The Managing Director of NEM Insurance Plc, Mr. Tope Smart, has said that the underwriting firm was on the path of rewarding its shareholders with good returns on investments.

In a statement on Friday, he said NEM had completed its integration processes culminating in the precipitation of a hybrid insurance company with above industry average core competencies. NEM Insurance is a product of a merger between Vigilant Insurance and NEM. The company is currently trading with shareholders fund in excess of N3.2bn.

The statement said NEM’s shares had been very active and on the top of the gainers chart in the insurance sub sector at the Nigerian Stock Exchange, a development that has made its shares one of the most sought after shares in the industry.

According to the managing director “The recapitalisation, rejuvenation and re-branding of NEM Insurance are stories of success. I will tell the shareholders that it was time for harvest. NEM has a new software, which has enabled us to speed up our operations and processes. Our service delivery and response time are now faster and better and this is more evident in our claims processing and payment targets.”
Giving an insight into the company’s claims profile, he said the company had paid claims totalling N289m during the third quarter of the year.

He said the improvement in the company’s branch net work coupled with the autonomy enjoyed by the branch managers had helped in ensuring bigger business penetration and better response time.