Sovereign Trust Insurance …providing protection at its best

Sovereign Trust Insurance (STI) Plc, one of the leading insurance companies in Nigeria is committed to providing insurance and financial services of global standards, while its mission is geared towards improving the daily lives of its many customers through insurance innovative and financial services, creating exceptional value for shareholders.

Having commenced operations in 1995, Sovereign Trust Insurance Plc has continued to fulfill its obligations in terms of providing value to its policyholders in terms of claims settlement, which today has designated the underwriting firm as one of leading insurance companies in the industry.

A testament to this fact showed that the company paid a whopping sum of N13.3 billion in claims over a 5-year period between 2016 and 2020, underscoring its strong financial prowess and unwavering commitment to guaranteeing its customers her peace of mind while they continue. their various businesses without fear of any kind.

Olaotan Soyinka, Managing Director/CEO, Sovereign Trust Insurance Plc commenting on the claims history said it is the company’s policy to pay all genuine claims promptly, stating that settlement of claims is one of the main reasons the company is in business .

Soyinka said, “We take claims settlement as a priority in our company and that is why we have remained trusted by our clientele and our brokerage partners who have continued to do business with us over the past years.”

He said insurance is all about building trust and confidence, and that’s why customers who take advantage of our service keep recommending us to other customers without us even knowing.

He added that the company has built capacity to consistently meet customer obligations in terms of providing quality products and prompt resolution of all genuine claims to satisfy customers.

Olaotan Soyinka said to achieve this excellence in customer service, the company has invested heavily in technology that ensures customers from every

part of the world is able to submit their claims, track processing and get paid without a face-to-face meeting with staff.

According to him, this applies to all lines of business, except those that require the inclusion of loss adjusters and in some other extenuating circumstances.

Also commenting on the organisation’s aim in relation to claims settlement, Jude Modilim, executive director of Technical Operations, asserted that, “there is no compromise on true claims settlement at Sovereign Trust Insurance Plc because the company’s primary focus is to ensure that our packed customers enjoy the benefits of taking out any form of insurance policy with us through quick settlement of their claims when the need arises.”

“This is the only way for us to prove that we are well and alive to our responsibilities as an insurance company in the country. We intend to keep this obligation and we will always try to make our promise, Modilim added.

The company’s ownership consists of various shareholders from a wide range of individuals and institutional investors with a strong Board of Directors of distinguished personalities.

Also Read: Nigerian insurers see rebound in investment income

In 2021, the Company moved from A rating to A rating based on the organization’s new financial position and 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, the South African-based rating organization, Global Credit Rating (GCR), had consistently rated the company A- attesting to the company’s high ability to pay claims in the insurance industry. Rating considerations, among others, were also based on the company’s substantial capital base and adoption of an enterprise risk management (ERM) framework along with sound internal capital generation, healthy returns on investments, foreign exchange gains and a strong liquidity profile supported. with 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 inception, the company has gone from an average industry valuation to a leadership position, investing in the best of people and technology, improving processes, increasing market share at an average annual growth rate of 30% and expanding size of its balance sheet.

The company continuously strives to be among the top five insurance companies in Nigeria, being run by a board of directors that consists of reputable individuals who have distinguished themselves in various fields of endeavour.

With Head Office located at 17, Adetokunbo Ademola Street, Victoria Island, Lagos and other field and branch offices spread across the country, the Company’s day-to-day operations are managed by an experienced and vibrant workforce.

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