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TUESDAY, OCTOBER 12 , 2004           NICON pays N5.69b as claims NICON Insurance Corporation paid total claims worth N5.690 billion last year, its Managing Director, Ms. Prisca Soares, has said. Soares made this known in Abuja at a news briefing on the company's strategic plan for the next two years. She said N1.317 billion was paid out under General and Life business while Deposit Administration gulped N4.373 billion. On the positive side, the company raked in N15.759 billion premium from general and life business and N6.710 billion from deposit administration. The managing director said, the company's current vision was ``to be the insurer of first choice'' as it strives ``to cover all risks profitably for the benefit of our stakeholders''. She listed four main objectives which had been identified in order to achieve this task as increasing market by five per cent and to develop information technology capability to match service delivery expectations. Others are to enhance technical competence of the work force through capacity building as well as improving profitability by a minimum of 20 per cent. She said that in view of the stiff competition within the industry and the loss of the sole right to government assets, the company's emphasis was now on private rather than government business. Other challenges facing the company, she said, were privatisation and the new Pensions Act. On achievements, Soares said the company had established improved relationship with insurance brokers with customers satisfaction rating of the company had increased from 80 per cent in 2001 to 93 per cent in 2003. She said the company had been able to retain 100 per cent key government accounts like that of the NNPC in spite of the loss of the sole right to government assets. Furthermore, the company had since launched three new products namely `Maritime Accident Scheme for Travellers (MAST), `Overseas Travellers Insurance Policy (OTIP) and `Personal Accident Cover for Air Travellers (AIR PLAN). NICON was established in 1969 with the main objective of developing the insurance industry in the country.   SITE TOOLS Print This Page   EMAIL THIS PAGE Friend's Name: Friend's  Email: Your Name: Your Email:           � Triumph Publishing Company Limited 2004

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