Mr. Segun Balogun, MD, WAPIC Insurance
With a recent change of its name and identity, Wapic Insurance Plc, one of the composite risks underwriting groups in the country has repositioned its image to deliver excellent values to all stakeholders in the company.
The Managing Director of the company, Mr. Segun Balogun stated this while reviewing the impact of the rebranding of the company from Intercontinental Wapic Insurance Plc to its Wapic Insuarance plc.
He affirmed that the association of the company with Access Bank Plc has created value for shareholders
“Further to Access Bank’s acquisition of Intercontinental Bank, Wapic Insurance became a subsidiary of Access Bank Plc resulting in the strengthening of the insurance company’s operational capacity and business outlook. We have leveraged on Access Bank’s pedigree in corporate governance, risk management, service excellence and innovation.
“Also, the association with the Access Bank brand has energised the Wapic brand and repositioned it for industry leadership. Wapic Insurance rebirth and the realignment of institutional focus brought about by Access Bank’s influence are expected to rapidly change the insurance landscape in the country,” he said.
He recalled that in furtherance with its reposition strategy, the share capital of the company had been raised from N3.50 billion to N8.50 billion just as its vision, mission and values have been realigned with that of its parent company.
According to Balogun, the increase in the insurer’s capital base would boosts its capacity to underwrite all risks in all classes of insurance business and help it to meet claims and other financial obligation as they fall due in addition to creating values for all stakeholders.
He explained that with its new financial structure, Wapic Insurance now has access to the highest financial standards and principles guiding the operations of its parent company and access to a highly efficient system for managing risks and claims.
The new name of the composite insurance company, according to Balogun, “is congruent with the company’s heritage; a legacy hinged on provision of novel and customer-focused insurance, reinsurance and general risk management services.”
“Wapic Insurance through this corporate identity repositioning conveys its promises of excellence, professionalism, innovation and sustainable business practices. This name signifies a return to our heritage of industry leadership, unique product offering and unrivalled service,” he added.
Coming shortly after Access Bank’s acquired controlling shares in Intercontinental Wapic Insurance Plc, the company reverted to its old name, Wapic Insurance Plc. The change of name also applies to Wapic Life Assurance Limited (formerly Intercontinental Wapic Life Assurance Limited) and Wapic Insurance (Ghana) Limited (formerly Intercontinental Wapic Insurance, Ghana Limited).
The company prides itself as having built an enviable expertise in risk management and actuarial services. Its new logo, according to the management would further entrench its leadership position in the industry as well as its vision of transforming into one of Africa’s most respected insurance group.
The old logo of the company was replaced with a new one with Wapic written in the traditional blue pantone of Access Bank. Wapic Life, the logo of the Life Assurance arm of the insurance group and its Ghanaian subsidiary, Wapic Ghana now reflect the combination of the Access Bank blue and orange pantone colours.