Wapic Insurance Plc has said it will embark on innovative technological investments that will bolster its core systems and capabilities as well as strengthen its operations.
This, is said, would also prepare the company for the anticipated stiff competition likely to confront insurance sector in the current challenging year.
The company, at its 61st Annual General Meeting held in Lagos, informed shareholders that it has resolved to embark on several activities that would enhance customer experience, such as the adoption of artificial intelligence, digitalisation , new and improved sales platforms, among other innovations, which form part of its on going five year transformation agenda.
Wapic Insurance Managing Director, Adeyinka Adekoya, while speaking at the meeting, assured shareholders of improved growth, efficiency and higher productivity.
Adekoya, noted that year 2020, would likely experience continuous macroeconomic pressure and very challenging market situations and likely customer reluctance to insure According to her, Wapic Insurance would continue to leverage its strategic partnerships with entities that add value to its business while remaining steadfast to its objectives.
“We remain focused on our goal to deliver sustainable returns to you our shareholders and with our ever-growing experience, excellent talent and total dedication of our staff. The trust and loyalty of our customers, the expert guidance of our dedicated board of directors, your continued support and improved processes we have no doubt of our position as a true market leader in the insurance industry,” she stated.
Speaking further, she said, “With the devastating effects of coronavirus on the country and the global economy as a whole , the crash in crude oil prices and the attendant effects on exchange rates and interest rates, it is hard to deny the expectation of an economic recession, which may likely span beyond the third quarter of the year.”
Announcing the company’s financial performance for the year ended December 31, 2020, the company’s Chairman, Mr. Mutiu Sunmonu, said Wapic Insurance in 2019 posted N15.2 billion Gross Premium Written (GPW)
According to him, this represented a 9.42 per cent growth from the N13.89 billion premium written by the company in 2018.
He noted that Wapic General Insurance paid N2.03 billion claims in 2019 and has paid over N814 million claims in half year 2020.
He further said in spite of the lockdown, brought about by the COVID-19 pandemic, the company has received regulatory approvals for Bancssurance model which is in final stages of development, adding that the firm hopes to conclude and deploy the Bancassuance model before the end of 2020 financial year.
Speaking at the meeting, the National Coordinator. Progressive Shareholders Association, Mr. Boniface Okezie, said a lot of transformation has taken place within the Wapic Insurance group.