By Rilwan Oshinusi
Since its over 40 years of existence and particularly within the last five years, Lasaco Assurance Plc has consistently made remarkable progress and contributed positively to the growth of the insurance industry through our strict adherence to professional standards. The company has insisted on doing business with honesty, empathy and the fear of God and made its clients get value for their investments, thus, making them (clients) rely on the company as their dependable companion.
This has culminated in a lot of noticeable positive changes that have kept Lasaco in the top position in its line of business. Its core values, purpose and mission have continued to make it a leading brand in the insurance industry in Nigeria.
Lasaco’s improved performance, especially in the last five years, was driven by various transformational and growth changes implemented by the Board of Directors and Management, which have resulted in significant changes to its organisational structures and performance. Its marketing effort is now through a strategic branch structure (organised on a regional basis) for adequate coverage of the entire country in order to increase our penetration.
These changes were also supported by various capacity upgrades, including robust procedures and policies which have enhanced its operations as well as improved the company’s performance and growth. It has significantly upscaled the quality of its service delivery as well as considerably reduced service turnaround times.
Thus, Lasaco has grown considerably in size, business-coverage, capital base and assets with its operations spanning all classes of insurance and special risks business as well as real estate.
Lasaco’s business portfolio currently includes leadership and a significant share of key Federal and State Governments insurance businesses, multinationals and private companies. In the last five years, the Company has embarked on strategic programmes to boost its growth, performance and transformation in line with its vision and organisational goal.
In the area of growth, the Company has recorded about 30% increase in its Gross Premium Income within five years. Financially, Lasaco is strong with an asset base of about N17 billion and a high solvency margin ratio. It has consistently paid dividends to shareholders since the last three years.
As part of its transformation agenda, Lasaco remodelled its Head Office to a world-class workplace environment as well as rebranded to embrace the company’s global nature while retaining its root of origin.
The Nigerian insurance market has been faced with different challenges in its efforts to serve the needs of the relevant stakeholders. As a result, the National Insurance Commission (NAICOM), the body responsible for the regulation of the insurance industry has, over time, devised different means in its aim to achieve this.
With the recent Recapitalisation Guidelines issued by NAICOM to meet up with the requirements, Lasaco’s shareholders have been proactive to approve the raising of N10 billion additional capital through Special/Private Placement. The arrangement is at an advanced stage, and soon they (the shareholders) and new investors will be allowed to increase their shareholding and/or invest newly.
Since January 2020, the Coronavirus (COVID-19) has transformed the whole world and presented tremendous challenges with reverberating effects medically, socially and economically. Thank God that the company has kept its head afloat working tirelessly to ensure that its effect does not keep it out of business.
Lasaco’s investment in ICT infrastructure is yielding fruit as most of its staff are effectively working remotely with minimal disruption, since most of the Company’s documents are now stored in the clouds, arranged methodically for ease of retrieval.
As a socially responsible corporate citizen that supports government’s efforts in curbing the spread of the deadly COVID19, LASACO, along with other major insurance companies, under the leadership of Nigerian Insurers Association and National Insurance Commission, provided Testing Materials, Personal Protective Equipment (PPE) and Life Insurance Cover free of charge to 5,000 front line health workers across the country.
Prior to this, the Company had extended such gestures to two states by providing Life Insurance Cover for an appreciable number of health workers and volunteers in Lagos State and the State of Osun.
Digital technologies are fundamentally changing how companies in the insurance industry operate and serve their customers, and Lasaco is not exempted. The company intends to transform its claims administration process and customer experiences via digitalisation. Its website has been revamped to ease the process of buying an insurance policy or filing a claim.
As a growth strategy to further increase our branch network and national presence, Lasaco intends to expand its branches and operating base network to include locations such as the South-South and South East regions of Nigeria.
No doubt, the future looks brighter for the company as it continue to make sacrifice to satisfy its clients so as to make the investments of the company’s shareholders continue to yield positive results.
Rilwan Oshinusi is the Deputy Managing Director, Corporate Services, Lasaco Assurance PLC