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Published On: Tue, Oct 28th, 2014

LASACO Assurance settles N2.4 bn claims in 2013

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LASACO Assurance PlcStories from Ngozi Onyeakusi, Lagos

LASACO Assurance Plc has settled gross claims worth N2. 4 billion in 2013, representing a 84 per cent increase over 2012 figure of N1.3 billion.

Addressing shareholders at the company’s 34th annual general meeting in Ilorin, Kwara State, Chairman of the firm, Mr Ashim Oyekan, stated that in line with the company’s resolved to live up to its responsibilities to its policyholders , it had continued to ensure prompt claims settlement.

According to him, in spite of the harsh economic environment, the firm recorded improved performance in its bottom line, company’s total asset grew by 13 per cent from N11..8 billion recorded in 2012 to N13.4 billion in the 2013 financial period while shareholders fund which stood at N5..5 billion in the comparable period of 2012 increased to N5.8 billion in the period under review, representing a growth rate of five per cent.

“The shareholders’ fund grew by five per cent from N5.5 billion to N5.8 billion in 2013 and total asset increased by 13 per cent from N11.8 billion to N13.4 billion” he said.

He attributed the success recorded by the company to a universal strategy introduced into the its operations aimed at continually improve its corporate brand recognition and ensure efficiency of its quality management system, adding that company had commenced its brand rejuvenation which emphasized effective customer communication.

Speaking further Oyekan said the firm would continue to focus on improved brand visibility, increased investment returns and a more effective employee engagement as well as effectiveness of its customer relations management and online sales platform.

He noted that the firm has successfully installed an e payment platform which it started making efforts since last year to collaborate with Interswitch Limited to adopt an e-commerce for the improvement of customer service. “We have concluded the e-payment platform and the revamping of our website to enhance better customer experience,” he said.

He promised that it would continue to provide the support and protection for the investment of the company because the future was promising.

According to him, in 2013, the National Insurance Commission commenced the effective enforcement of the regulation on premium collection and remittance known as no premium, no cover.

This, he added, had helped to improve the cash flow of the insurance industry generally.


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