Stakeholder applauds STI over Innovative Products Development

Mr. Raymond Odamo, managing director of Afro mart Trust limited, has applauded the operational style of Sovereign Trust Insurance for its creative ability, especially its innovative products’ design which would go a long way in changing the low penetration level of insurance in Nigeria.  While assessing the expected mileage of insurance in 2010, he said only operators who take the pains to break the poor image problem through innovative products, would excel. “I have watched the operators in the past years and have noticed that STI has a way of bringing the insuring public closer through people- friendly products and good corporate social responsibility” he said. However, he admitted that STI was not the only company in this regard, stressing that there are a couple of others who are doing wonderfully well in this direction.
It would be recalled that worried about the low level of awareness of insurance in Nigeria as well as the industry poor contribution to the country’s Gross Domestic Products (GDP) Wale Onoalapo, STI managing director had called on Nigerians to imbibe the culture of insurance, especially at this crucial moment in the economic life of the Nation.  This, he said, is the only way Nigerians can get the needed succor when the need arises.
The statement from the leading underwriter, enjoined Nigerians both corporate entities and high net worth individuals to avail themselves of the vast innovative products offered by the insurance companies to embrace insurance.
STI, it said is strategically positioned through quality expertise to deliver in the areas of non-life insurance products for which the company is well known.  The recent new products of the insurer, cuts across fire and property insurance, motor insurance, consequential loss, burglary/house breaking insurance, professional indemnity and all risks insurance.
While stressing the importance of insurance which the company’s products are opened to, the managing director said “we took time to study the market” adding that ‘after intensive research, we came up with numerous products and services to serve the needs of our numerous customers’.
He stressed that the “peculiarities of each customer have been taken into consideration at the product development stage before products are churned out from the company.”
It stressed that insurance is the only business that exists to reinstate a person back to his former position after he had suffered a loss.