International Energy Insurance’s managing director, Mr. Olasupo Sogelola, has stated that the company will grow its retail and corporate businesses and rebuild its capacity in the oil and gas industry.
Sogelola made this statement while discussing the company’s five-year growth plans during a press conference in Lagos. He pointed out that following Norrenberger, an integrated Financial Services Group, purchasing IEI Plc, the company was poised for growth.
He referred to IEI’s previous prominence in the oil and gas industry and declared, “We are going to reach out to all our energy sector stakeholders; we served them well and we will claim them back.”
He declared that the business would increase its alternative channels to draw in the retail market, which includes, among others, small and medium-sized businesses, educational institutions, religious organizations, and market women’s associations.
He continued by saying that the business would develop new products to satisfy their needs and gain market share.
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He noted that the corporate market had been contributing largely to the company’s premium and it would ensure that it continued to gain more expansion.
Sogelola said, “We are not leaving our corporate services. In the past years, the corporate has been expanding our operations, we will be expanding it.”
According to him, the retail sales offices of IEI would be better equipped to meet the needs of its customers.
He also said that the company would ensure a robust system that would deliver what it required.
“As at today, we have paid all brokers all outstanding claims excluding the foreign-denominated claims which we have started to pay but for the currency fluctuation. But by June, they will be fully paid.”
The managing director also revealed that its new investors paid N5bn in cash deposit into the company and all it required was for the National Insurance Commission’s approval, a move that would enhance the capital base of the company.
Story adapted from Punch
