Standard Alliance Insurance plc has announced the payment of N566.65 million to its policyholders that suffered losses during the first quarter of 2015. The Company also has just engaged Olukolajo Ezekiel, a longstanding insurance professional, to drive its underwriting and claims administration.
A breakdown of the above consolidated sum shows that the underwriting firm paid N278.6 million while its life subsidiary, Standard Alliance Life Assurance Ltd, was responsible for N288.01m balance.
The claims were paid out to affected policyholders spread across fire, marine, Motor, oil and gas, general accident and engineering classes of general insurance as well as the group and individual life policies.
Bode Akinboye, group managing director, who gave these details in a statement by the firm explained further that a total consolidated sum of N719.56 million was paid out by the company and its subsidiary as claims to affected general and life policyholders during the corresponding period in 2014.
Akinboye underscored the importance the company attaches to prompt claims settlement, noting that “we recognize the fact that the survival or acceptance, progress and reputation of any underwriting company are a function of its consistent ability to respond to claims issues promptly and that is why we give any claims reported all the prompt attention to the satisfaction of our affected policyholders.”
He explained that the company’s ability to settle claims to the tune of N566.65m at a time the insurance business patronages were not impressive owing to the nation’s focus on the general electioneering activities “clearly demonstrates the organisation’s financial strength to manage any size of risk brought to it by the insuring public at any time.”
Some of the major beneficiaries of the claims settlement, according to him, included Karina International Limited, Compact Manifold & Energy Services, Eagle Haulage Nig. Ltd, St. Paul’s Church, Hydrochina Huadong Engineering and DSC International, among others.
“These were part of outstanding claims prior to the assumption of office by the new management in January this year, noting that “this claims response underscores the passionate commitment of the company’s new management team to aggressively pay down all claims that were hitherto unattended to.”
Ezekiel Olukolajo who, until March, was Head, Technical & Reinsurance Group (General Insurance) at Old Mutual Nigeria.
Olukolajo who has a consistent and vast experience in insurance, cutting across general insurance underwriting and risk management, re-insurance, claims administration and insurance broking, has worked with Law Union & Rock Insurance of Nigeria Plc, Royal Exchange Assurance (Nig.) Plc, Guardian Express Assurance Limited and UBA Group where he functioned in the group’s insurance subsidiaries at various capacities, including Chief Operations Officer (COO) of UBA Insurance Brokers Limited, before joining Old Mutual Nigeria General Insurance as Head of Technical.
Olukolajo, an Associate of the Chartered Insurance Institute of Nigeria, also holds a Higher National Diploma in Insurance from The Polytechnic, Ibadan and Post-Graduate Diploma in Education Administration and Management from the Lagos State University, Ojo Lagos.