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Staco Insurance to Drive Micro Insurance for Enhanced Performance

Goddy Egene

The Group Managing Director/Chief Executive Officer of Staco Insurance Plc, Dr. Sakiru Oyefeso has said the company will embark on strategic expansion aimed at exploring and capturing new frontiers that will enhance the company’s performance.

Oyefeso, who stated this in his report to shareholders at the 21st annual general meeting (AGM) held in Lagos at the weekend, noted that the company would pursue and drive the micro insurance concept for better share of the market and increased market value.

The CEO added that the company is favourably disposed towards widening insurance density through grassroots penetration.

“To this end, we have developed strategy towards direct market penetration for possible re-balancing of underwriters’ distribution mix which could have significant effects on client acquisition. Above all, our greatest marketing strategy lies in the company’s passion for high standards and prompt claims settlement,” he said.

Oyefeso said these values have overtime engendered confidence in the company’s clients for renewed business.

“As a company that is alive to its repsonsibilities, we ensure that all genuine claims were paid to its affected policy holders during the outgone year. Against the perception out there about insurance, in 2016 for instance, we paid the sum of N1.99 billion to our various clients. We use this opportunity to reassure our policy holders that prompt settlement of claims will always be our priority and this will continue to be the business philoshy of our company in the years ahead,” he said.

Oyefeso said the company’s service delivery is anchored on the philosophy of quality service first time, every time.

“This has been the watchword of our company and we endeavour to deliver exceptional service at every level in high esteem and we strive to delight all our external and internal customers at all times. Our impressive track record of excellence service delivery has played a major role in the continuous growth of the company,” he said.

The Staco Insurance Plc boss disclosed that the company in particular and industry at large has received support of National Insurance Commission (NAICOM) in its promotion of opportunities and transformation agenda.

“This to a large extent, has prompted our active involvement in the industry drive for Market Development Restructuring Initiatives (MRDI). Nevertheless, the industry continues in its steady growth with positive signs of development, it is worthy of noting that there is need for more growth when compared to other emerging markets,” Oyefeso said.