Staco Assures Customers Prompt Payment of Genuine Claims

By Dipo Olowookere

Customers of Staco Insurance Plc have been assured quality service delivery because the company was established to meet their underwriting needs.

A statement from the firm reiterated its focal corporate strategy to meet the needs of the insuring public as part of its value proposition and offering of beneficial insurance products to fill in the already identified gaps with commitment to settlement of claims promptly.

“We are poised and prepared to reassure all customers that prompt attention is given to all genuine claims. We equally assure all stakeholders that Staco will continue to remain a reputable brand noted for exceptional and efficient customer service delivery and professional underwriting capacity,” Managing Director, Mr Bayo Fakorede, declared.

Business Post reports that in the second quarter of 2019, Staco paid over N628 million claims to customers, while in the 2018 financial year, the insurer paid claims of over N1.6 billion.

The company said the claims payment were made across all classes of general insurance business with Fire Insurance gulping the largest chunk with over N528.97 million, followed by Motor Insurance claims of over N392.91 million while Oil and Gas got over N348.35 million as claims payment amongst other classes of business.

The MD further said Staco was very much in business and has built capacity to continually meet customers’ obligations in terms of offering quality products and prompt claims settlement while staying focused towards being a socially responsible organization towards all stakeholders.

He also reaffirmed the company’s commitment to initiate a system whereby the brand remains a paramount player in the industry said that, insurance as a strategic mechanism for business sustenance and asset protection can only become a reality and concrete when genuine claims are made and paid.

According to him, the need to have more personalised products necessitated the reintroduction of three customised insurance products earlier this year.