Sovereign Trust Reassures Stakeholders On Value Addition
By Sola Alabadan
The Managing Director of Sovereign Trust Insurance Plc, Mr. Olaotan Soyinka has reassured that the customers of the company that the organisation will continue to enhance their everyday lives, while also creating exceptional value for its shareholders.
Soyinka, who was represented by Deputy General Manager, Sales & Corporate Communications, Mr. Segun Bankole, gave this assurance at the inauguration of the new executive members of the National Association of Insurance and Pension Correspondents (NAIPCO) in Lagos on Thursday. The event was sponsored by Sovereign Trust Insurance Plc.
He pointed out that Sovereign Trust is committed to innovative products and services that will improve the lives of customers even as it has created an enhanced Third Party Motor insurance policy for the insuring public.
He emphasised that: “Our mission is to enhance the everyday life of our customers through innovative insurance and financial services, while creating exceptional value for our shareholders.
“As an organisation, we have been driven by our vision and mission and that attest to the fact that some of the profitable oil and gas businesses in the country, we can beat our chest that we are one of the proud underwriters in that regard.”
On the enhanced Third Party Motor insurance, Soyinka said: “In terms of innovation, we have the product called the Enhanced Third Party Motor Insurance. We thought of the usual third party whereby when a claim occurs; it is only the third party that gets the benefit of having his or her vehicle repaired. But with our enhanced third party, which is just N7,500 per annum, you have the third party being insured in case of any damage to the tune of N1 million and the insured himself or herself has that limit of liability up to the tune of N500, 000.”
According to Soyinka, the reason for the enhanced third party motor cover is to ensure that the teeming customers of the Insurance firm are adequately protected.
“What was the reason behind the enhanced third party motor cover? You will agree with me that economic wise, the country is not smiling. So we lost people who would rather not continue with their insurance due to the economic situation of the country. So we deemed it fit that instead of losing a particular client, we should still be able to keep them in our dragnet. So customers will still have the feel that they have insurance. Although it is not comprehensive, but at least the customer is still covered.”
Soyinka stressed that Sovereign Trust will continue to support NAIPCO, adding “You will recall that one of our journalists recently had an accident. Incidentally, he has a third party policy with us, but the person that bashed his car has a third party with another company. We have been trying to see how we can help him get his claims sorted out as fast as possible. Extending that hand of fellowship is so critical to the success of our organisation. We do not in any way underestimate what you represent in the Nigerian society as journalists. So we are solidly behind you and will continue to support you as an association.”
Meanwhile, the following officers were inaugurated to pilot the affairs of the Association for the next two years: Nkechi Naeche-Esezobor, Publisher/Editor-in-Chief, Business Today (Chairman); Ngozi Onyeakusi, Publisher/Editor-in-Chief, Super News Online (Vice Chairman); Rosemary Iwunze, Insurance/Pension Editor, Vanguard Newspaper (General Secretary).
Others are Edet Udoh, Publisher/Editor-in-Chief, the Revealer Online (Assistant General Secretary); Adejoke Adeyemi, Insurance and Pension Editor, News Agency of Nigeria (NAN) (Treasurer); Matthew Otoijagha, Publisher/Editor-in-Chief, Business Wrap Online (Financial Secretary); and Amaka Obiefuna, Publisher/Editor-in-Chief, News Corner Online (Public Relations Officer).
GNI Denies Selling Annuity Business To Another Insurer
By Sola Alabadan
The Board and Management of Great Nigeria Insurance Plc has denied the rumour making the rounds that the insurance outfit has sold its annuity business portfolio to another insurance company.
Reacting to the publication by a media outfit that the Annuity businesses of GNI Plc and Tangerine Africa have been acquired by a particular Insurance Company, GNI said the information contained in the publication is far from the truth
The company said “This development is a crude attempt by an unscrupulous competitor to demarket our brand and shrink our share of the Annuity Insurance market.
“In the last five (5) years, our Annuity Insurance portfolio has grown steadily by over 14,845% and our Annuitants have been enjoying value added services.
In view of the foregoing there is no basis for transferring our Annuity business to another company in the industry. We want to state emphatically that GNI Plc has not and does not intend to sell-off its Annuity business Portfolio, neither does it intend to partner with any Insurance company or companies in the Annuity insurance market.
“This release therefore serves as a categorical disclaimer that our Company is not in any kind of partnership or merger discussion with any Insurance company regarding our Annuity Insurance Portfolio.”
GNI therefore informed insurance intermediaries and the company’s clients to disregard any information regarding the transfer or acquisition of GNI’s Annuity Insurance Portfolio.
The organisation added that it is poised to continue in its well known tradition of delivering qualitative insurance services to its esteemed customers.
Leadway Moves To Bolster Reading Culture Among Children
By Sola Alabadan
Leadway Group has launched an extra-curricular initiative campaign tagged “Pages to Places” in 12 public schools across six states in Nigeria, namely, Lagos, Ogun, Abuja, Kaduna, Enugu, and Port Harcourt. This is in line with the organisation’s commitment to promote literacy, bolster reading culture, and improve quality education among children aged 6-12.
The “Pages to Places” initiative, targeted at children, is a book reading initiative to steer the young generation towards expanding the reading culture, broadening their healthy imaginative abilities, believing in a better world and becoming better, more creative, and more promising individuals.
The “Pages to Places” initiative, which is under the group’s education-focused corporate social responsibility drive, Leadway Goes to School, has been designed to commemorate the 2023 Children’s Day celebration and is scheduled to run from Tuesday, May 30 to Wednesday, June 7, 2023.
Speaking on the initiative, the Group Chief Marketing Officer of Leadway Holdings, Mr. Olusakin Labeodan, cited that according to the World Culture Score Index, Nigeria has one of the world’s lowest reading cultures. At the same time, available statistics from the National Commission for Mass Literacy, Adult and Non-Formal Education show that 38 percent of Nigerians are illiterate, with four out of every ten primary school children being illiterate.
“We believe in the transformative power of a book, its potential to improve the intellectual capacity of our young ones, and its capacity to shape the future into a promising horizon no matter one’s social-economic background.
“With a little over 40% of Nigerians comprising young people under the age of 14, it has become imperative for organisations like ours to intervene and help build this generation into a pipeline of global talents and leaders. This is the philosophy that drives our organisation. We are thrilled to be launching this initiative with hundreds of children who desperately need to improve their skills”, he stated.
College Of Insurance Supervisors Honours NAICOM Boss, Director
By Sola Alabadan
In appreciation of his contributions to the success of the institution, the College of Insurance Supervisors of West African Monetary Zone (CISWAMZ) has given awards to the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Olorundare Thomas.
The award was presented to the NAICOM boss at the ongoing 5th meeting of the College in Abuja on Tuesday.
The award is in recognition of Thomas’s pioneering role in the establishment and eventual take-off of the college as Chairman of the West Africa Insurance Supervisors Association (WAISA).
Similarly, Mr. Pius Agboola, the Director Inspectorate at NAICOM, who served as the pioneer Chairman of the College, was also honoured with an award at the meeting.
The CISWAMZ was established with the purpose of providing a common platform for regulators from the WAMZ countries to come together to discuss how to oversee individual and cross border financial institutions in the Zone.
By coming together in a structured way, supervisors are able to learn from each other and develop best practice on supervision across national boundaries. The Charter establishing the College was ratified by the Committee of Governors of the WAMZ on 31 July, 2010. On 7 February 2019, the CSWAMZ Charter was revised to reflect the dynamic developments in the banking sectors of the WAMZ.
The main objectives of the CSWAMZ include: to facilitate the exchange of information, views and assessments among supervisors in order to allow for a more efficient and effective consolidated and solo supervision and timely action.
It is also aimed at enabling supervisors to develop a common understanding of the risk profile of the group as the starting point for risk based supervision at both group and solo levels; as well as to achieve coordination of supervisory review and risk assessment, establishing supervisory plans, arranging any division of tasks and joint onsite visits, thus avoiding duplication of work and reducing the regulatory burden.
Besides, CISWAMZ coordinates decisions taken by individual authorities; contribute to a consistent implementation of WAMZ directives and to the convergence of Member States supervisory practices across the WAMZ; while facilitating the implementation/operationalisation of the memorandum of understanding between and among various supervisory authorities within the WAMZ.
Additionally, the college seeks to reduce regulatory duplication and inconsistency improve subsequent bilateral dialogue between regulators, increase levels of trust and enhance the cooperation of supervisors.