Universal develops products for the grass roots

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The Managing Director, Universal Insurance, Mr. Ben Ujoatuonu, has said that the company is introducing a number of microinsurance products meant to take insurance to the grass roots through.

He said, “We are doing corporate and government business, and we are working on products to develop microinsurance,” he said.

Ujoatuonu, however, said that the company was waiting for the approval of the National Insurance Commission before it could introduce the products.

The managing director explained that it submitted its 2015 financial accounts to the regulator last year, but had some delay in getting approval because it needed to explain some issues on its assets to the commission, a reason why it could not meet last year’s submission deadline.

According to him, the firm’s capital and solvency margin were above the industry’s minimum requirement.

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He observed that there was still low insurance participation in the country, and stressed the need to develop the retail segment of the industry.

According to the managing director, the company is a responsible organisation that is ready to cooperate with the regulator in the risk-based supervision.

He said that Universal Insurance had reviewed its framework, which was the standard for the risk-based supervision and submitted it to NAICOM to show what it was doing in implementing it.

He also said that the company moved its head office from Victoria Island to Gbagada in Lagos in order to create a more functional and befitting structure for the firm.

To be more accessible, he said, Universal Insurance had opened offices in different part of the country and had plans to open new ones.

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Ujoatuonu said that it was developing its electronic means of selling insurance, adding that its third party motor insurance could be bought online.

“We are creating a niche for ourselves and we are poised to bring value to our stakeholders,” he said.

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