The management of Guinea Insurance Plc has stated that the organization is dedicated to the pleasure of clients and the public it insures through improved service delivery and a timely resolution of claims.
As a result, the organization will continue to resolve all legitimate claims in a timely manner.
At the Quarterly CEO forum hosted by Guinea Insurance Plc in Lagos, the company’s managing director, Mr. Ademola Abidogun, revealed this to media covering insurance and pensions.
Abidogun revealed the history of Guinea Insurance’s claim payments and stated that the business paid a total of N216 million in claims in 2020.
In addition, the corporation settled a total claim for N258 million in 2021 while also settling a claim for N165 million in 2022.
Abidogun also revealed that the business will probably start making money again in 2023 because the loss after tax has substantially decreased from N700 million in 2020 to N20 million in 2022.
“Guinea Insurance Plc has continued to produce underwriting profit every year,” stated Abidogun. At the end of the 2023 fiscal year, based on how the loss after tax has decreased over the previous three years from N700 million to N200 million to N20 million, you will see that we will be in the black.
“We are dedicated to lowering costs, boosting turnover, boosting top line, and correctly managing underwriting with appropriate reinsurance. We carefully consider the firms we accept, making sure not to accept just any. We approach our analysis with great optimism and care. We keep track of our costs, our businesses, and a lot of analysis to make sure that we can shift the narrative. We have been paying claims on time and will keep doing so in the future. Our goal is to increase our visibility among the public who purchase insurance and fulfill all of their requirements.
On the company’s successes, Abidogun highlighted that Guinea Insurance’s team has been exceptional while also praising them for their high levels of competence and dependability.
“I will also congratulate the team for the excellent work they are doing,” he added. There is nothing anyone can do and the development of the business will be hampered if the people are not present to carry out the task and if they are not linked to the board’s mission. And given the course we are currently on, we are certain that we will reach that level and keep expanding our company. We have also been able to provide the neighborhood where our main office is located with value in terms of CSR.
“It is really vital that we position ourselves so that everyone would be able to relate to us and do business with us,” said Abidogun regarding the future.