IGI APPLAUDED FOR PROMPT CLAIMS SETTLEMENT

 Industrial And General Insurance Plc (IGI) has received accolades for its prompt claims settlement policy. The latest of such encomium came from the West African Bitumen Emulsion Company Limited (WABECO), bitumen and refined petroleum products terminal operators whose claim from IGI over a policy it holds with the latter was rapidly settled by the leading insurance company.

In a letter sent to the Management of IGI, WABECO, through Ms Ejiro Otobo of the Risk Management Department, praised IGI’s rapid response to its claim in the matter involving the company’s vehicle. WABECO received N119,950 from IGI as full and final settlement of the claim. “We thank you for the prompt processing and settlement of this claim,” Otobo acknowledged.

Earlier, Ekili Investments Limited (EIL), a logistics, engineering and consulting firm, in a letter sent to IGI, showered praises on IGI for the prompt issuance of a cheque of N447,982.50 to EIL in respect of its marine claim.

“The essence of our letter is to actually let you know that we appreciate the prompt manner the claim was processed and settled,” stated Chief Chike Arize, Executive Chairman of EIL. “Please be rest assured that we will tell others to join us and do business with the new IGI,” he said further.

IGI, which recently transformed into a Public Liability Company (PLC) following the conclusion of its Private Placement, is currently the biggest insurance company in Nigeria. With N20billion in shareholders’ fund, the Company has recapitalised to four-folds the statutory minimum capitalisation level laid down by the regulatory authorities for composite (life and non-life) insurance companies.

Since IGI emerged in the Nigerian insurance market over 15 years ago, its rapid and prompt claims payment record is second to none. For example, in the last five years (i.e., between January 2002 and November this year), the Company paid claims amounting to N16.4billion. This is broken down into N595.6million paid on Motor Claims, N269.6million on Accident Claims, N161.9million on Fire Claims, N38.9million on Marine Claims, N463.5million on Life Claims, N22.9million on Engineering Claims and N14.8billion on Pension Claims. During this period, the company also made claims payment of $2.3million, mostly coming from its oil and gas underwriting business.

According to the Executive Vice Chairman of IGI, Mr Remi Olowude, OON, “IGI’s commendable claims settlement record is made possible via its Rapid Claims Payment System (RCPS). This is a system put in place by the Management to ensure prompt payment of all verified claims. The system has shortened our response time for claims settlement to 14 days, and this is done within the claims notification and documentation requirements.”

Olowude further noted that in spite of IGI’s present enviable record in claims settlement, the Company’s Management is not resting on its oars. “Our ultimate goal is to have a claims settlement system by which settlement of insurance claims is made more efficient, less costly to administer and maintain, thus making immediate settlement of insurance claims possible, while reducing the possibility of fraud and/or forgery, in a paperless environment in line with current technology and commercial practice,” he posited.