All Posts in "Day: July 14, 2023"

Leadway Health emerges HMO of the Year at NHEA 2023

By Favour Nnabugwu

 

Nigeria’s fast-growing health maintenance organisation (HMO), Leadway Health Limited, a subsidiary of Leadway Holdings and a sister company of Leadway Assurance Company Limited, one of Nigeria’s foremost and largest insurers insurance companies, has emerged as the HMO of the Year at the recently held 2023 edition of Nigerian Healthcare Excellence Awards (NHEA).

Coming on the heels of the organisation’s introduction of an innovative range of superior and robust healthcare service offerings targeted at fostering access to quality health and wellbeing solutions for Nigerians, Leadway Health achieved this feat in just three years of operation, beating other HMOs that have been in operations for far longer.

Commenting on the win, the Chief Executive Officer of Leadway Health, Dr Tokunbo Alli, said the organisation’s triumph at NHEA 2023 is a testament to the company’s commitment to providing exceptional healthcare services, embracing innovation, and improving patient access to quality healthcare in Nigeria.

“This honour is an affirmation of the Leadway Health team’s commitment to innovative excellence and demonstrates the power of collaboration to create remarkable results. We are proud to have been recognised as HMO of the Year 2023 and will continue striving for higher healthcare service standards.

“The NHEA, now in its 10th year, has become a beacon of pride and aspiration for healthcare professionals, organisations, and stakeholders across Nigeria. This established platform consistently spotlights remarkable performances, new business models, and other noteworthy milestones, contributing to the industry’s growth and development,” Dr Alli said.

He added that as Leadway Health basks in the glory of its well-deserved triumph, the company remains steadfast in its mission to revolutionise healthcare and create a lasting impact on the lives of patients in Nigeria.

“With a strong foundation built on integrity, compassion, and innovation, we are poised to lead the charge in shaping the future of Nigerian healthcare and setting new benchmarks for excellence, we acknowledge that the win would not have been possible without our shareholders, clients, providers and employees,” he concluded.

Leadway Health’s superior product offerings include advanced telemedicine, a health enrolee app that allows authorisation of care by enrolees, digital health tracking, and access to financial and family counselling.

The Enrolee app comprises innovative features such as geo-location capabilities for hospitals, and a pharmacy benefit programme that assures only genuine drugs from manufacturers are delivered to the home/office of those with chronic ailments. The features also include an employee assistance program to promote mental health, medical concierge services, preventive health programmes that have baby wellness programmes, access to fitness and nutritional stores, customised health tips, talks and newsletters across all age groups with a unique reward system to encourage and promote general wellness amongst others

Patoma Admin by — July 14, 2023 in Insurance 0
CFI inuagurates Nigerian Actuarial Society Discount Rate Committee

By Favour Nnabugwu
The Chief Executive of the National Insurance Commission, Naicom and the Commissioner for Insurance, Mr Olorundare Sunday Thomas has inaugurated the Nigerian Actuarial Society Discount Rate Committee (NAS-DRC) in Abuja
The Standing Committee inuagurated on Wednesday, s to support the setting of a standardized basis of determining discount rate factors for use by the insurance industry and other stakeholders in the financial services sector, particularly in the implementation of the International Financial Reporting Standard 17 (IFRS 17), Insurance Contracts.
The membership of the NAS-DRC has been suitably drawn from representatives of NAS, NAICOM, Actuarial representatives of Audit Firms, as well as Resident Actuaries of
Insurance Operators (with annuity business).
The President of NAS and a representative of NAICOM (not below the rank of a Director) will serve as Chairman and Co-Chairman respectively, while the NAS shall provide the Secretariat.
It is apparent the role of Actuaries in the implementation of IFRS 17 cannot be
over emphasised, likewise the need for credible, prudent, consistent and sustainable discount rate devoid of possible manipulation by different stakeholders if left to determine same for individual company’s use.
Hence, the objectives of the NAS-DRC includes:
i. To determine the risk-free yield curve for use by the insurance industry; and
ii. To provide commentary on any market movement that might impact on the
determination of the risk-free yield curve.
It is thus my sincere expectation that the inauguration of the NAS-DRC will no doubt enhance accountability, prudence and comparability in financial reporting and thereby support the stability in the Nigerian financial system.
After highlight ING the objectives of the committee, Thomas said “I am hopeful that the deliberations and activities of the NAS-DRC will bring about the desirable impact for the Nigerian financial system”
Note also that the terms of reference remain as earlier circulated to
members.
Patoma Admin by — July 14, 2023 in Insurance 0
The nation’s CFI, Sunday Thomas elected as president of OAISA

By Favour Nnabugwu

 

The nation’s number insurance man, Olorundare Sunday Thomas, the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), has been elected the President of the Organization of African Insurance Supervisory Authorities (OAISA).

Thomas appointment became effective April 30, 2020; having been appointed in acting capacity in Aug 2019 following the expiration of the tenure of Mr M U Kari, the former Commissioner for Insurance

According to a statement yesterday by the Commission, Mr. Thomas’ election alongside his vice-president Mr. Issouf Traore of Cote D’ Ivoire was ratified at the general assembly of the body at Tunis, Tunisia recently.

The OAISA is an intergovernmental organization eligible for the rights and privileges granted by the 1961 Vienna Convention on Diplomatic Relations. It’s an organization saddled with the objects of promoting cooperation among African Insurance Supervisory Authorities to share experience in the effective supervision of the insurance industry in Africa for the development of Insurance Markets for the benefits and the protection of policyholders; contributing to capacity building and financial stability of the African Continent.

The newly elected officials of the Organization shall serve the continent for a period of two (2) years in the first instance, renewable once.

It’s imperative to note that Mr. Thomas was the pioneer chairman of the West Africa Insurance Supervisors Association, WAISA.

During these years, Mr Thomas had traversed the entire insurance sector in Nigeria leaving indelible marks along the way. It is instructive to note that Mr O. S. Thomas (as widely known) as Director-General of the Nigerian Insurers Association (NIA) between May 2010 and April 2017, brought his experience to bear on the job. It is to his credit that the Association successfully developed and deployed the Nigeria Insurance Industry Database (NIID) platform.

He holds a BSc (Hons) in Actuarial Science and an MBA in Finance both from the University of Lagos. He is also an Associate Member of the Chartered Insurance Institute, London and Nigeria, Member Society of Fellows of the CII London, Member, Nigeria Institute of Management among others.

Mr Thomas is a lover of Tennis and he is happily married with children.

Patoma Admin by — July 14, 2023 in Insurance 0
Leadway Pensure pays N175bn retirement benefits to customers

By Favour Nnabugwu
Leadway Pensure, a leading Pension Fund Administrator (PFA), said it has paid over N175billion in retirement and terminal benefits to over 85,000 of its customers since the inception of the Contributory Pension Scheme (CPS) in 2004.
Mr Kelechi Nwabalogu,Team Lead, Customer Relationship Management Department of Leadway Pensure stated this at a training organised by Leadway Group for members of the Nigerian Association of Insurance And Pension Editors (NAIPE) on Tuesday in Lagos.
Nwabalogu said that Leadway Pensure has shareholders’ funds in excess of N8.6billion, which is versus a required N5billion by the National Pension Commission (PenCom).
According to him, Leadway Pensure was formed by a consortium of three finance service organisations namely ; Leadway Holdings Ltd., MBC Securities and Prestige Assurance Plc.
He noted that in terms of quality assurance, PenCom had adjudged Leadway Pensure as one of the best in the industry, which signifies its quality service delivery and best in class corporate governance.
Speaking on the 25 percent Retirement Savings Accounts (RSA) balance for mortgage approved by PenCom, Nwabalogu stated that Leadway was committed to providing financial support for its RSA holders to access the fund and become house owners before retirement.
He noted that RSA holders must however meet the conditions and guidelines stipulated by PenCom to access the fund.
” Some of the conditions are that ; the RSA of the applicant shall have both employer and employee’s mandatory contributions for a cumulative minimum period of 60 months.
” An offer letter for the property duly signed by the property owner and verified by the mortgage lender.
” The application for equity contribution for residential mortgage shall be in person and not by proxy, among others,” he said.
PenCom had in September 2022, approved a guidelines for RSA holders  to access a residential mortgage through their RSAs, in line with Section 89 (2) of the Pension Reform Act 2014 (PRA 2014).
The commission’s guideline stated that RSA holders can use 25 per cent of their RSA balance towards the payment of equity for a residential mortgage.
Patoma Admin by — July 14, 2023 in Pension 0
Leadway on course for implementation of IFRS 17 

By Favour Nnabugwu
Leadway Assurance Limited has put all machineries together for the implementation of the International Financial Reporting Standard (IFRS 17).
IFRS 17 (previously known as IFRS 4 Phase II) is an International Financial Reporting Standard developed by the International Accounting Standards Board (IASB) providing new standards for reporting profit emergence from insurance contracts, scheduled to take effect from January 1, 2023.
The main objective of the IFRS is to standardize insurance accounting globally to help users of accounts make sensible comparisons between companies, their past performance, their current financial position and risk exposure.
Speaking on “Navigating the New Financial Reporting Standard,” at a one-day workshop organized by Leadway Assurance for members of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos today, Mr. Raphael Akomolede, Finance Department, gave insights on the position of Leadway regarding the implementation of the IFRS 17.
He said the company has completed solution design which takes care of Gap Analysis, Financial and Operational Impact Assessment; Designed Future State of Finance Process/Technology Gap Analysis; Development, Documentation and Review of Target Operating Model; Preparation of Technical documents and Reviews and Vendor Selection for IFRS 17.
He said presently, the relevant departments of the company are working simultaneously on System testing and Implementation (pre and post); Review and produce 2021 and 2022 Financial positions; produce interim IFRS 17 compliant financial statements including transition disclosure.
Speaking on the problem with current IFRS 4, he said the IFRS 17 replaces the IFRS 4 – an interim standard that allows insurers to use local Generally Accepted Accounting Principles (GAAP) to measure insurance contracts; no single way to account for insurance contracts; existing accounting makes it hard for investors to see which groups of contracts are profit-making and which are not.
The impact of IFRS 17, according to him include improved comparability for the first time; relevant and updated measurement of insurance contract liabilities; a more intuitive presentation of financial performance and position; enhanced disclosure and transparency and a clear distinguishing of insurance activities from investment activities.
While commending the National Insurance Commission (NAICOM) for the Roadmap for the implementation of IFRS 17 for the insurance industry in Nigeria, he said the Commission is working seriously since 2019 towards ensuring the full adoption of IFRS 17 in the Nigerian insurance industry.
Patoma Admin by — July 14, 2023 in Insurance 0
Universal Insurance embarks on expansion drive, expand network

CAPTION


L- Mr. Chinedu Onyilimba. Head Corporate Communications and Company Secretary ; Mr Benedict Ujaotuonu. Managing Director/Chief Executive Officer and Mr. Tunji Oyebayo, Deputy General Manager, Business Development, all from the Universal Insurance Plc at the Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE) today July 6, 2023 in Lagos.

 

 

By Favour Nnabugwu

 

 

Universal Insurance Plc, one of the fastest growing insurance companies in the country, is embarking on an expansion programme to enable it to have more presence nationwide as part of its growth strategy.

Speaking at the Annual General Meeting (AGM) of Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos recently sponsored by Universal Insurance Plc, Managing Director of the Company, Dr. Ben Ujoatuonu noted that the Company recently opened three strategic branches across the country as part of this strategy.

He explained that the Company was carrying out an expansion programme and in the course of that expansion, the Company received approval from its primary regulator, the National Insurance Commission, NAICOM, to open three (3) new branch offices in Apapa and Lekki in Lagos as well as Kano in Kano State.

He stated that these branch offices had been been opened and were now operational.

He further explained that the Company was also trying to identify other areas of the country to set up more branches in order to maintain a strategic presence as part of it’s growth strategy.

Dr. Ujoatuonu revealed that Universal Insurance was ranked among the top 15 insurance companies in the country by the Nigerian Exchange Limited, NGX.

“Recently, there was an analysis of 15 top insurance companies in the stock market in terms of their performance last year and their growth rate. Universal made it to number 12 and what is very significant is that Universal had the highest percentage of growth with 58 per cent growth.”

In terms of product development, Dr. Ujoatuonu recalled that since he took over the reigns of the Company as the Managing Director, his Management team has been able to come up with a whole lot of new products and the Company now has a very robust retail line of business and products.

“In this month of July, we are flagging off the Universal Insurance Network Marketing model which we have designed to sell our products starting with personal accident insurance and this comes with an incentive for people who introduce others to the network. We are also launching our Mobile App which is already on the Google Play Store, through which people can access our products. We are not resting on our oars, we have a lot in our kitty which we are still developing.

”While stating that its branch network is strategic, he said: “If you have a critical look at our branch network, you will see that the bulk of our presence is down east. It is a strategic move aimed at ensuring that the Company maintains its historical clientele base.

“There is no state in the southeast where we don’t have a presence. In some states we have two branches, in Abia State for instance, we have two branches, in Anambra we have two branches and in all other south-eastern states we have two branches. We have created a regional hub in that south-south also; the essence is to ensure that we have a strong grip of our origin so to say, in terms of driving our business. What we are also doing is trying to penetrate other areas and markets. We have a very strong focus on looking at the northern zone of the country and we have started making inroads with our presence in Abuja and Kano with more branches soon to be established up north.”

Dr. Ujoatuonu noted that Universal Insurance is collaborating with the Enugu Chamber of Commerce, Industry, Mines and Agriculture, ECCIMA, in trying to see how they can penetrate all the industries within the southeast.

“The last Enugu Trade Fair was sponsored by Universal Insurance. This is part of our strategy in entrenching ourselves in the south east and we are not going to relent in doing that. The businesses are coming and we hope to grow them better because there are still tremendous opportunities there, notwithstanding the obvious challenges that are facing the economy of the southeast.

“The economy is so bad but we invested heavily in the retail line of business and of a truth, despite what we are having, our retail line of business is growing, and growing very well and that was what informed the network marketing model that we created. The network marketing is done in such a way that even as a customer or policy holder that is buying insurance, as you buy and introduce people, you earn incentives for the introduction. So you are not just buying the cover, you also make money from buying the cover. We devised it as a strategy to penetrate the market even now in this hard economic situation, so that people can earn money from their insurance purchase,” he added.

Patoma Admin by — July 14, 2023 in Insurance 0
IMT conference holds September

By Favour Nnabugwu

 

 

 

The second edition of the Insurance Meets Tech (IMT) conference is set to take place on September 28 and 29, 2023, at the Civic Centre Victoria Island Lagos, to address prevailing concerns in Nigeria’s insurance industry and on the continent.

Riding on the theme “Unlocking Policy and Tech Bottlenecks Hindering Disruptive Insurance Penetration”, IMT 2.0 will converge prominent players in government, finance, health, tech, and telecom sectors, as well as the prime sub-sectors players in insurance and insurtech, to brainstorm, untangle, and evolve viable solutions to the challenges of insurance penetration in Nigeria and across Africa.

The two-day conference will feature policymakers, regulators, keynote speakers, and sector leaders in panel discussions, exhibitions, specialised masterclasses, and product and service demos, providing a platform for stakeholders to share ideas, insights, and experiences on how to leverage technology to drive insurance penetration and improve the insurance industry’s efficiency and effectiveness, such as its use of data analytics to improve underwriting and claims management processes; cyber insurance; and the role of web aggregators in the industry’s value chain.

The conference will culminate in a gala and awards evening to recognise excellence and outstanding contributions to the industry. With the COVID-19 pandemic and enabling government policies accelerating the adoption of digital technologies, IMT 2.0 is expected to be a catalyst for the digital transformation of the insurance industry in Nigeria and across Africa.

According to the convener of the conference, Odion Aleobua, ‘IMT 2.0 will be a game-changer for the insurance industry in Nigeria and across Africa. This second edition will build on the successes of the first and provide stakeholders with more opportunities to network, collaborate, and explore innovative solutions to the challenges facing the industry.

“Since the inaugural edition of the conference in September 2022, the Nigerian insurance and insurtech sectors have made visible strides. The National Insurance Commission (NAICOM) affirmed that Nigeria’s insurance industry recorded a 36.3% quarter-on-quarter growth and a 17.8% year-on-year rise in gross premium income at N726.2 billion in the fourth quarter of 2022, compared to the previous year.

“Data provided by Statista in May 2023 revealed that the value of gross life insurance premiums written in Nigeria exceeded €600 million for the first time. In 2022, life insurance premiums amounted to €677.3 million, up from €545.2 million in the previous year. The growth margins can be attributed to various factors, including increased awareness of insurance products, the expansion of distribution channels, and insurance companies’ gradual adoption of technology.

“Statista also stated that ‘In 2022, the value of gross property and casualty (P&C) insurance premiums written in Nigeria amounted to almost 800 million euros. This figure is believed to be the highest value since 2000 as P&C premiums increased by 100 million euros between 2021 and 2022.’

“These figures are, however, dwarfed in comparison to the country’s South African counterparts, where the value of gross property and casualty insurance premiums written amounted to approximately €5 billion in 2022, and P&C premiums peaked in 2021 when they reached €9.35 billion. The gap is further broadened when considering global insurance industry figures, which, according to McKinsey and Company’s Global Insurance Report 2023: ‘Closing the Personal P&C Protection Gap’, surpassed $6.5 trillion in GWP in 2022, with P&C representing almost one-third of total revenues!

“We have thus carefully selected our speakers and panelists from industry leaders, tech giants, and government regulators to ensure that conference delegates get the best insights and experiences on how technology can unlock policy and tech bottlenecks hindering disruptive insurance penetration. IMT 2.0 promises to be bigger, better, and more impactful”, Odion added

Patoma Admin by — July 14, 2023 in Insurance 0
Leadway Assurance transforms vehicle assessment process with mobile phones enabled AI tool “Leadway VehiScannerAI”

By Favour Nnabugwu 

 

 

Leadway Assurance, Nigeria’s foremost insurer, is proud to announce the launch of a digital vehicle assessment process called the “Leadway VehiScannerAI” to enhance and simplify processes and bolster easy access to its services

The “Leadway VehiScanner”, an artificial intelligence-enabled tool available on mobile devices, is set to transform the vehicle assessment process, allowing users to scan vehicles, identify damages, facilitate pre & post loss inspection, get the instant inspection report, and accelerate claims requests processes for policyholders, all done conveniently from their mobile devices.

Commenting on the innovation, the Chief Executive Officer of Leadway Assurance, Tunde Hassan-Odukale, stated, ‘As a forward-thinking organization, we aim to continually lead the market by employing revolutionary tech-backed innovative solutions that seamlessly improve the customer experience, deliver unparalleled convenience that will ultimately culminate in speedy and simplified claims payment processes, which is where the insured gets the benefits of procuring an insurance policy. The introduction of the Leadway VehiScanner ticks all these boxes.

“With the Leadway VehiScannerAI, we eliminate the tedious and time-consuming traditional vehicle inspection process that requires policyholders to visit physical inspection centres. This AI-powered tool helps the policyholders perform comprehensive inspections remotely and conveniently via their mobile phone and instantly gets a robust result of inspections and areas that require attention”, Mr. Hassan-Odukale added.

The Leadway VehiScannerAI combines state-of-the-art computer vision and machine learning algorithms to accurately identify a wide range of vehicle damage, from minor scratches and dents to more complex external (vehicle body) issues on the vehicle. It delivers precise and reliable results. This advanced technology saves policyholders time and ensures a thorough assessment, minimizing the risk of missed or overlooked faults.

To avail of the benefits of this innovation, policyholders will receive a vehicle inspection request email with a link to access Leadway’s ‘VehiScanner’ tool. Users can initiate the scanning process by selecting either the video or picture option and rotating their mobile devices to landscape mode. The tool guides them through four scanning stages, including a 360-degree scan, Vehicle Identification Number, odometer, and damages. Once completed, users would click on ‘Submit and Upload,’ and a copy of their vehicle inspection report will be emailed to them in PDF format.

About Leadway Assurance

Leadway Assurance is a leading provider of insurance solutions, offering a wide range of products and services to individuals and businesses. With a strong focus on customer satisfaction and innovation, Leadway Assurance has established itself as a trusted and reliable partner for all insurance needs.

Patoma Admin by — July 14, 2023 in Insurance 0
Leadway Group unifies products, services offering via Leadway One Campaign

By Favour Nnabugwu

 

 

 

The Leadway Group, one of Nigeria’s leading non-banking financial conglomerates, has launched the ‘Leadway One campaign’ to showcase its various service and product offerings across all its associate companies.

‘Leadway One Campaign’ is the group’s affirmation of its capacity to be a one-stop destination for a potpourri of non-banking financial services, including insurance, pension management, wills & trust services, investment offerings, and health management offerings, from its associate companies, Leadway Assurance, Leadway Pensure PFA, Leadway Capital & Trust, Leadway Health and Leadway Asset Management.

Commenting on the campaign, the Group’s Chief Marketing Officer, Leadway, Olusakin Labeodan, stated, “This drive is a testament to our superior showcase of variegated products and services that fuels our unwavering commitment to provide comprehensive, yet simplified, convenient and accessible non-banking financial solutions for our customers.

With this campaign, we demonstrate an exquisite exhibition of the rich offerings across our group, opening doors to unparalleled synergy, wealth creation tools, risk and asset management, health and well-being solutions. These unified offerings amplify our ability to safeguard financial security, enhance well-being, and support individuals and businesses at every stage of their life and enterprise journey.

“Through this campaign, we seize the opportunity to express our capacity to offer Nigerians revolutionary market innovations, delivering unparalleled value under a well-curated cross-subsidiaries offering.

“We are doubling down on our affirmation that we are open to growing customers – individuals, families, businesses, and corporates alike, to a world of more opportunities, all in one place”, Mr Labeodan added.

Also commenting, the Chief Executive Officer of Leadway Assurance, Tunde Hassan-Odukale, said, “The Leadway One campaign is a robust expression of how we empower our diverse customers and elevate our collective purpose of expanding our capacity to build a world-class single-destination for seamless, safe, and secure non-banking financial solutions. It represents more than just a convergence of offerings; it embodies our revolutionary, future-forward-leaning product development credentials that underscore our superior value creation and delivers endless possibilities for all stakeholders.

“As a leading non-banking financial services group, we stand out with our one-stop-shop of comprehensive insurance policies, pension and retirement life support, risk and asset management, health solutions and wealth transfer; we are best set up to empower individuals and businesses to navigate the opportunities and vagaries of life and enterprise with unwavering assurance and confidence. Through Leadway One, we aim to transform lives, enabling individuals and businesses to chase their dreams, embrace their passions, and safeguard their futures.

“This opportunity for a unified financial services bouquet, promises a seamless customer experience, streamlined processes, amplified convenience, and assured unparalleled service delivery. We are optimistic that such convergence will become a catalyst for transformation, where individuals and businesses alike can thrive in an ecosystem that prioritises their unique needs and aspirations.” He added.

Patoma Admin by — July 14, 2023 in Insurance 0