Universal Insurance awaits microinsurance licence from Naicom

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Universal Insurance Plc has mapped out plans to take insurance to the grassroots as the firm eyes microinsurance license to get to launch out.

The Managing Director of the company, Mr Ben Ujoatuonu stated in Lagos that The firm has a lot of activities lined-up for the firm’s 60th anniversary.

He also remarked that the board had granted approval for the firm to have a microinsurance company.

He however stated that the firm had applied for an operational licence for the business and expressed optimism that the request would be approved by the National Insurance Commission (NAICOM

He noted that the company’s board had granted approval for the opening of the branches in Kano, Uyo and a new outlet in Lagos very soon.

Ujoatuonu, who was happy for the feat the company had achieved in the past 60 years, said he is one of the beneficiaries of firm’s education support, stressing that as part of the firm’s Corporate Social Responsibility (CSR), it offered her staff to lecture insurance for free in Enugu State University (ESUT) and Institute of Management and Technology (IMT), Enugu.

According to him, “The endowment, helped in raising many insurance professionals, who are today driving the insurance industry to lofty heights”

He maintained that due to the robust operational processes entrenched by the firm, the COVID-19 lockdown and #EndSARS protest didn’t have much impact on the company’s revenue, which he said stood at 80 per cent in 2020.

He informed that the 80 per cent revenue earned last year was aided by the firm’s robust Information and Communication Technology (ICT) infrastructure, stressing that the company stands amongst the top five in Alexa rating.

He said the firm is presently active on all social media channels, adding that the channels are also leveraged to sell policies to clients.

According to him, “The firm would soon launch its Unstructured Supplementary Service Data (USSD) which will also be used to sell policies to esteemed customers”

He said the firm’s total assets presently stand at N11 billion and shareholders’ fund N9 billion, whilst imploring on brokers and the insuring public to entrust their risks to the firm.

Ujoatuonu posited that the firm has massively invested in retail business, as it is poised to largely deepen that segment of insurance business.

According to him, “The firm had in recent times, evolved and got approval from NAICOM for eight innovative products, stressing that the products are presently doing well in the market.”

He said the products are targeted on specific people especially those at the grassroots and that the means of paying premium have also been designed in a simple form to stem hassles.

“Universal Insurance is growing stronger and it is made up of averagely young people. We have experience of the old and vigour of the young,” he added.

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