Oceanic employs bancassurance to sell insurance




The Executive Director, Operating Resources of Oceanic Bank Plc, Mrs. Morounfolu Dosunmu, has said that the Oceanic Insurance Group is transforming service delivery in the sector through effective bancassurance operations.


According to her, “these bancassurance channels enable our clients conclude various transactions via over 370 Oceanic Bank branches nation-wide.” This synergy with Oceanic Bank, she said, would enable them to provide and distribute cost effective insurance products across the nation.


Dosunmu said this at the members’ evening of the Nigerian Council of Registered Insurance Brokers (NCRIB) in Lagos recently, adding that Nigeria’s insurance sector has over the years been described as a “Brokers Market”  in light of brokers’ role in generating most of the business underwritten by insurance companies. “This clearly demonstrates your relevance to the success of the sector and to the Nigerian economy at large.”


“She said with Oceanic Insurance Company Limited, Oceanic Life Assurance Limited and Oceanic Health Management Limited, the Oceanic Insurance Group (OIG) is backed by assets in excess of N11.334 billion. We have a perfect mix of capital and strategy that are expertly deployed to create value for all our clients and stakeholders,” she stated.


To the Group Managing Director of Oceanic Insurance Group, Mr. Prince Lafor Olateru-Olagbegi, the group parades an array of highly experienced professionals with industry-wide qualifications, “our focus on excellent service delivery, proactive market research and product development, and human capital development makes OIG an outstanding insurance provider.”


Furthermore, Dosunmu said that the test of great insurance companies lies in their ability to pay claims, adding that “OIG has a formidable claims administration process that places high premium on empathy for our clients and prompt payment.”She said the group’s audited results show claims payment totaling N368 million for insurance and N652 million for Oceanic Life as at December 31, 2009 and a total of N843 million for Oceanic Insurance and 791 million for Oceanic Life in barely three years of operations. “When it comes to claims payment, we are committed to keeping our word.”


Olateru-Olagbegi informed that the gross premium for Oceanic Insurance grew from N196 million in 2006 to N2 billion in 2009 while that of Oceanic Life grew from N352 million in 2007 to N497 million in 2009. Profit before tax growth was from N34 million in 2006 to N553 million in 2009 for Oceanic Insurance,  profit after tax for Oceanic Life was N258 million in 2007 and N103 million in 2009. Total assets for Oceanic Insurance increased from N3 billion in 2006 to N6.7 billion in 2009 while for Oceanic Life, grew from N2.5 billion in 2007 to N4.1 billion in 2009.


According to the managing director of OIG, Oceanic Insurance has a strong capital of N3 billion, Oceanic Life N2 billion while Oceanic Health has N100 million and has a vision to be one of the leading financial risk managers in West Africa by 2015.





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