Law Union & Rock Eyes Retail Option, ICT Towards N1bn Revenue Target
By NGOZI Onyeakusi
Law Union $ Rock Insurance Plc. said it was leveraging on ICT to explore various retail business opportunities in the country.
The Managing Director of the company, Jide Orimolade while briefing the journalists during the firm’s CEOs forum organized by the National Association of Insurance and Pension Correspondents (NAIPCO) said the Law Union & Rock was poised to achieve its target of increasing it gross premium by 50 per cent to N1 billion by the end of the year.
Consequently, he noted that the firm was venturing into a lot retail business options by leveraging of ICT to ensure the dream become a reality.
“Yes we have that ambition of attaining 50 per cent by the end of this year, to date we are still at 17 per cent in terms of our growth compared with year, but we are putting a lot strategy in place to see that we are up and come to the 50 per cent, and as we have told our stakeholders that we are looking at 50 per cent , so for us it is a challenge, you know we set the target for ourselves not as if it is the board that set it for us, so we are looking at achieving it by the end of the year”, he said.
Highlighting some of things the firm was doing to actualize the dream, Orimolade stated that the company was working to boost activity of its branches using technology.
“What we use to impress our customers is prompt claims settlement and our IT, so once we engage them on these two things they are always eager to come back. Well there are a lot of things we are doing to actualize the N1 bn target, we have talked about branches, we already have 13 branches, so what we are doing is to use technology to power those branches, it not necessary the number of branches, I know some banks and some insurance that have fewer branches but because of the robustness of their technology, they are able to get share of the market. Also don’t forget that there there is the platform of bankassurance, we intend to use that to deepen our branch network, you don’t necessarily need to have a bread and butter branches, once you have technology which is more fluid you can use it to get where your branches are not and of course with the platform of bankassurance, we should equally be able to get where our branch cannot”, he assured.
He noted that the the firm was equally leveraging in opportunities made available by growing interest in Agriculture by the Federal Government to made the set target.