6 December 2017

Nigeria: Law Union and Rock Insurance Reviews Claims Payment System

Law Union & Rock Insurance Plc, said it has reviewed and digitalised its claims payment system to ensure that claims processes are completed and delivered within the shortest time expected by its customers.

The company, said it paid a total of N611,058.4 million claims in the third quarter of 2017 and a total of N1.25billion from January to date in 2017.

The company's Managing Director, Jide Orimolade, who disclosed this at a media parley in Lagos recently said the company was well aware of the fact that the best way to advertise its operations to the public was through speedy claims settlement process which would earn it good image before the insuring public.

He said as a result, the company is focusing attention on improvement of its claims process and digitalisation of its processes so that its customers can not only buy the company's policies at the comfort of their homes but will also access their claims from their homes and in their offices.

He said this has earned Law Union and Rock Insurance good recognition and special commendation from its numerous customers.

"You will all agree with me that one of the ways of measuring company brand visibility is through public recognition and award.

Part of our corporate objective is to create niche for ourselves in the industry. We are not unmindful of the competition which is characterised with price war in the industry, but we believe we could navigate through by differentiation and best service delivery.

It is on this onerous focus that we have been giving our best to our esteemed customers", he said.

Citing some comments made by the company's customers whose claims were settled within the shortest time, Orimolade stated that Mr. Adekunle Juba, testified that our service "Fast, Efficient & Satisfactory".

He added: "Mr. Uzo I.B after payment of his claim said it was "very good, prompt claim resolution".

According to him, because the company is committed to best service delivery to its esteemed customers, it has been committed to the continuous improved service delivery through technology.

On the future prospects if the company, Orimolade said that federal government has presented a proposal of N8.612trillion budget with an improvement on capital expenditure which is 30.8 percent of the budget.

He expressed optimism that with improved revenue, decrease in domestic borrowing (as the government has planned to reduce their borrowing share to 60 percent domestic and 40 percent foreign) with signal of decrease on interest on treasury bill, there would definitely be an improvement in economic bubbling.


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