KEY POINTS
- GNI says it has cleared more than 3 billion naira in outstanding claims.
- The insurer has set a 48-hour target for paying verified claims.
- GNI held brokers’ forums in Ibadan and Lagos to rebuild trade ties.
Great Nigeria Insurance Plc says it has cleared a claims backlog of more than 3 billion naira as part of an overhaul aimed at rebuilding customer confidence, Vanguard reported.
The company described the payout as one of its most aggressive debt-clearing efforts in recent years. It follows a reconstitution of the insurer’s board and executive management, which the company said set out to tackle long-running structural problems.
Chief among those problems was a pile of outstanding claims that, the company acknowledged, had badly damaged customer trust and strained ties with industry partners. So it made immediate claims settlement central to its turnaround plan.
New 48-hour target to prevent another claims backlog
To stop future backlogs, management has set a maximum 48-hour window for processing and paying verified claims, GNI said. Under the new service level agreement, payment must be authorized within 48 hours once adjusters have documented and verified a claim.
Management insisted the target is “not merely a promotional promise.” Instead, it said streamlined digital workflows and revamped internal approval controls will back it up.
Insurer moves to win back brokers
Meanwhile, GNI hosted two brokers’ forums, themed “GNI Reloaded,” in Ibadan and Lagos to formalize the shift and rebuild trade channels. Brokers handle a significant share of commercial and institutional policies in Nigeria, the company noted.
Ultimately, the insurer said it hopes the mix of capital deployment and service reforms will establish it as a reliable player in Nigeria’s changing financial services sector.
