STI pays N387m claims in Q1, 2016
By ABDUL-KHALIQ OLALEKAN
Sovereign Trust Insurance Plc has assured its numerous clients nationwide prompt payment of genuine insurance claims as at when due, even as it paid N386.9 million as claims in the first quarter of the year.
A statement released by the firm and made available to Business247 at the weekend, states that the total claims figure was duly verified by the National Insurance Commission (NAICOM) for the period under review.
A rundown of the claims composition paid revealed that Motor Insurance claim recorded the highest figure of N151.4million, followed by General Accident accounting for N140.8 million while N78.8million was paid as claim under Fire Insurance.
Other figures as released by the organisation are N9.9 million for Marine & Aviation Insurance while N6 million was paid as claim under engineering class of insurance.
Commenting on the claims payment, the Divisional Head, Technical, Mr. Rufai Tajudeen reiterated the fact that the company is totally committed to settling all genuine claims within agreeable periods.
According to him, “there is no compromise to claims settlement in Sovereign Trust Insurance Plc and that will always remain so to keep our customers always coming back. Prompt claims settlement no doubt will remain the enduring yardstick for our customers in determining whether we are delivering on our promise or not. We do not intend to fall short of this obligation and we will continually strive to make good our promise at every point in time.”
He further stated that the company has put in place a friendly claim process which ensures that customers do not go through undue bureaucratic process in getting their claims settled in good time.
In the same vein, the Managing Director/Chief Executive Officer of the organisation, Mr. Olaotan Soyinka, said over the years, the company’s prompt claims settlement has helped to strengthen the relationship between them and their various customers across the country. “We do not allow our customers to go through distasteful experience in the process of getting their claims settled. Our processes are hinged on professionalism, speed, ethics and promptness,” he said.
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