially owned by Skye Bank Plc, by the new investors. Alternative CapitalPartners (ACAP), one of Nigeria's leading fund managers, had recently led a consortium that included Swede ControlIntertek Limited to emerge the preferred bidder for Skye Bank Plc's equity in LUR.
A statement released by the Company after its Annual General Meeting held on Thursday, October 11, 2012 in Lagos, announced shareholders' approval of the new Board of Directors who have shown great commitment to unlock the value in the company and transform it to be among the top five insurance companies by 2015.
MEMBERS OF THE BOARD:
Princess Adenike Adeniran, Chairperson of the board is an accomplished Accountant with over 40 years professional experience. She qualified as an Accountant in December 1970 and is a fellow of the Institute of Chartered Accountant of Nigeria and President 1997/98. She is also a qualified professional Dealing Clerk and Stockbroker of the Nigerian Stock Exchange.
She started her accounting career as an Assistant Accountant with Her Majesty Customs and Excise, Accountant and Controller Division, London. Princess Adeniran later worked with Cooperative Bank where she rose to become the Chief Accountant. She served in various committees of State and Federal Governments of Nigeria spanning through Privatization and Commercialization of government parastatals and the National Economic Intelligence Committee.
She is the first female President, Association of Accountancy Bodies in West Africa and former President International Federation of Women Accountants - Africa Region. She served as a member of the Governing Council of ICAN and she also served as a member of the Council of the Chartered Institute of Stockbrokers of Nigeria for several years. She is the Chairman of Dominion Trust Limited and a former Director of Skye Bank PLC.
She is a graduate of Catford College of Commerce London, Staffordshire College of Commerce, Woodgreen Wednesbury near Birmingham and Sundridge Park Management Centre, Kent, England.
Mr. Remi Babalola, the Vice-Chairman, is a former Minister of State for Finance and a Fellow of the West African Insurance Institute. A consummate banker and insurance practitioner, Babalola was Minister of State for Finance from July 2007 to August 2010 and simultaneously held the position of Supervising Federal Capital Territory Minister between October and December 2008. Prior to his appointment as Minister of State for Finance, he had extensive experience in the private sector at top management level, most especially in banking, auditing, consulting and strategy. He has both brain-on and hands-on experience in value creation, organizational renewal and leadership effectiveness. Currently, he is Chairman/Chief Strategist of Alternative Capital Partners Limited, a Securities and Exchange Commission registered Advisory and Fund/Portfolio Management firm.
Also appointed into the Board of Law Union & Rock Ins. as an Independent Director is Mrs. Funmi Ekundayo while the Non-Executive Directors are: Mr. Victor Faleye, Managing Director and Chief Executive Officer of Swede Control Intertek Limited; Mr. Olaseni Kusamotu, Managing Director of Oceancell Nigeria Limited, a marine logistics company; Mr. Olaiya Isaac Ajana, Executive Director, Finance and Accounts, Swede Control Intertek; and Ms. Toyin Olusanya, External Director/Franchise Development Consultant at FDHL, a financial market and risk consulting firm.
The Company has also brought together,a rich and experienced management team with demonstrable track records led by the new Managing Director/Chief Executive Officer, Mrs. Oluwatoyin Eunice Ogunseye. A seasoned professional and former member of the executive management of Custodian & Allied Insurance Plc, Ogunseye has over 20years of core insurance experience and had worked for a decade with Femi Johnson & Co, a renowned insurance brokerage firm. She is a seasoned professional and passionate insurance practitioner.
Other strategists at the management level are: Mr. Ayotunde Fanibe, who serves as the Chief Marketing Officer; Mr. Olasupo Falana, Chief Technical Officer and Mr. Imo Okorie Imo, Head of Strategy & Planning. Other members of the executive management include: Stanley Chikwendu, Company Secretary & Head of Legal, Mr. Olayinka Ogundeji, Head Internal Audit and Mrs. Toyin Lolu-Ogunmade, Head Human Capital Management.
The new board and management of LUR have undergone the assessment of the insurance industry regulator, National Insurance Commission (NAICOM) and found to be fit and proper. Having met recently in Lagos, the board and management has mapped out strategies to strengthen the insurance company and make it a major player in the insurance sector and the economy. This will translate to value creation for its numerous policyholders and shareholders, while operating within the confines of the law entrenching high level good corporate governance.
Law Union & Rock Insurance commenced operations in 1951 as chief agency when Sir Mobolaji Bank Anthony held the power of Attorney for Royal International Insurance Holding, a UK leading insurance company. The company acquired branch status in 1957 and continued operations as a branch of Royal International Insurance
Holding, United Kingdom, transacting all major classes of insurance business until June 1969, when it became incorporated locally, in compliance with the Companies Act of 1968.
LUR CORE INVESTORS
Alternative Capital Partners is an independent alternative wealth management company with additional focus on private equity, financial & investment advisory, principal investments and sales & trading. The wealth management company had in 2011 acquired the Fund management role of Oceanic Vintage Fund from Oceanic Bank Plc and rebranded the fund to ACAP Canary Growth Fund with new investment strategy directed towards creating sustainable value for investors. Swede Control Intertek Limited is a wholly owned Nigerian company with a strong foreign technical partner in the United Kingdom - Intertek Group Plc. Swede Control Intertek Limited has complimented and worked closely with Intertek Group Plc, United Kingdom on the Government Services in which Swede carried out Pre-shipment Inspection Programme for the Federal Government of Nigeria between 1984 and 2006.
LUR Insurance Pays â‚¦1.64bn Claims in 2015
In a statement made available to newsmen, the Managing Director/CEO, Jide Orimolade, said the claims paid 2015 ranges from Fire, General Accident Motor, Marine & Aviation, Engineering, Bond and Oil & Energy. He also emphasized that Fire & Motor Insurance claims accounted for almost 73% of the overall claims paid during the year
He said that the statistics show that the amount of accidents that emanate as a result of Fire and Motor accidents in the country are on the increase and the company is determined to stand like a â€œrockâ€ behind their customers and also keep her promise to deliver on prompt claims payment to her clients. He said the astronomical rise by 38% in claims payment between 2014 and 2015 indicates the level of awareness and exposure of the customers.Download or view the rest of the story here.
LUR Adds Value to "Compac" Insurance
Law Union & Rock Insurance Plc has added more benefits to its COMPAC insurance policy to give more protection to buildings and occupants.
The Managing Director of the firm, Mrs Toyin Ogunseye said that the policy was designed to provide compensation for losses that house occupants may suffer.
"The COMPAC insurance policy provides compensation for losses that can occur to the buildings, occupants, and other house contents as a result of damage or theft," She said.
According to her, the policy covers buildings, household goods, furniture, fixtures and fittings, equipment, utensils, personal effects and properties as contained in the policy documents.
The managing director said it also covers damages to personally owned building as a result of fire, lightning, explosion and allied perils.
The COMPAC policy, she added, covers loss and damage to contents covered in the policy.
Other additional benefits in the policy, she noted include providing a Group Personal Accident cover for the nuclear family as well as insurance cover for personal liabilities of the policyholders to neighbours and domestic workers.
The managing director stressed the relevance of insurance to individuals and corporate bodies. According to her, the insurance institution was established to help other organisations remain in business through claims settlement when losses are incurred.
Ogunseye said that Law Union & Rockbeen undergoing restructuring and was being strategically repositioned to become a leading underwriter in the country.
She noted that the firm has remained innovative and developing policies to make insurance more attractive to the insuring public by meeting various needs.
Ogunseye said that the firm has continued to respond promptly to claims because that is its main purpose of being in business.
"Steps are being taken to optimally manage assets held, grow premium and reduce cost thus building financial power to cover clientsâ€™ risks and ensure financial security for all stakeholders," she stated.
LUR to Develop Microinsurance
Law Union and Rock Insurance Plc, has setup a Microinsurance unit to provide policies to meet the needs of different segments of the society.
The Managing Director of the firm, Mrs. Toyin Ogunseye said that this was part of efforts to support the Market Development and Restructuring Initiative of the National Insurance Commission to drive insurance to the grass roots.
"We have already started our Microinsurance unit with its product and channel development initiatives," she said.
The Law Union & Rock boss commended NAICOM's efforts at developing the sector through MDRI. According to her, the measures introduced by the commission - creating more awareness and increasing government support for the industry - was increasing the appreciation of insurance in the country.
Ogunseye pointed out that Microinsurance has the potential to significantly improve the lives of the world's poorest people and positively impact the development of the informal sector. She explained that it is one of the instruments that is been used to bring the poor into conventional financial systems and at the same time improve their wellbeing to give them a better standard of living.
The Managing Director further explained that Microinsurance can also be seen as an instrument to actualize the much needed financial inclusion of the population at the bottom of the pyramid. She said that this is because the conventional insurance does not by nature, cater for the poor or the low income earners in the society.
She said that the firm was interested in meeting the needs of the insuring public through the provision of innovative products which would be affordable to the retail market.
Ogunseye said that with Microinsurance, the policy holder would be encouraged to build a savings culture and create wealth for himself.
She also said that when the policy holder has insurance against an insured occurrence, he would not have to go through any hardship because his insurance company will pay him his claims when such need arises.
LUR Embarks On Digital Marketing Campaign
Law Union & Rock Insurance Plc has embarked on a Digital Marketing campaign in order to increase their customer base, promote reliability, efficiency and value. The main purpose is to increase awareness on the benefits of insurance and make its products more accessible to the insuring public.
The Managing Director of the firm, Mrs. Toyin Ogunseye stated that this part of the company's effort to serve its customers better.
â€œIn order to effectively reach out to potential clients and even existing ones we have embarked on digital marketing," she said.
Ogunseye said that the company has put in place a number of platforms for this purpose, adding that this became relevant because the whole world was going digital in the market place.
She disclosed that the company recently engaged the services of a digital marketing consultant that is working to ensure that the firm is accessible through the various digital social media market platforms. "Apart from this we also have other means of making payment easy for our clients like POS, mobile money, online payments," she added.
With these technologies put in place, she said that the insuring public could easily buy and pay for their products from any part of the country.
According to her, the company had continued to ensure that it met the expectations of its customers through the provision of insurance products that meet their needs and prompt claims settlement.
The Managing Director said that through competence, innovation and prudence, the firm will continue to satisfy its clients' needs at all times.
Law Union & Rock Insurance is a fully indigenous public quoted insurance company certified by the National Insurance Commission to operate as a general insurance business underwriter.
The company is one of the first generation insurance firms to open office in the country and it currently has over N7bn in total assets and shareholder' fund in excess of N4bn.
Interview With The MD Of LUR
Response to Punch Newspaper Questions
- What processes has Law Union & Rock put in place to make it easy for people to buy insurance?
LUR: We have put a number of processes in place like the introduction of various e-payment platforms. We have also gone digital in our marketing activities as you will agree with me, that the whole world is going digital now in the market place. This was done in order to effectively reach out to both our potential and existing clients and to make premium payment stress free for them. It will also enable LUR drive awareness and increase visibility. On the E-payment platform we have the POS, Pay Direct (in any bank branch), Quickteller (Interswitch) and Webpay.
- What are your expansion plans?
LUR: While we intend to expand our market to every corner of the Nigerian Market, it is not possible to be physically present in all the states. However, we try to have our foot prints in strategic locations that are viable for business. On the other hand, in terms of Product offerings, we have plans to foray into Life, Takaful, Microinsurance and Agricultural Insurance.
- How has change of ownership of the company impacted on its operation?
LUR: We have tremendously benefited from the wealth of knowledge of the new core investors in various ways too numerous to mention. They have brought in their business knowledge, experience and expertise from their various backgrounds and this is impacting positively on the organization.
- Does Law Union have plans to develop micro insurance?
LUR: Like I mentioned earlier, Law Union sure has plans to delve into Microinsurance. As a matter of fact we have already setup our Microinsurance unit with its product and channel development initiatives. Like microcredit, Microinsurance has the potential to significantly improve the lives of the worldâ€™s poorest people and positively impact the development of the informal sector. In fact, one of the instruments being used to bring the poor into conventional financial systems and at the same time improve their wellbeing is financial inclusion. Microinsurance can also be seen as an instrument to actualize the much needed financial inclusion of the population at the bottom of the pyramid. This is because the conventional insurance does not by nature cater for the poor or the low income earners in the society.
- What products do you have for low income earners?
LUR: The success of Microinsurance is predicated on several key characteristics the product type, scope, use and affordability. Microinsurance products must be demand driven and designed in a manner that responds directly to the needs and abilities of the low-income market segment. Although Microinsurance products differ from market to market, a â€˜good Microinsurance productâ€™ will generally have the S.U.A.V.E. attributes: Simple, Usable, Accessible, Valuable and Efficient in meeting the needs of the low income earner. Our Microinsurance products were designed with these attributes in mind.
- Do you have plans to introduce new products?
LUR: Yes we do as mentioned earlier. In fact we have several products in the pipeline which will be unfolded soon.
- How involved are you in corporate social responsibilities? OR How involved are you in contributing to the society especially the area where you are located?
LUR: At the beginning of each year, we make provision for a certain amount of contribution solely for the purpose of giving back to the society and it comes in various forms like sponsorships, donations etc.
- How active is Law Union in Oil & Gas insurance business?
LUR: As we speak, we are among the top 10 Oil & Gas underwriters in the market.
- How has the guideline on Oil & Gas business introduced by NAICOM impacted on energy business in the insurance sector?
LUR: It has not had any bad effect; all we need to do is comply with the regulators.
- What is the relevance of insurance to the society?
LUR: Apart from economic development, insurance is an instrument used effectively to cushion the impact of the risks we are exposed to every day. Even though we may have other survival strategies Insurance responds to the negative effects of insurable perils.
- How can insurance be used to finance long term investment in the country?
LUR: Well investment risks are not insured by insurance companies. However assets that are used to generate revenue or erected as investments especially real estate, machinery, even human capital can be insured. This is how insurance can be used to finance long term investments.
- In advanced countries, major roads have insurance. How can Nigerian roads be insured against damages?
LUR: The main problem is perception. If the willingness to pay for such insurance is there, it can be done. Therefore there would be a need to create more awareness as that is one of the surest ways of changing perception.
- What should a motorist know about motor insurance?
LUR: Motor insurance is purchased for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise therefrom. The specific terms of vehicle insurance vary with legal regulations in each region. To a lesser degree vehicle insurance may additionally offer financial protection against theft of the vehicle and possibly damage to the vehicle, sustained from things other than traffic collisions.
I think they already know. It is just interest.
- What should a person who insured his car do immediately an accident happens?
LUR: Call your insurer immediately to report the accident then take picture of the accident and forward to your insurer.
- How easy is it to process motor insurance claims?
LUR: It is all depends on the type and magnitude of the claim but the most important is the submission of proper and correct documentation on the part of the insured.
- What can be done to make compulsory insurance more effective?
LUR: Creating more awareness, prompt claims payment and efficient customer service.
- Government usually pays premium late on insurance. What advice do you have on how government can conveniently adjust to no premium no cover regime of NAICOM?
LUR: This can only be done effectively by the regulators.
- What is professional indemnity insurance?
LUR: Professional Indemnity Insurance protects you from claims if your client holds you responsible for errors, or the failure of your work to perform as promised in your contract.
Anyone who gives to another person advice and/or services of a skillful character according to an established discipline might be regarded as a 'Professional'. That means persons other than those in 'traditional' Professions, such as doctors and lawyers, are now considered to be Professionals i.e. Computer consultants, advertising agents, and fund managers.
- Why is it, that insurance firms are not selling this policy to the HMOs under NHIS?
LUR: The policy is being sold by insurance firms and is one of the insurance made compulsory by NAICOM under section 45 of NHIS Act 1999.
- What processes has Law Union & Rock put in place to make it easy for people to buy insurance?
LUR Insurance Pays ₦1.55bn Claims
Law Union Insurance Plc disclosed that the claims it paid to its policyholders rose by 22.8% from â‚¦1.27bn in 2011 to â‚¦1.558bn in 2012 financial period.
The Managing Director of the firm, Mrs. Toyin Ogunseye, said that the company was committed to claims payment because that is its purpose of being in business.
A breakdown of the claims paid revealed that Fire insurance was the highest with a figure of N581m, followed by motor insurance at â‚¦529.99m.
The firm paid â‚¦161m on claims that emanated from General Accident, â‚¦130.3m on Marine & Aviation insurance, and â‚¦101.14m on engineering policy while â‚¦77m was paid on Oil & Gas insurance policy. The firm also revealed that it paid â‚¦1.2m to claims which emanated from Bonds, the portfolio that recorded the least claims.
All claims paid were to Law Union & Rock Insurance's policyholders from different parts of the country. Ogunseye said that prompt claims settlement was paramount to Law Union & Rock Insurance as the firm always aims to restore its customers back to their original position by settling their claims on time, so that they do not go through any hardship.
According to her, the firm had put in place processes to make it easier for the insuring public to do insurance with ease.
"We have put a number of processes in place like the introduction of various e-payment platforms. We have also gone digital in our marketing activities," Ogunseye said.
The managing director said that this was done in order to effectively reach out to both its potential and existing clients and to make premium payment stress free for them.
â€œIt will also enable Law Union to drive awareness and increase visibility. On the E-payment platform we have the POS,Pay Direct (in any bank branch), Quickteller (Interswitch) and Webpay," she said.
LUR Partners With Yaba Local Government On Children Day
On May 27, 2011 Children's Day, Law Union & Rock Insurance Plc partnered with Yaba Local Council Development Area to make the day a memorable one for the children.
It was a day Law Union used to introduce her newest product to the targeted audience, the children. The product is designed for people between ages 4 and 25 to cater to medical expenses on accidents to a limit and even some benefits in the case of permanent disablement.
It was first thought that the down pour of the early morning will disrupt the event but the children defied it and came out en-masse.
The LUR team, led by Mrs. Charity Ogwugua made a presentation after which people started purchasing the products made presentation and people started making purchases immediately.
A Town Hall meeting held on Thursday 19th April, 2012 at LUR Premises where the new Managing Director/ CEO designate was introduced to members of staff.
Divestment Implementation Director Mr. Patrick Ilodianya welcomed everyone present and intimated the whole house of recent developments within the organisation which is as a result of the directive from CBN that all banks should divest from non banking subsidiaries and face core banking operations. The development, according to Mr. Ilodianya necessitated resignation of Mr. Yinka Bolarinwa and Mr. Segun Ilori the MD/CEO and ED respectively to pave way for the new Core Investors, a consortium comprising Alternative Capital Partners and Swede Controls to install a new management. To this end, Mrs. Toyin Ogunseye was introduced as the new Managing Director designate pending the ratifications from all regulatory bodies.
Mrs. Ogunseye welcomed everyone and paid tributes to the immediate past MD and ED for the good job they did at LUR and crave staff cooperation for her to succeed. She said she is not in LUR with a new vision but with a mandate to come and actualise the existing vision of the company, to rank among the first five (5) in the industry. Mrs. Toyin Ogunseye reminded staff of strengths of the company one of which is the logo of LUR and been 61 years in the industry this should be used to intimidate our competitors, therefore urged everyone to work on the platform of LUR brand to achieve the mandate of the Board of Directors.
The MD designate presented herself as a marketer as well as an underwriter with over 20 years experience in insurance broking and underwriting. Above all, she presented herself as a team leader and not a boss and pledged to handle LUR affairs with the fear of God and issues with any employee on merit.
She admonished staff to brace up for few changes that will come up soon in order to move LUR to her rightful place among underwriters in Nigeria, saying however, that the changes are not meant to cause panic within the system.
On behalf of LUR employee, Mr. Rotimi Odufote who is the Head of MDRI and Union leader of the company thanked the new acting MD for her wonderful speech and words of assurance given by her and re-assured her that she will not regret coming to work in LUR. He cheered the meeting with songs and urged everyone to join hands in singing.
The meeting was brought to close by Mr. Patrick Ilodianya who thanked everyone present and asked everyone to resume work for the day.
Law Union & Rock records N485m profit
Law Union & Rock Insurance Plc has said that it recorded profit after tax of N485m in 2013 financial period.
The Chairman of the company, Princess Adenike Adeniran, disclosed this during the firmâ€™s 45th annual general meeting in Lagos on Tuesday.
"The company recorded profit before tax of â‚¦459m as against a loss of N1.1bn in 2012, while profit after tax stood at â‚¦485m in 2013 as against a loss of â‚¦1.3bn in 2012," she said.
Notwithstanding the intimidating challenges and continued economic turbulence globally and Nigeria in particular, the chairman said it achieved a gross premium income of â‚¦3.76bn in 2013 as against â‚¦4.03bn in 2012.
She said that 2013 was the first year of the adoption and implementation of the National Insurance Commission directive on no premium no cover which no doubt boosted liquidity and reduced the problem of huge receivables for operations in the industry.
"We strongly believe that the year 2014 will be a better year as cash premium collection will tremendously improve significantly the fortunes of the industry," she said.
The Managing Director of the company, Mrs. Toyin Ogunseye, said that during the year under review, its total equity grew by 19.14 per cent to â‚¦4.17bn as against â‚¦3.5bn in 2012, while total asset grew from â‚¦6.5bn in 2012 to â‚¦6.9bn in 2013.
Ogunseye assured that Law Union & Rock would continue to achieve growth in profitable market share even in very challenging market conditions.
She said, "In 2014, we are committed to strongly consolidate on the gains of the previous year with renewed vigor in the execution of our corporate strategy and strategic initiatives. We will not relent on our efforts towards ensuring high quality customer service."
In pursuance of its retail strategy, the managing director said it had expanded its retail channel platform which makes it possible for anyone to purchase its products especially motor insurance product from any part of the country.
She said she was aware that a great proportion of the population was not insured or do not have any form of insurance.
In order to provide this segment with insurance solutions, our microinsurance products will be deployed to this informal market segment using our agency network force," she said.
Law Union & Rock Insurance plc records ₦4.1bn premium
Law Union & Rock Insurance Plc recorded â‚¦4.16bn gross premium in the 2012 financial period.
The Chairperson of the firm, Mrs. Adenike Adeniran, stated this during the companyâ€™s 44th Annual General Meeting in Lagos.
"Despite the impact of the challenging market and operating environment in the financial system, the company recorded a gross premium of â‚¦4.16bn in 2012," she said.
According to her, the board and management remained committed to the companyâ€™s strategic initiatives as contained in the approved strategy document.
Although this was adopted in December 2012, she said the full implementation of the timeline for all the strategic initiatives mapped out in the strategy document commenced in 2013.
"While we vigorously pursue our corporate objective and strategies, we will also focus on measures that will strengthen our relationship with our esteemed brokers," she said.
The chairman said that in line with the firmâ€™s promise to continue to improve on its service delivery, it had implemented its e-payment strategy with the various platforms for premium collection and business transactions.
She said that as most transactions were now done online, the firm had deployed a digital marketing campaign in order to increase its customer reach, brand visibility and awareness, especially to the young and mobile insurance customers.
With these mobile technologies put in place, she said that the insuring public could easily buy and pay for Law Union & Rock Insuranceâ€™s products from any part of the country.
The Managing Director, Mrs. Toyin Ogunseye, said that the firm would continue to put measures in place to ensure that it was firmly footed to face the storm in the financial sector.
Ogunseye said the cost reduction mechanism put in place by the management of the firm was already achieving the much desired result.
She said that it had embarked on a series of strategic initiatives aimed at strengthening its operations and business model and would enable it to increase its market share in the industry.
"Indeed, the future is bright as we will continue to deploy strategies that enable us to fully exploit emerging business opportunities and also make the company one of the top five in the industry in the nearest future, she said".
Law Union & Rock Insurance bonds with children
Law Union & Rock Insurance Plc said that it partnered with Inspiration FM to create a bonding session for children and avail them with accident insurance covers.
In a statement, the firm said that it interacted with the children during an event organized to celebrate childrenâ€™ day in Lagos recently. The firm said that it used the opportunity to create more brand awareness for insurance and sell its personal accident for children between the ages of two and 25 years. Law Union said that it has innovative products for diverse people in the society including children.
To motivate the children, the firm also gave out gifts for outright purchases of insurance.
TPA is a personal accident insurance with a premium of N500 per annum and covers medical expenses up to â‚¦25,000 and bodily injury up to â‚¦250,000," it stated.
Law Union said that the product is affordable and different from HMOs where you are limited based on your HMO medical plan.
Law Union provides professional services in all classes of insurance business namely: general insurance and risk management solutions.
The company has in place corporate governance structure to achieve sustainable shareholder value enhancement, and also deliver efficient and effective services to customers and other stakeholders generally.
Law Union & Rock Insurance plc wins WEBJURIST AWARD
Law Union & Rock Insurance Plc recently won the Phillips Consulting's WebJurist Award 2014 as the best in 'Website Customer Experience' in the - Insurance category.
In a statement by the Managing Director, Law Union, Mrs. Toyin Ogunseye, on Friday, "The award was for various website categories covering three sectors - Banking, Telecommunications and the Insurance Industry.
"Law Union & Rock Insurance Plc emerged as the best in website customer experience which included customization, investor information and contact details performance in the insurance industry.
The WebJurist Award is the result of research conducted into website best practices and effectiveness.
â€œLaw Union & Rock Insurance Plc was one of the three nominees. The firm was nominated for the first time in 10 years. Law Union & Rock Insurance Plc was also commended for taking steps in the right direction,"
Law Union provides professional services in all classes of insurance business namely: General Insurance and Risk Management Solutions.
The company has in place corporate governance structure to achieve sustainable shareholder value enhancement, and also deliver efficient and effective services to customers and other stakeholders generally.
Prospects high for Insurance Industry's growth, says Babalola
The former Minister of State for Finance and Vice Chairman, Law Union & Rock Insurance Plc, Remi Babalola, has said that there are huge potentials for the insurance sector to grow in the country.
He made the remarks during the company's yearly general meeting in Lagos, Babalola, observed that the insurance penetration in the country was still low.
The low penetration of this sector shows clearly the humongous growth potential. The regulatory environment is improving and hopefully best practice can be attained, he said.
He said that with investment from private equity firms and foreign investors/partners as seen in companies such as Mansard, Leadway Assurance, Custodian and Allied Insurance Limited, Cornerstone Insurance Plc and Law Union & Rock Insurance Plc, the sector was slowly but surely changing for better.
Babalola said the regulator still needs to aggressively enforce all compulsory insurance classes as well as deepen the public enlightenment programmes on the advantages and benefits derivable from insurance activities.
The turnaround of Law Union & Rock Insurance Plc is gaining traction as drastic improvements are seen in corporate governance, risk management, investment portfolio and higher level of trust in the company as claims are paid seamlessly, effortlessly and promptly, he said.
He pointed out that the composition of the board and management depicts people of high integrity and professionalism. The company is solid as the rock with over 60 years of underwriting excellence and renewed dynamism.