The International Energy Insurance (IEI) says it has restrategised to meet the needs of the insuring public and insurance brokers through the intervention of the interim management and insurers regulatory body, as well as integrity of its internal board,
Chairman, IEI Board, Bukar Gani Aji, stated this at the annual 43rd general meeting of the company, in Lagos on Tuesday, adding that with the recent repositioning in the insurance company,“People can entrust themselves and other clients with the management of their pensions and financial services in IEI.
“The interim management board, with a very firm and straightforward assistance and cooperation from the National Insurance Commission (NAICOM), started gaining public confidence in the company. This is from what people saw and what they read that the company is being resuscitated, and repositioned towards profit making,” he said.
Aji thanked the new investor (Norrenberger Financial Group), for helping IEI successfully to conclude a five-year annual report of the company at the meeting, and obtaining the approval of the National Insurance Commission (NAICOM) to acquire 100% equity holding in the company, as well as further obtaining the final approval of NGX for the block acquisition of 50.6% equity holding in the company.
He also commended NAICOM for seeing value in IEI, adding: “There is still value in the company and they brought in very strong people with intense and high integrity to manage it as an interim board.”
Describing the firm’s performance in the year under review as excellent, Aji said: “In this last one year, staff morale has been boosted, salaries of staff have been paid, and all liabilities settled. People or corporations that are doing businesses with the company are being paid. Insurance claims are being paid. A lot of new things are happening. Thanks to the new investor that came. The company certainly holds a lot of promise going into the future.”
“When the public saw that the interim management board came in with a very firm, straightforward assistance and cooperation from NAICOM, they started regaining confidence in the company.”
Explaining the firm’s current capacity to underwrite major risks, Aji said: “With the new investments and investors, we are ready. We’re ready to underwrite all requests that come to the company. We are not yet 100 percent there, but we have started the journey.
“We are on our way to building public confidence. People have come highly encouraged.”
Also at the event, Tony Edeh, Group Managing Director, Norrenberger Financial Group, core investors in IEI, stated that the firm will do things differently going forward in the area of recapitalisation in line with the NIACOM’s guidelines.
According to Edeh, IEI will entrench extensive delivery of products and services, optimize staff body, ensure that the company’s employees meet world-class standards, as well as optimize the processes and systems in which the organisation works.
“We’re going to also revamp our products to ensure that they speak to the specific needs of the marketplace. Once we do this, the company is on its path of growth.
The Managing Director, IEI, Ebun Ayeni, while calling for a rebranding, said: “Going forward, we have a plan that for the first five years, we want to be one of the 10 digital insurance companies; in 10 years’ time, we want to be one with the five top insurance companies.”
While calling for a rebranding, the Managing Director said: “One of the functions of production is branding; production, public relations and actually getting our markets by way of identifying our brokers and the principal owners of different arms of the insurance industry.”
