Home Insurance Digest Staco Insurance: Redefining standards in claims administration

Staco Insurance: Redefining standards in claims administration

•Pays N6.566bn claims

CHRIS EBONG, Asst. Bus. Editor

Known for its passion for high standards in customer centred service delivery, Staco Insurance Plc, a well thought out insurance and other financial services provider has never reneged in its promises to put smiles on the faces of its teaming clientele whenever the unforeseen stare their faces as against the satire the insuring publics perceives the sector.
Over the years, the company has proved to be an epitome of excellence in insurance service deliveries in various portfolio classes. Driven by dedication, commitment and passion for high standards, the firm has always proved its mantra as a reliable and trustworthy entity which the public can undoubtedly place their risks without fear of being short changed at the point of indemnification.
Staco Insurance is well grounded in claims administration with speed in tackling claims issues via clearly defined processes ensuring that all genuine claims filed are given adequate and prompt attention.
Staco seeks to retain and enhance its client’s base, expand the ability to cross sell, add real and genuine value to its customer’s needs, particularly in claims settlement with the drive to extend the penetration of the existing product and services and develop at least one conspicuously different product each year.
Driven by passion for customers’ satisfaction, Staco has consistently in 2013, 2014, and 2015 as well as in half year 2016 paid out claims to the tune of N6. 566,545,015.75 billion.
According to data made available to Daily Champion, the company in the first half of 2016 paid out a total of N1,029,659,745 billion , in 2015 financial year N1,903,074,270billion was paid out as against N1,762,153,000, N1,871658,000 paid out in 2014 and 2013 respectively.
Claims paid were basically in all classes of its business portfolio, ranging fire and engineering, motor, general accident, marine, bond, oil and gas as well as aviation. No claims did occur in aviation in the first half of 2016, while the highest claims paid within the period of review was in 2015, according to the company’s claims record.

Range of Products: Fire and Special Perils, Consequential Loss Insurance, Burglary and Theft Insurance, Motor Insurance, Marine Hull and Marine Cargo Insurance, Goods-In-Transit Insurance, Money Insurance, Group Personal Accident / Personal Accident, Public Liability, Professional liability, Fidelity Guarantee Insurance, Contractor’s All Risks Insurance, Machinery Breakdown, Erection All Risk, Engineering Insurance, Bond (performance, advance payment, bid, tender and customs) as well as Aviation and Oil and Gas.
Compulsory Insurance Products: Builders Liability Insurance, Occupiers Liability Insurance, Third Party Motor Insurance, Professional Indemnity Insurance, Group Life Insurance
Customized Products: Staco Home Owners Insurance, Staco 3 “R” Motor Insurance and Personal Protection Plan (PPP), to mention but few.
Led by a seasoned insurance professional, Dr. Sakiru Oyefeso, as the Group Managing Director and Chief Executive Officer, the executive management of the company is made up of core professionals who lead various teams and units creating and delivering value for all stakeholders. They include, Mr. Bayo Fakorede,             Executive Director (Operations), Mr. Tayo Ajibulu, Associate Director (Management Services), Mr. Bola Ogundijo, Deputy Director (Marketing), Mrs. Tobore Ojumah, Deputy Director (HR/Admin), Mr. Jaiye Fatungase, Assistant Director (Finance/Account)
Staco Insurance Plc is a product of a well thought out acquisition carried out on Alpha Insurance Plc in 1994 when the company under the former name of Standard Trust Assurance and now Staco Insurance Plc commenced General Insurance and Special Risks businesses.
The ownership structure of the company is purely Nigerians who have distinguished themselves in their various business endeavours and managed by seasoned professionals who have proven integrity in the Nigerian Insurance Industry. The company became listed on the Nigerian Stock Exchange (NSE) and also has a name changed from Standard Trust Assurance to Staco Insurance Plc in 2007.
The company’s strength lies in its passion for high standards and prompt claims settlement. This and the notable quality services delivery by the company every time has enabled it to win numerous awards amongst others with the company’s capital base in excess of N9 billion.
Vision:  To be a world class provider of insurance and other financial services
Mission: To be the first choice provider of superior financial services such that the delivery is of integral benefit to all stakeholders

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