FBN Insurance pays N16.1bn claims in 2021, CEO says customer’s king

BY ANITA OKORO

FBN Insurance, which underwrites life insurances, paid out N16.1 billion in claims to its insured customers in 2021, Val Ojumah, the company’s managing director and chief executive Officer, has disclosed.

Ojumah, speaking to the media about the company’s claim profile in Lagos recently, said that the company is committed to delighting and satisfying its clients, noting that this was non-negotiable.

“At FBN Insurance Limited, we are in the business of paying genuine claims that are due. Our strategy remains to provide financial security for our clients and as always, we will not rest on our oars to exceed our customers’ and stakeholders’ expectations, because, to us, the Customer is King,” Ojumah said.

He also affirmed that customer satisfaction was the fulcrum of the insurance business and that it inevitably builds customer loyalty, adding that FBN Insurance would not fail to ensure that customers’ satisfaction is its priority.

“We believe once FBN Insurance is able to pay customers’ claims as they arise, numerous customers and the general public will have faith to take up more life policies because they are convinced that should a claim or loss arise, FBN Insurance will be able to meet its financial obligations to them,” he said.

Meanwhile, Ojumah further noted that the company also paid N11.5 billion claims in 2020; adding that this was in spite of the challenging operating environment in the country, especially as the world continues to battle with the economic effect of the covid-19 pandemic.