GNI overhauls claims operations, clears N3bn claims

By Rosemary Iwunze In a decisive move to reclaim its market position and confidence, Great Nigeria Insurance Plc, GNI, has undertaken a comprehensive overhaul of its claims operations, clearing over N3 billion in claims. According to the company, the liquidation of these liabilities marks one of the most aggressive debt-clearing exercises in the company’s recent history, signaling a clean break from operational bottlenecks.

Recognizing that prompt claims settlement remains the primary test of an insurer’s value proposition, GNI’s Executive Management placed its priority on financial restructuring to address long-standing obligations. Having reconstituted its board of Directors and Executive Management, GNI Plc took a bold resolution to confront structural and systemic challenges undermining its operations over the years.

At the epicenter of these challenges is the accumulation of outstanding claims that had severely tarnished customer confidence and strained relationships with key industry stakeholders.The organization therefore, placed immediate claims settlement at the core of its corporate turnaround strategy. Meanwhile, GNI hosted two strategic brokers’ fora themed “GNI Reloaded” in Ibadan and Lagos to formalize this operational shift and rebuild crucial trade channels, given that insurance brokers facilitate a significant percentage of commercial and institutional policies in Nigeria.

GNI stated: “To prevent future backlogs and ensure long-term operational efficiency, GNI’s Executive Management has instituted a maximum 48-hour Turnaround Time (TAT) window for processing and paying verified claims. Under this new service level agreement (SLA), once a claim is documented and verified by adjusters, payment authorization must occur within 48 hours.” Management emphasizes that this policy is not merely a promotional promise, but an embedded operational mandate backed by streamlined digital workflows and revamped internal approval controls.

“By combining substantial capital deployment with structural service delivery reforms, Great Nigeria Insurance Plc aims to position itself as a reliable and responsive player in Nigeria’s evolving financial services sector.”