Sovereign Trust Insurance (STI) Plc, one of the leading insurance companies in Nigeria, is committed to providing world-class insurance and financial services while its mission is to improve the daily lives of its many customers through to innovative insurance and financial services, while creating exceptional value for shareholders.
After starting operations in 1995, Sovereign Trust Insurance Plc has continued to meet its obligations to deliver value to its teeming policyholders when it comes to claims settlement, which today has defined the underwriting company as the one of the leading insurance companies in the industry.
A testimony of this fact showed that the company paid a whopping N13.3 billion as claims over a five-year period between 2016 and 2020, underscoring its strong financial capacity and unwavering commitment to guaranteeing customers peace of mind while on the move. their various undertakings without fear of any kind.
Olaotan Soyinka, Managing Director/CEO of Sovereign Trust Insurance Plc, commenting on the claims history, said it was company policy to pay all genuine claims promptly, stating that settling claims is the one of the main reasons the company is in business.
Soyinka said, “We consider paying claims to be a priority in our business and that is why our clientele and broker partners have trusted us and continued to do business with us over the past few years.”
He said that assurance is about building trust and trust, and that is why customers who get our service recommend us to other customers without us even knowing it.
He added that the company has strengthened its ability to continuously meet customer obligations in terms of providing quality products and resolving all genuine complaints promptly to customer satisfaction.
Olaotan Soyinka said that to achieve this excellence in customer service, the company has invested heavily in technology that ensures customers of any
part of the world is able to file claims, track processing and get paid without having to meet staff one-on-one.
According to him, this applies to all lines of business, except those that require the intervention of adjusters and in certain other extenuating circumstances.
Also commenting on the organization’s intent with respect to claims settlement, Jude Modilim, Executive Director, Technical Operations, asserted that “there is no compromise on true claims settlement at Sovereign Trust Insurance Plc as the primary business objective is to ensure that our many customers enjoy the benefits of taking out any form of insurance policy with us through the prompt settlement of their claims when required.
“For us, this is the only way to prove that we are well aware of our responsibilities as an underwriting company in the country. We intend to meet this obligation and we will always strive to keep our promise, said added Modilim.
The ownership of the company is made up of diverse shareholders among a wide range of individuals and institutional investors with a strong Board of Directors comprised of distinguished personalities.
Also read: Nigerian insurers see rebound in investment income
In 2021, the Company was upgraded from an A- rating to an A rating based on the new financial situation of the organization and the stable outlook from a statutory solvency perspective. Our continued success over the years has seen the company’s performance rank among the top players in the insurance industry in the country.
From 2007 to 2020, South Africa-based rating organization Global Credit Rating (GCR) consistently rated the company A- in recognition of the company’s high claims-paying ability in the insurance industry. . Rating considerations, among others, were also based on the company’s large capital base and adoption of the Enterprise Risk Management (ERM) framework coupled with strong internal capital generation, returns investments, currency gains and a solid liquidity profile supported by a conservative asset allocation strategy. Sovereign Trust Insurance Plc continues to be the lead underwriter for most major oil and gas projects in Nigeria.
Since its inception, the company has grown from an average industry rating to a leadership position, investing in the best of people and technology, improving processes, increasing market share at an annual growth rate average of 30% and expanding the size of its balance sheet.
The company continuously strives to be among the top five insurance companies in Nigeria, led by a Board of Directors comprised of reputable individuals who have distinguished themselves in different fields of business.
With the head office located at 17 Adetokunbo Ademola Street, Victoria Island, Lagos and other regional offices and branches spread across the country, the daily operations of the company are supported by an experienced and dynamic workforce.