Recapitalization: NSIA Insurance Will Be Capitalized, Continue Business After 2020 – MD/CEO

By LOVETH AZODO, Lagos

Following the ongoing recapitalization exercise in the Insurance industry, the Managing Director/Chief Executive Officer, NSIA Insurance, Mrs Ebelechukwu Nwachukwu has assured the company’s policy holders and general public that with the management’s recapitalization plan, the company will be capitalized and will continue business after the deadline of the exercise, June 2020.

Addressing Newsmen at the company’s premise in Lagos, Nwachukwu disclosed that the company is curently been wooed by foreign investors who are ready to inject capital into the company, taking advantage of the recapitalization exercise adding that its plan has been approved by its regulator, NAICOM.

She said “Be rest assured we will be capitalized and continue business after the exercise is completed in June 2020, we have foreign investors talking to us, as a composite Insurance company we are expected to do 18Billion.”

However, Ebelechukwu stated that the recaptalization exercise will enable the company accommodate local investors adding that the joint shareholders of the company already have 96percent of the company.

“we want this process to be the one that allows us have more local investors come in. The group has already injected some additional money that is been processed on because they want to continue to hold about 70percent of the company, so we re just looking at 30percent additional investors to join the NSIA group, so this recapitalization processes will allow us bring in more local investors,” she said.

According to the MD/CEO, the company which lauds care as one of its core values has always paid dividends to share holders “there’s no year we haven’t increased the value of business to shareholders.”

The First-Class composite Insurance company, NSIA Insurance announced its “NO WORRIES” awareness campaign which kicked off on Monday, October 21 on radio stations across the country.

On the Campaign, she said “We are putting ourselves out there to remind our customers of our commitment to serving them well. We bear in mind their needs and provide tailor-made solutions to suit them. We are known as The true face of Insurance because we understand and respond to all aspects of the insurance business.”

As part of its diversified business approach, NSIA insurance announced partnership with Multichoice on the DSTV THANKS Program, to reward loyal DSTV subscribers with 10% discount on four identified products which includes; NSIA Comprehensive Motor Insurance, NSIA Motor Insurance- Third Party Fire & Theft, NSIA Householder Insurance and NSIA Personal Accident Cover.

NSIA Insurance also recently announced the successful completion of their 2019 ISO Surveillance Audit by the Standards Organization of Nigeria (SON), after they were awarded the ISO 9001:2015 Quality Management System Certification in May 2018. This certification was achieved due to the successful implementation of the Quality Management System and priority for customer satisfaction.

On Travel Insurance, She stated “Our Travel Insurance product has three main legs; the Medical Services package which covers medical expenses for sickness and injuries, emergency medical evacuation and repatriation, repatriation of mortal remains to the home country, convalescence expense and dental treatment due to accident. The Travel Assistance package which covers terrorism, catastrophe, loss of passport, travel documents and luggage as well as trip cancellation and legal fees. The Free Medical package which covers delivery of medicines, 24-hour phone assistance, and medical referral to local medical specialist, relay of urgent messages and personal liability to third parties for injury, death or property damage.

The company prides itself as a provider of a unique Health Insurance policy which is provided in partnership with Hollard, one of South Africa’s largest independent insurance companies, and Cigna, one of the World’s leading providers of Health Benefits. This strong partnership makes it possible for the company to provide a robust health plan that gives employees access to quality healthcare in Nigeria, Africa and across the globe, depending on the package of choice within the plan.