Insurance PHB Introduces Product, Settles N550 Million Claims

Lagos, Feb 23, 2010 (Daily Champion/All Africa Global Media via COMTEX) -- INSURANCE PHB said it paid over N550 million claims in 2009. Managing Director/CEO of the Company, Mr, Anselem Igbo announced this at the company's 2010 first business strategy meeting held recently in Lagos.

A breakdown of the amount shows that claims paid on Private Motor Insurance took the largest portion of =N=304,837,852.73. This was followed by Commercial Motor which took =N=79,474,443.97. Claims paid for Money insurance businesses stood at =N=44,538,302.84, claims on bonds amounted to =N=33,787,983.51. Consequential Loss insurance attracted a total claims payment of =N=28,568,072.08, while Claims on Group Personal Accident attracted =N=15,731,952.27.

Further breakdown of settled claims shows that the highest single claim of =N=28,568,072.08 went to May & Baker Plc; followed by =N=22,500,000.00 to XL Cash Management Services while Fidelity bank Plc got =N=12,979,240.17. Others claims of =N=9,456,648.00 went to National Assembly while Summit Group Limited got =N=9,289,389.94; Swiss tradition, =N=8,400,000.00 and Due Froth Nigeria Limited, =N=8,098,594.17.

Speaking on the breakdown, the Managing Director/ Chief Executive Officer (CEO) Mr, Anselem Igbo said the company recently returned to profitability, saying, the result was achieved through its commitment in prompt payment of all genuine claims immediately reported and processed, Mr. Igbo explained that strict attention was given to proper risk assessment within the year in order to ensure the genuineness of every claim.

He said that Insurance PHB Limited would intensify effort at ensuring speedy claims settlement in the current year. Mr. Igbo who until his appointment was Managing Director of Legacy Insurance Brokers (a subsidiary of Bank PHB) emphasized the company's continued resolve to maintain quality service delivery and timely settlement of every genuine claim under his leadership.

This, he said, had been enhanced by the firm's recent engagement of Agile Financial Technologies India, the leading player in Banking, Financial Services and Insurance to implement the installation of its software, AGILIS Core Insurance.

Meanwhile, Insurance PHB Limited has introduced a set of new products into the Nigerian's Insurance Market. The products are Red-card (a fire insurance product) and Motor Safeguard- an affordable middle range motor insurance product). Commenting on the new products, Mr. Igbo said the introduction of the new products was a fall-out of a technical assessment of the insurance market, the global economic conditions and the mass-marketing intents of the firm. Igbo explained that Motor Safeguard Insurance product which is exclusively designed for private cars has lower premium system than the regular comprehensive motor insurance with more advantages than the ordinary third party. Apart from offering all benefits of ordinary third party, the product is divided into maxi, medi and mini categories offers N200,000, N100,000 and N50,000 for accidental damage in the various categories respectively. It is also structured to offer N300,000, N200,000 and N100,000 for total loss(by accident or fire) in the various categories respectively. She said prospective customers can take advantage of the N25,000, N20,000 and N15,000 premium on the various categories of the product respectively, enjoy the additional benefits especially where they are not able to take up the comprehensive motor insurance.

With regards to a Fire Insurance Product known as "The Red Card," it was explained as a product divided into four categories of basic, Bronze, Silver and Gold with premiums ranging from N1000 to N4000 respectively and covering risks on the home up to N250,000, N500,000, N750,000 and N1 million respectively.

The products are not only affordable to all categories of persons in the society but are designed to meet customers' needs. They are also in formats that would be easy for the customer to buy and renew without unnecessary rigours. They are in the categories of general insurance and would further distinguish the company's technology consciousness and innovative tradition being the first insurance company in Nigeria to introduce auto-tracking in motor insurance.

As part of its strategy in moving the organization to higher standards, Insurance PHB Limited is also strengthening efforts in the area of mass marketing to enable it reach the market with its retail products and increase its market share.

Its effort in deepening the market also include; the re- branding of its existing products as well as strengthening operations in its branches nationwide. It has established a customer service unit, to improve its customer relations.

In addition, the company has upgraded its Information Technology infrastructure, through the introduction of new software to provide digital services to clients aimed at exceptional speed and errorless quality service delivery. Findings showed that the new technology has improved turn-around time, staff productivity and quality service delivery. On the new platform, clients could easily transact business on their PC, or GSM phones while dealing with Insurance PHB Limited.