Prestige Assurance plc says it has put in place measures to strengthen its operations, improve service delivery and boost business generation, with special emphasis on claims settlement, operational transparency to customers and issuance of policies.
And key amongst these is deployment of agency network to reach the mass market.
Charles Sankey, chairman of the company, while addressing shareholders at its annual general meeting in Lagos said, “We have also revamped our channel strategy to improve market penetration and coverage.
“Among the steps we have taken in this regard is the initiation of over 200 agents to further improve our operational footprint as well as the deployment of technology to help provide services and products on a more timely and efficient basis.”
He further expressed confidence that the company is in good shape to withstand the current challenges faced by the insurance industry in Nigeria and deliver value to its stakeholders on a scale matched by few other firms in the industry.
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Sankey also said that the outlook for the current business year and the future is very bright, given the recent developments in the Nigeria economy.
“With power sector reforms expected to improve power generations, we expect the economy to continue on its current growth trajectory and for the business climate to improve for the insurance industry.”
Sankey stated, “Though our gross premium income reduced to N4 4.22bn from N4.79bn in 2012, there is also a sharp drop in our pre-tax profit to N127.48m from N528.89m, while operating income declined from N909.9m to N313.09m, reflecting the effect to reduced margins experienced during the review year and accounting for the post-tax loss of N90.84m for the year under review.”
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