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Yankari Insurance broadens base of operation
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As part of efforts to gain national outlook, Yankari Insurance Company Limited owned by First Inland Bank Plc, Gombe and Bauchi State Governments, has announced plans to have representation in all the states of the federation.
The company believes launching its presence in the nooks and crannies of the country would change people’s perception that it is only out to serve the northern interest.
The coming into the company by First Inland Bank as majority shareholder and full subsidiary is beginning to impact on its operations and performance going by its premium generation in the first quarter of the current year. The company will in the next two weeks, move from its old office in Bauchi to a new corporate head office in the business district of Abuja.
Disclosing the ongoing restructuring exercise in the company, Auwalu Muktari, general manager and acting chief executive officer said “Having recapitalised the company to the tone of N3 billion, Yankari is being refocused to compete efficiently with other insurance companies in all measurement indices.
He said that in the next three years, the company would rank among the best three in the market in terms of size, recognition, volume of business and income generation as well as human capital development.
According to him, a three-year development plan between 2008 and 2011, with a whole automated IT life department and integration of oil and gas businesses has been put in place to enable the company generate a premium income of N1 billion in 2008 and N3 billion by 2011.
Muktari noted that the company had just gotten approval to register a life insurance company that would enable it take advantage of opportunities coming from the Pension Reform Act in the area of group life. “Any company that has no license for life insurance would lose a lot of premium coming from that aspect of the business and we are working hard to take part in this opportunity”. Before the end of December, 2008, the company would be recapitalised to underwrite life and non-life insurance business, he said.
He stated that the restructuring would focus on transforming its operation to a full fledged IT driven, enhanced human resources and efficient workforce that would ensure quality service delivery..
According to him, some consultants have been engaged to affect the company’s IT system and automatically start the documentation of polices and claims administration through an IT driven system to ensure better service to clients.
We are determined to deliver service to clients promptly and settle full documented claims within 48 hours, he said.
The company believes launching its presence in the nooks and crannies of the country would change people’s perception that it is only out to serve the northern interest.
The coming into the company by First Inland Bank as majority shareholder and full subsidiary is beginning to impact on its operations and performance going by its premium generation in the first quarter of the current year. The company will in the next two weeks, move from its old office in Bauchi to a new corporate head office in the business district of Abuja.
Disclosing the ongoing restructuring exercise in the company, Auwalu Muktari, general manager and acting chief executive officer said “Having recapitalised the company to the tone of N3 billion, Yankari is being refocused to compete efficiently with other insurance companies in all measurement indices.
He said that in the next three years, the company would rank among the best three in the market in terms of size, recognition, volume of business and income generation as well as human capital development.
According to him, a three-year development plan between 2008 and 2011, with a whole automated IT life department and integration of oil and gas businesses has been put in place to enable the company generate a premium income of N1 billion in 2008 and N3 billion by 2011.
Muktari noted that the company had just gotten approval to register a life insurance company that would enable it take advantage of opportunities coming from the Pension Reform Act in the area of group life. “Any company that has no license for life insurance would lose a lot of premium coming from that aspect of the business and we are working hard to take part in this opportunity”. Before the end of December, 2008, the company would be recapitalised to underwrite life and non-life insurance business, he said.
He stated that the restructuring would focus on transforming its operation to a full fledged IT driven, enhanced human resources and efficient workforce that would ensure quality service delivery..
According to him, some consultants have been engaged to affect the company’s IT system and automatically start the documentation of polices and claims administration through an IT driven system to ensure better service to clients.
We are determined to deliver service to clients promptly and settle full documented claims within 48 hours, he said.
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