KBL Insurance reports payment of over N2.6 billion claims in 4 years

By Rosemary Iwuala

Nigerian underwriting firm, KBL Insurance Limited, said it has paid over N2.6 billion claims to its customers in the last four to five years as part of its commitment to make prompt claims settlement a priority, and also encourage Nigerians to insure their valuables and promote insurance culture in the country.

The Insurance company which is one of the new generation insurance companies that provides innovative risk management solutions  in Nigeria made the disclosure recently during a media chat held in Lagos, the country’s economic hub.

Giving a breakdown of claims paid by the company, Ajawihe  said that the claims from motor insurance alone contributed about 48.2 per cent across settlements.

Speaking on what the KBL Insurance Limited planned to do differently in 2023, to encourage subscribers, Charles Ajawihe, the company’s executive director, business development and operations,said the company, said it is making improved efforts  towards sustaining the same speed in all the company’s claims settlements as long as all necessary documents are promptly made available for proper verification.

Ajawihe further disclosed recently launched a new enterprise resource planning software, called IES-Online application, which is part of its strategy in contributing to the growth of the industry in Nigeria by making its services more accessible to the insuring public, thereby  bringing services closer to its customers.

The executive director explained that IES Online is a digital application that comes with various modules structured to help transform manual operation and processes of various aspects of the entire insurance underwriting, claims settlement, delivery of certificates, discharge vouchers and insurance policy documentation to customers with speed and in record time, as never been seen in the insurance business in Nigeria.

According to Ajawihe, a lot of developments have occurred in the insurance industry, with technology playing a lot of critical roles.

This, he noted, is deliberate as the processes are now faster, less cumbersome and policies are written in simple language for every policy holder to read and be able to interpret.