About Us

Standard Alliance Insurance Plc > About Us

About Us

Standard Alliance Insurance Plc

(SA Insurance Plc) is a high profile, technology-driven and customer-oriented company ranking among the best and most respected insurance companies in Nigeria, both in terms of product and service delivery. SA Insurance Plc is licensed by the National Insurance Commission, NAICOM, to transact general and special risk insurance businesses.

The company was incorporated in July 1981 as a Private Limited Liability Company and commenced full operations in 1982 under the name Jubilee Insurance Company Limited. The name was changed to Standard Alliance Insurance Company Limited (Standard Alliance) in August 1996. Standard Alliance became a Public Liability Company (Plc) on 30th May, 2002 and was quoted on the Nigerian Stock Exchange in December 2003.

The Company has an authorized capital of N7bn divided into 14bn ordinary shares at 50kobo each. As at December 31st 2014, total paid-up share capital stood at N5.996bn; total assets of N7.721bn and Shareholders’ funds of N3.417bn. The company’s Premium written as at the end of 2014 was N4.333bn.

Operations:

The company’s operations are fully automated with seamless integration between units embedded in world standard applications, which reflects a commitment to use technology to drive excellence in service delivery. Furthermore, the company operates under the revolutionary concept of total quality management (TQM). This guarantees that we get it right first time every time.

A Our Board and Management:

Our dynamic Board of Directors is headed by Mr. Johnson Egu Chukwu, an accomplished banker and a financial analyst of reliable reference. In addition, the company boasts of a management team of tested professionals with proven records in their respective fields and it is led by Mr. Richard Ododo, a long-standing insurance practitioner with proven records.

How We Do It

Our Capacity:

To achieve our objective of providing relevant insurance covers, we have re-insurance treaty arrangements with first class re-insurance companies both locally and internationally. The capacity of our treaties is top class and calculated to achieve our “Customer Full Protection Drive”. Our foreign treaty is led by Africa Reinsurance Corporation.

Claims Payment Policy:

Our claims payment policy is to PAY PROMPTLY. This reflects our general TQM approach to service. Accordingly, our Claims Department is staffed by experienced and service-oriented professionals who ensure claims payment is prompt and less cumbersome at all times.

Existing and Identified Insurable Risks:

We have a crack team of professionally qualified and experienced personnel that handles all the classes of insurance identified under “Products”. This, alongside the computerized systems that we operate, guarantees that we deliver quality service at all times.

Reducing the Cost of Your Insurance:

Our Research and Risk Management departments can do a lot to cut down on both your insurable risks and insurance costs. This department acts as a consulting unit to clients. On appointment, they study the operations of clients and make practical cost-saving recommendations for implementation.

Existing but Unidentified Insurable Risks

These are mainly UNUSUAL RISKS. They exist and may already be disrupting clients’ businesses. However, they may currently be considered uninsurable. Again, our team of consultants can, on review of clients’ operations, advise on these unusual risks. If subsequently insured, this will avert such disruptions.

Our Structure

SA Insurance is structured to guarantee efficiency in the service we deliver and complete satisfaction for our clients. We run a near-flat organizational structure that empowers middle level officers to quickly take operational decisions. This also ensures seamless communication between top management and the operators, guaranteeing that decisions are quickly reached and clients’ service times are shortened. Accordingly, the company is structured into the following service centres:

The Customer Service Group

This group includes the first officer you meet at our door. This primary orientation ensures our services work efficiently for all our clients. Our front-line staff are adequately empowered to attend to on the-spot issues and resolve them or to secure an appropriate executive who can handle the issue at hand. This group is also empowered to monitor and evaluate the quality of service delivery to our clients.

The Marketing and Business Development Group

This group is responsible for selling full protection to our clients at industry approved minimal cost. Their job is to educate and explain our various products and adapt these products to specific clients’ needs. In addition, they are constantly researching new ways of giving more value to our clients. Their watchword is quality service delivery.

The Technical Service Group

This group forms the company’s backbone. They deliver the final product to clients and implement the commitments secured by the Marketing Group. Their primary focus is to ensure that the company delivers promptly on each promise made to a client. That is why we can confidently invite our clients to count on us.

Special Products and Risk Management Group:

This group focuses on developing new products for the insuring public and on providing consultancy service to our clients. Their main objective is to give our clients more value at minimal cost. New products tailored to meet our clients’ increasingly sophisticated needs is the company’s specialty.

Awards

Awards:

SA Insurance Plc which won the 29th edition of the Presidential Merit Award of the Nigerian Stock Exchange Market, having come tops among all quoted insurance companies, is a recipient of many awards, among which are, but not limited to:

  • Most Capitalized Insurance Company of the Year – 2010
  • Insurance Company of the Year – 2010
  • World Class Customer Service Insurance Company of the Decade
  • IT Compliant Insurance Company of the Year – 2010
  • Safety Performance Achievement Award in the Insurance Sector – 2010

The Diamond Eye Award for Quality and Excellence – 2011 (in Switzerland)

Corporate Profile