Nigeria (Commonwealth Union)_ KBL Insurance Limited has implemented a new operating strategy in order to take its services closer to clients in a timely manner and make its products more available to the members of the general public who are interested in purchasing insurance. Accordingly, the company has introduced a novel enterprise resource planning software known as IES-Online Application.
IES Online is a digital application comprised of a number of modules designed to assist in automating the manual operations and processes of various aspects of the entire insurance underwriting, including claims settlement, delivery of certificates and discharge vouchers (DVs), and insurance policy documentation to clients with unprecedented speed and efficiency in the Nigerian insurance industry. Other components of the new digital mechanism have also been devised to ease activities in human resources, finance, and re-insurance, all in an effort to improve technology and achieve ideal customer satisfaction, similar to the operations in western countries.
In response to questions from journalists in Lagos, Ukachi Orji, managing director and chief executive officer of KBL Insurance Limited, stated: “KBL Insurance Limited, had no choice but to upskill its operations modules, to match the ever-dynamic lifestyles of their esteemed customers, to satisfy them much better than it was in the past, considering the very stiff competition in the financial services sector and their ever-growing demands.”
According to Orji, the objective is to service clients more quickly and at a cheaper cost. According to him, this approach is well received by clients because almost 85 percent of customers want to purchase insurance policies more quickly and get all their issues, including claims settlement, resolved. Moreover, the customers want to avoid the traditional back-and-forth and excessive delays related to the insurance sector in the past.
The program brings new solutions to the firm’s underwriting business that are more flexible, comprehensive, multi-facility-structured, and optimized data that is totally cloud-based. According to the company, the claims settlement process of KBL Insurance, which was previously ranked in the middle by industry rating, is now operated at high speed and enjoys the high applause of industry practitioners, as the whole process has been digitalized for greater efficiency and speed.