Guinea Insurance repositions operations to strengthen underwriting business
By Business AM
Guinea Insurance Plc said it is repositioning operations to expand its underwriting business in Nigeria and deepen its penetration in the insurance industry.
The underwriting firm stated this at the Nigerian Association of Insurance and Pension Editors’ (NAIPE) first quarter 2023 CEOs Forum held in Lagos.
Speaking at the event, Ademola Abidogun, managing director/CEO, Guinea Insurance said the firm is being repositioned to ensure value creation and optimum returns to its shareholders.
“We have a very robust board and workforce that is made up of accountants, lawyers and other professionals with a very strong business experience working together to ensure we are where we are today.”
Abidogun also disclosed that Guinea Insurance has secured the approval of the National Insurance Commission (NAICOM) to offer agric insurance to farmers in Nigeria, in line with its plans to seal international partnerships that will enable it to deliver value and gain more prominence in the country’s growing agric space.
He noted that the company has invested so much in its staff training and acquisition of technology, adding that it currently has so many portals including the Third Party Portal which helps in its motor business operations. Motor Business, he said, still remains the biggest of the company’s products which involves the participation of partnership brokers.
Abidogun further disclosed that the company is also getting new businesses from brokers such as marine Insurance. He pointed out that this segment is also growing despite the fact that there have been a lot of challenges in the areas of dollars and importation.
“Our oil and gas business portfolio too has also picked up because people are very passionate about insurance,” he added.
According to Abidogun, the company’s portal for its motor and marine insurance business is strengthening their partnership with some brokers which he said have started patronizing them.
“The brokers partnership, our new business initiatives, our portal that we have for Motor and Marine insurances and some business with government agencies combined to ensure that we are getting value for our shareholders,” he said.
Commenting on the company’s approach to opening new branches, he said “We really don’t want to open a lot of branches but what we are doing is to have as many sales outlets as possible because opening new branch offices now is very expensive. We want to have sales outlets and well run central underwriting systems and a central accounting system.
According to him, although Guinea Insurance has few branches in strategic areas, the company also want to open more sales outlets in strategic areas to complement the existing branch and enhance operations in selling most of its products and repositioning its brands there.