Underwriting firm, Sovereign Trust Insurance plc in the financial year ended December 31 2013 once again demonstrated its commitment to claims payment, a major measurement index for insurance underwriting paying out N1.72 billion claims to its customers that suffered losses during the period.
A rundown of the claims composition paid revealed that Energy Insurance claim recorded the highest figure of N645,344,360.02, followed by Motor Insurance accounting for N417,736,383.36, while N235,090,788.81was paid as claim under General Accident.
Other figures as released by the company are N186, 692,578.68 for Fire and Allied Perils, N186,047,113.67 for Marine Insurance and N45,614,978.37 for Engineering.
Olaotan Soyinka, divisional head, Technical, commenting on the claims reiterated the fact that the company is totally committed to settling all genuine claims within agreeable periods. In his words, “there is no compromise to claims settlement in Sovereign Trust Insurance plc and that will always remain so to keep our customers always coming back.
“Prompt claims settlement no doubt will remain the enduring yardstick for our customers in determining whether we are delivering on our promise or not. We do not intend to fall short of this obligation and we will continually strive to make good our promise at every point in time”.
While commenting further, the Head of Claims Department, Funke Akitunde stated that the company has put in place a friendly claim process which ensures that customers do not go through undue bureaucratic process in getting their claims settled in good time. “The processes involved from the moment a claim is reported to the period the customer receives the cheque have been made as seamless as possible” she concluded.
In the same vein, the Managing Director of the organization, Mr. Wale Onaolapo stated that “over the years, our prompt claims settlement has helped to strengthen the relationship with our customers; we do not allow them to go through distasteful experience in the process of getting their claims settled. Our processes are hinged on professionalism, speed, ethics and promptness”.
Sovereign Trust Insurance Plc is fast emerging as a reckoning force in the Nigerian Insurance Industry with its extensive branch network spread across the geographic regions of the country. It will be recalled that Sovereign Trust Insurance Plc has maintained (A-) rating by the Global Credit Rating (GCR), an international renowned rating agency based in South Africa since 2007 to date.
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