Wapic Insurance Pays N10.6bn claims in Five Years

Wapic Insurance Plc paid a total of N10.6 billion claims between 2013 and 2017.
The Managing Director of the company, Yinka Adekoya,who made the disclosure, said the company’s management, through articulation of a strategic direction for the owners, has maintained a history of accomplishments in the financial services sector including banking.

“As a result of this effort, claims pay-out has risen progressively to N10.6 billion. Resolution of some outstanding and disputed claims became possible with a record sum of N2.13 billion paid as claims in 2013,” she said.
According to her, for many years, insurance industry in Africa has bad history of claims settlement but that her company’s arrival changed the story.

“The issues at Wapic Insurance upon our arrival were reflective of the general problems facing the insurance sector in Nigeria but motivated by our transformation objectives, we carried out a diagnosis of the situation and discovered that there is a huge barrier sprouts between insurance companies and policy holders soon after insurance policies are purchased,” she said.

Adekoya said the situation might not be created knowingly but is the reality of what non-human- centred organisational processes has created and the misunderstanding that ensued from inadequate engagement with insurance customers.
“Regrettably, policy holders experience anguish when the need to extract benefits of their contracts with insurance companies arise. However, there seems to be a reawakening in the industry that has put customer satisfaction and service experience at the heart of the revolution,” she said.

According to her, as the signpost for service excellence in the insurance industry, Wapic’s quest for restoration of industry reputation has yielded significant benefits after a year of a rigorous process review and extensive claims audit.

She said the exercise, undertaken to provide succour to insurance clients and set the practice on a world-class standard manifested in the progressive growth in the company’s paid claims, from N1.63 billion in 2015, N2.86 billion in 2016 to N3.06 billion in 2017.
“This commendable growth is a valid testament to the company’s commitment to value creation and exemplary customer experience role,” she said.

She said with its recent digital revolution culminating in acquisition of a new core operating system and iPortal’, the interface between the company and its customers will become more effectual with latent phenomenal influence on claims settlement process.
“This is predicated on the envisaged similarities between the impact of this strategic corporate undertaking and the effects online real-time systems had on the banking sector,” Adekoya stated.

She said the insurance application, which is configured to ensure that interactions with Wapic Insurance is most enjoyable and reinforces the company’s status as the most resourceful underwriter in the industry, is suggestively the beginning of digital revolution in the Nigerian insurance sector.
She said through this, Wapic insurance has again successfully played its industry-confidence restoration role through new service paradigm hinged on innovation, empathy and operational efficiency.