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Rapid Transformation of Wapic Insurance Excites Adekoya

By Dipo Olowookere

Managing Director of Wapic Insurance Plc, Mrs Yinka Adekoya, has expressed delight over the huge transformation the company has gone through in the past months.

Mrs Adekoya is particularly happy with the N10.6 billion claims paid by the management of the insurer to its customers in last five years; between 2013 and 2017.

According to her, 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.

Mrs Adekoya noted that for many years, insurance industry in Africa has bad history of claims settlement but that her company’s arrival changed the story.

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“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.

She 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 arises. 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.

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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.

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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,” Mrs 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.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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