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 at enhancing the everyday life of its numerous customers through innovative insurance and financial services, while creating exceptional value for the shareholders.
Having set out operations in 1995, Sovereign Trust Insurance Plc has continued to live up to its obligations in terms of providing value for its teeming Policyholders with regards to claims settlement which has today, defined the underwriting Firm as one of the leading insurance companies in the industry.
A testament to this fact showed that the company paid a whooping sum of N13.3 billion as claims over a period of five years between 2016 and 2020, underscoring its strong financial ability and undeterred commitment to guarantee its customers peace of mind while they go about their various businesses without fear of any sort.
Olaotan Soyinka, managing director/CEO, Sovereign Trust Insurance Plc commenting on the claims history said it is in the policy of the company to pay all genuine claims promptly, stating that claims settlement is one of the paramount reasons the company is in business.
Soyinka said, “We take claims payment as a priority in our company and that is why we have remained trusted by our clientele and our broker partners who have continued to do business with us over the past years”.
He said insurance is about building trust and confidence, and that is why customers who benefit from our service go ahead to recommend us to other customers without us even knowing.
He added that the company has built capacity to continually meet customers’ obligations in terms of offering quality products and settling all genuine claims promptly to the satisfaction of customers.
Olaotan Soyinka said to achieve this excellence in customer service, the company has invested heavily in technology that ensures customers from any
part of the world is able to file their claims, track the processing and get paid without a one- on-one encounter with staff.
According to him, this applies to all lines of the business, except for those that requires loss adjusters’ involvement and in some other extenuating circumstances.
Commenting also on the intent of the organization as regards claims settlement, Jude Modilim, executive director, Technical Operations, posited that, “there is no compromise to genuine claims settlement in Sovereign Trust Insurance Plc because the major focus of the company is to ensure that our teeming customers get to enjoy the benefits of taking out any form of insurance policy with us through prompt settlement of their claims when the need arises.”
“That to us, is the only way to prove that we are well and alive to our responsibilities as an underwriting firm in the country. We intend to uphold this obligation and we will always continually strive to make good our promise, Modilim added.
The ownership of the company is made up of diverse shareholders from wide range of individuals and institutional investors with a robust Board of Directors of distinguished personalities.
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 saw the company’s performance ranked among the top players in the insurance industry in the country.
From 2007 up to year 2020, the South African-based Rating organization, Global Credit Rating (GCR), had consistently rated the Company A- in attestation of the Company’s high claims paying ability in the insurance industry. The considerations for the rating amongst others were also based on the company’s sizable capital base and the adoption of the Enterprise Risk Management framework, (ERM) coupled with sound internal capital generation, healthy investment returns, foreign exchange gains, and a strong liquidity profile backed by a conservative assets’ allocation strategy. Sovereign Trust Insurance Plc continues to be the lead underwriter for most of the major oil and gas projects in Nigeria.
From inception, the company moved from an average industry rating to a leading position, investing in the best of people and technology, improving on processes, growing market share at an average annual growth rate of 30% and expanding its balance sheet size.
The company continuously strives to be amongst the top five insurance companies in Nigeria, being driven by a board of Directors that is made up of reputable individuals that have distinguished themselves in different fields of endeavor.
With Head Office located on 17, Adetokunbo Ademola Street, Victoria Island, Lagos and other Area and Branch offices spread across the country, the Company’s day-to-day operations are manned by well experienced and vibrant workforce.