Wapic Insurance plc, said it has resolved to remain resilient and to embark on innovative technological investments that will bolster its core systems and capabilities with the aim to strengthen its operations in preparation for the 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 will embark on several activities that will enhance customer experience through artificial intelligence, digitalisation , new and improved sales platforms, new and bestspoken product development among other innovations which form part of its on going five year transformation agenda.
Wapic Insurance Managing Director, Adeyinka Adekoya, at the meeting, assured shareholders that with these efforts strategically deployed, there is assurance for growth, efficiency and higher productivity which will confidently enable the company meet the rising regulatory compliance demands.
Adekoya, who stated these while addressing shareholders on future outlook and plans of the company, noted that the year 2020, would likely experience continuous macroeconomic pressure and very challenging market situations and likely customer reluctance to insure.
According to her, Wapic Insurance, will continue to leverage its strategic partnerships with entities who 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, 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 corona virus 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 31,2019, the company’s new Chairman, Mr Mutiu Sunmonu, said Wapic Insurance in the year2019, posted N15.2 billion Gross Premium Written (GPW)
According to him, this represents 9.42 per cent growth from 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 noted that 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.
He informed the shareholders that the automation of the firm’s actuarial valuation operation process has been concluded and that the company is now able to seamlessly compute the traditional risk reserves, unexpired premium reserves and differed acquisition cost which hitherto was done manually.
He said the firm has identified Deloitte as partner for seamless implementation process of IFRS 17, stressing that the implementation process is expected to commence in third quarter 2020 to ensure the company’s readiness ahead of the regulatory date.
He implored the shareholders to approve the change of name proposal presented to them by the management adding that the company has already obtained initial approval on this from NAICOM but would make the new name public after securing approval from SEC and final approval from NAICOM.
Speaking from the shareholders point of view, the National Cordinator. Progressive Shareholders Association, Mr Boniface Okezie , noted that a lot of transformation has taken place within the Wapic Insurance group.
He also noted that the company was not lagging behind its peers and urged the company to allow this reflect in shareholders’ dividend payment.
The shareholders supported the proposed change in the name of the company.