Insurance coy pays N2.6bn claims in four years Report

According to KBL Insurance Limited, it paid N2.6 billion in claims to its clients during a four- to five-year period.

In order to encourage Nigerians to cover their assets and strengthen the insurance industry in the nation, the underwriting business reassured clients and the insurance-buying public of its commitment to expeditious claims settlement.

This was said in a statement by Mr. Charles Ajawihe, Executive Director of Business Development and Operations, in Lagos in response to a question from the media on what the Nigerian insurance market intended to do in 2023 to promote subscribers.

“KBL Insurance has paid N2.6 billion in the previous four to five years as different settlements in claims,” Ajawihe said. “With the objective of maintaining similar speed in all the company’s claims settlements as long as the essential papers are immediately made available for thorough verification,” he said. Only claims from auto insurance made up around 48.2% of the payouts.

KBL Insurance announced the introduction of a new enterprise resource planning program called IES-Online application as part of its objective to support the development of the sector in Nigeria, make its services more available to the insurance public, and bring services closer to its clients.

According to the statement, “IES Online is a digital application that includes a number of modules designed to aid in the transformation of manual operations and processes of various aspects of the entire insurance underwriting, claims settlement, delivery of certificates, discharge vouchers, and insurance policy documentation to customers with speed and in record time, as never before in the insurance industry in Nigeria.

According to a study, “Nigerians seldom prioritize the buying of insurance covers to safeguard their assets as a priority in their budgeting owing to numerous variables such as religion, culture, and delays in claims settlement.

“In our business today, a lot of things are changing, with technology playing a lot of essential roles,” the executive director said. This was planned. The procedures are now quicker and less laborious, and the policies are written in plain language so that any policyholder may understand it.

Contrary to the prevalent distrust among certain members of the public in the past, “No underwriter would intentionally conceal any language anywhere in the policy document with the intention to hinder a legitimate claimant from making a claim or being reinstated, should something happen.

“When you get insurance, you have paid for or bought defense against unforeseen financial losses. If something unforeseen occurs, the insurance provider compensates you or someone else of your choosing.

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