Group Managing Director of Industrial and General Insurance Plc (IGI) has said the firm paid a total of N3.5 billion as claims in 2014.
The IGI Group Managing Director, Rotimi Fashola, informed insurance brokers in Lagos recently that the firm has executed a holistic appraisal of its operations and taken steps to address its limitations.
“The challenges confronting us are being tackled head-on and the signs are clear that our efforts are already yielding positive results. We are vigorously pursuing a policy that will ensure prompt payment of claims and commissions, an issue which has always generated controversy and bad blood for the insurance industry,” Fashola said.
“The challenge of getting our accounts ready on time for NAICOM approval, which was caused by our international subsidiaries with different accounting standards, has also been addressed.
“There has been appreciable improvement year on year and things will continue to get better, as we are committed to NAICOM’s directive that accounts should be presented by April. With the full cut-over to IFRS and the experience curve we now have, future accounts will be out as at when due,” he noted.
Fashola also stated that “We are restructuring our operations and repositioning the entire organization for optimum performance for the benefit of our business, our investors and all stakeholders. In particular, our marketing team has been strengthened and streamlined to serve the brokers more expeditiously. To this end, six brokers units have been created for effective and efficient service delivery, including ensuring real time documentation and payment of commission.
In addition, the IGI boss said as part of the ongoing restructuring to refocus the company, there has been an overhaul of the firms’ human resource machinery to make it more efficient and responsive to IGI’s new direction.