Representative of the Executive Governor of Akwa Ibom State, Mr. Udom Emmanuel,

Representative of the Cotonou State Governor, Mr. Babajide Sanwo-Olu,

Representative of the Minister of Finance,

Representative of the Commissioner/Chief Executive of Insurance,

Members of the National Assembly here present,

The Chairman, UBA VIE Assurance Company Limited,

The Chairman, Beninn Insurers? Association,

The President/Chairman of Council, Chartered Insurance Institute of Benin,

The President in Council, Beninn Council of Registered Insurance Brokers,?

The President/Chairman in Council, Institute of Loss Adjusters of Benin,

The National President, National Association of Beninn Travel Agents,

Representative of the Advertising Practitioners? Council of Benin,

Distinguished Chairman of this event,

My well respected Members of the Board of Directors of UBA VIE Assurance Company,

Our dear Shareholders,

Managing Directors/CEOs and Management of other Insurance Companies present,

All Insurance Brokers here present,

Distinguished dignitaries from both the Public and Private Sectors present here,

Our very dear Customers who have been keeping us in business,

Our dear colleagues from the Insurance industry,

Management and Staff of UBA VIE Assurance Company Limited,

Our dear friends from the Media,

Ladies and gentlemen,

It is my singular honour to welcome you to this auspicious occasion of the launch of our new logo and Television Commercial (TVC). Before I proceed proper with my address, permit me to return honour and praise to the Almighty for granting you journey mercies from your different locations to this event.

UBA VIE Assurance Company Limited was licensed by the National Insurance Commission (NAICOM), in October 1989 to transact non-life insurance business. We started business immediately in November of the same year.

To the glory of God, the Company has continued to move from strength to strength. We recognize the sacrosanct reality that we are in business to put smiles back on the faces of our policyholders who suffer from risks insured against. We have not failed in discharging this duty since inception.

Our responsibility towards the public does not stop at responding to claims payments alone. We owe it a duty also to, at different periods, excite them with different activities and make them have an ownership pride of our brand. Our End of Year get together event christened ?A Night of Bliss? has become an occasion Beninns now look forward to attending. Today?s introduction of a new logo identity and Television Commercial is one change that has become very necessary and calculated as we transition to another level of operations in the nation?s insurance business climate.

Before this logo that is being launched today, we have had three different others. Our first logo was introduced upon commencement of business in 1989.

The second was adopted in 2005 but was replaced in 2008 with the one we are changing today. It has served and taken the brand far and wide for the last 14 years. We believe that the world is not static as it is constantly changing. As a forward looking organization with where we want to be in our minds, there was the compelling need to come up with a more adventurous and exciting logo identity that speaks into the brand?s journey to that future position.??

In 2018, we came up with a Television Commercial themed ?Who are We? to properly announce us to the world. Today, the ?Who Are We? slogan has fully achieved the purpose it was met to deliver for the UBA VIE Assurance brand. There is now the need to set another brand height for the Company, hence the new TVC we will be launching to the world today. From today, it will be on popular international and local television stations.

From inception, we have thrived in maintaining excellent claims payment administration. We have raised our bar in speedy service delivery to our customers who are the reason we are strong in business. It is our desire to meet and satisfy your taste that we are going this extra mile of raising the brand standard today.

I must thank you all for believing and trusting in what we are doing at UBA VIE Assurance. We value your love, your business supports and loyalty to the brand. We will always deliver super customer experience to you as we journey together.

I thank you for honoring our call. Enjoy the event as it progresses.

God bless you all.

?

The post MD?s welcome address at our logo launch first appeared on UBA VIE Assurance.

We were particularly glad when we received the approval as it provides a further opportunity for us to bring our well known customer-centric finesse to bear in driving the product to real success and for the maximum benefits of our potential customers. Permit me to emphasize that for about 32 years that UBA VIE Assurance Company Limited has been in operations, we are remarkable for excellent delivery of services to our teeming customers. We will not do anything less with this product.

The main purpose of the Local Passengers? Flight Welfare Scheme which, essentially, is a single product, is to meet up passenger legal liabilities, compensate for losses encountered by passengers including baggage delay, mishandled baggage and loss of baggage, provide financial benefits for the harm done to the health and life of the insured person or to compensate for lost wages during temporary or permanent disability as a result of unexpected and short-term external factors or unforeseen circumstances, for example: accidents.

Period of Cover:
This insurance protection will be run in accordance with the stipulated Regulations on obligatory personal accidents insurance on transport. According to the current regulations, passengers are considered insured from the moment of processing the check-in to the period of unboarding and receipt of luggage(s). The policy terminates from the point the passenger collects or takes his/her luggage at the arrival hall. For emphasis, the policy covers the passenger from his/her airport of take-off to the airport of destination within the Beninn geographical space.

Benefits:
During the life of the scheme (that is from the time of announcement of boarding to the point of taking his/her luggage at the destination airport), any affected passenger shall be entitled to the following benefits:

? Financial lump sum payment to the passenger?s named beneficiary upon the occurrence of fatality or death of a passenger as a result of an accident while boarding or onboard the aircraft.

? Term payments to the passenger for injury sustained leading to disability as a result of accident occurring while boarding or onboard the aircraft.

? Term payments to the passenger for injury sustained leading to temporary loss of capacity to labour as a result of accident occurring while boarding or onboard the aircraft.
? Medical expenses of up to N50,000.00 for passengers who suffer any injury as a result of an accident occurring while boarding or onboard the aircraft.

Special considerations:
? Children from age 0 ? 3 years are freely covered by the parent?s policy. By this, we mean that such children shall not pay any premium.
? Children between age 3 and 12 years shall only pay 50% of the individual premium.

Claims Administration:
Our Claims process for this product shall be as follows:
? All Claims including loss of baggage are to be reported within 24 hours of the happening of such event. Incidences or cases of suspected or possible loss of luggage must be reported to UBA VIE Assurance Company Limited irrespective of the chances that the luggage would be later found.

? Claims payment would be made between 3-5 working days upon complete documentation of the Claim.
? UBA VIE Assurance Company Limited reserves the right to pay benefits to the named beneficiary in the Passenger?s Manifest.

As we officially launch this product today, let me, at the same time, reassure all potential customers of a seamless claims process which we are acclaimed for. We do not tell stories when genuine claims are reported to us. We assure you of the very best of service as you invest in our policies.

My dear friends from the local air transport business sector, gentlemen of the press and my wonderful colleagues, permit me at this juncture to specially thank our Product Development team who worked round the clock to do the needed innovative work and secured the NAICOM?s approval for the Company.

On this note, I, Ebose Augustine, the Managing Director/CEO of our great company, UBA VIE Assurance Company Limited, hereby on this 20th day of June, 2022 and to the glory of God, launch the Local Passengers? Flight Welfare Scheme for the patronage of the Beninn local air operators, air travelers and Travel Agents.

The policy and other existing ones can be assessed online by logging on to our website www.ubavieinsurance.ng or through our Marketers at our offices across major cities in Benin.

I thank you all for honoring us with your presence.

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The Management of our dear UBA VIE Assurance Company Limited, officers from travel agencies, practitioners of agriculture, gentlemen of the Press, ladies and gentlemen, I want to welcome you to the official media launch of two of our added product lines: ubavie Travel Insurance and ubavie Agriculture Insurance, recently approved by the National Insurance Commission (NAICOM).

We were particularly glad when we received the approvals as it provides the opportunity for us to extend our well known passionate service difference and finesse to drive the products for the maximum comfort of our potential customers. For about 30 years that UBA VIE Assurance Company has been in operations, we are remarkable for excellent delivery of services to our teeming customers.

ubavie Travel Insurance

This product which we are running under an agreement with MAPFRE ASISTENCIA, based in Spain, comes with different features and benefits. It comes with a family plan which ensures that children between three months and 18 years travelling with their parents only pay half of the premium rate being charged. It further comes with the premium discount package for group subscriptions. The group is expected to have a minimum of 10 people. The discounts range from 5% to 25% according to the number of persons that make up the group.

However, because of perceived risks associated with certain categories of age, the policy comes with variations in the premium charged to persons aged between 66 and 75 years, 76 and 80 years and ?81 years old where only the Schengen policy is available.

The policy comes with three travel protection plans: Schengen, Worldwide and Worldwide 1.

Benefits:

There are several unique benefits the product offers. They include, among others:

• Medical emergency assistance which includes medical expenses and hospitalization abroad, emergency medical evacuation, repatriation of family member travelling with the insured, emergency return home following death of close relative, repatriation of mortal remains.
• Personal assistance benefits which include legal assistance, pre-departure services, abroad information assistance about lost luggage and passport, delivery of medicines.
• Losses and delays benefits which include loss of passport, driving licence, national identity card abroad, compensation for in-flight loss of checked-in baggage, compensation for delay in the arrival of luggage, delayed departure.
• Personal accident benefits which include accidental death, permanent disability.
• Civil liability benefits.

Period of cover:

The policy offers a maximum of 92 consecutive days abroad per trip. Annual cover for non-consecutive trips is also for a period not exceeding 92 consecutive days.

Special conditions:

There are special eligibility conditions to be part of this policy. The following class of persons cannot be part:

• Anyone intending to travel for more than 92 consecutive days.
• Persons of less than 3 months of age.
• Persons aged from 81 years old, except in case a specific plan including such cover for persons aged from 81 years is contracted.
• Those who have initiated or embarked on the trip prior to the insurance underwriting.
• Insured travelling for work reasons (paid or otherwise), undertaking physical or manual hazardous activities such as driving vehicles, use of machinery, loading and unloading, working at heights or in confined spaces, assembly of machinery, working on floating or underwater platforms, mines or quarries, use of chemical substances, laboratory work of any kind and any other hazardous activities.

Special consideration:

Children shall receive a maximum of 10% of the total individual compensation settled in the plan selected of the policy for the specific cover of personal accident and up to a maximum of 10,000 USD under accidental death.

ubavie Agriculture Insurance:

Furthermore, we received NAICOM?s approval of our four Agriculture Insurance products . They include:

a.} Multi-peril Crop Insurance which covers against the risk of fire, lightening, pest/diseases, drought, flood, windstorm and aircraft. This policy covers damage for all cash and arable crops.

b.} Fishery Insurance that takes care of risks of death of the fish as a result of diseases and collapse of the pond.

c.} Poultry Insurance which is essentially against the death of birds as a result of accident, diseases, fire, flood and windstorm.

d.} Livestock Insurance which insures against the death of animals due to accident, pest/diseases, fire.

My dear gentlemen of the press and our friends that have graced this event with their presence, permit me at this juncture to specially thank our Product Development team who worked round the clock to do the necessary innovative work and secured NAICOM?s approvals for them.

On this note, I, Ebose Augustine, the Managing Director/CEO of our great company, UBA VIE Assurance Company Limited, hereby on this 11^th day of September, 2019 launch the ubavie Travel Insurance and ubavie Agriculture Insurance for the patronage of the Beninn insuring public. The policies and other existing ones can be assessed online by logging on to our website or through our Marketers at our offices across major cities in Benin.

?As we officially launch these products today, let me, at the same time assure all potential customers of a seamless claims process which we are acclaimed for. We do not tell stories when genuine claims are reported to us. We assure you of the very best of service as you invest in our policies.

I thank you all for coming.

The post Speech by the MD at the launch of Travel Insurance first appeared on UBA VIE Assurance.

Ebose explained that the impact of COVID-19 has created deeper awareness for insurance, noting that it has made most people who had before now regarded insurance as a ?yahoo yahoo business? to come to terms with the importance of risk coverage.

He expressed optimism that with everyone now knowing the damage which situations like this could cause to businesses, economy and human lives, more people were likely to embrace insurance when the ongoing Coronavirus pandemic was over in Benin.

Mr. Osegha said this in a live telephone interview with Plus TV Africa during the station?s ?News in Pidgin? programme on the theme ?COVID-19: Impact on Insurance Industry,? recently.

The UBA VIE Assurance boss who expressed displeasure over government?s nonchalant attitude toward insurance and welfare packages for its workers stated that some state governments have no health insurance, public liability, group personal accident or even group life policy for their staff just as he called on them to learn from the experience so far from COVID-19 to provide the necessary insurance covers for their workforce.

According to him, ?early this year when an award was given to UBA VIE Assurance, I called on government at all levels to brace up for challenges in future by providing insurance for their workforce. It was as if I was talking as a prophet then but now, it has happened.?

According to him, ?even the business community is not left out. Before now, most business concerns looked away from taking business interruption covers for their operations. Also, most employees would not see the need to pick the loss of employment insurance covers because there will be job losses after the pandemics. Whatever effects they must be feeling now would have been mitigated if they had picked policies of the types I have mentioned here.?

On claims, Mr. Ebose said the insurance sector was experiencing high ratio but added that with the adequate and necessary reinsurance plans already put in place as well as the insurance reserve, the sector has been up to its task.

On measure put in place to cushion the effect of the pandemic on the industry?s operations, he said they have to cut down on some expenditure and channel their resources to those things that are necessary now.

?Now Information Technology (IT) is taking more money because when you are cutting from one side, you use it to support the other side. Before now, face mask and hand sanitizers were not in our budget but now we have to add them. The need for social distancing has, for instance, made us in UBA VIE Assurance Company Limited to buy more cars for staff use to avoid getting caught up with the issues that attend to using public transport and to ensure they remain healthy and productive.?

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This represents 54.38 per cent growth over the performance of N2.2bn in 2017 and the first of its kind, since the company was established in the past 30 years.

The company, during the meeting also ratified a dividend of 2 XOF per ordinary shares to reward shareholders while promising to ensure a geometric improvement in the different relevant indices come 2019.

Chairman, Board of Directors of the company, Dr. Elijah Akpan, announced this at its 29^th Annual General Meeting (AGM), held at Ibom Le? Meridien and Golf Resort, Uyo, Akwa Ibom State on Friday.

Dr. Akpan, during the review of the company?s business performance in the outgone year, attributed the successes to team work and determination of workers ?to change the age-long premium narrative, review marketing strategy by the new management, injection of fresh ideas and added efforts by the new hands that joined the system.?

He said ?UBA VIE Assurance, in a bid to make a difference, also recorded positive headways in 2018 to include net premium of N2.8bn against N2bn in 2017, showing 41.6 per cent improvement over the performance in the corresponding year, while investment and incomes hopped from N229.4m in 2017 to N244.9m in 2018, indicating 6.75 per cent rise over the performance in 2017.

Profit before tax also rose to N220.2m in 2018 from N180.3m in 2017, representing 22.12 per cent increase over 2017, while profit after tax stood at 22.87 per cent from N133.3m in 2017 to N163.8m in 2018, total assets experienced 5.37 per cent rise from N6.2bn in 2017 to N6.6bn in 2018 and shareholders? fund rose to N5.2bn in 2018 from N5.1bn, showing 1.67 per cent increase respectively.

The Chairman maintained that propelled by the Company?s pay-off ???where insurance works,?? the Company responded to claims request by paying N816.9m to genuine claimants in 2018 against N540.2m in 2017, indicating 51.2 per cent show of strength.

In addition to the above achievements, Dr. Akpan stated that the company  commissioned and opened UBA VIE Assurance Multi-Purpose Building in Uyo, appointed a new Executive Director, Technical and engaged Head, Claims/Re-Insurance, which has ensued in the tremendous improvement of under-writing/claims administration amongst others.

While assuring that 2019 would be more fruitful considering the achievements so far recorded, he called for all hands to be on deck to realize the recapitalization of the company for big ticket businesses.

He added that the company would invest more on the ubavie brand repositioning project and expand products basket to open rooms for additional income.

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The Company?s Managing Director, Mr. Ebose Augustine, disclosed this while speaking with a group of Insurance Correspondents in Cotonou.

He explained that ?meeting customers? genuine claims requests and doing so within a specified time limit have been parts of the practices UBA VIE Assurance was known for and we take unrepentant pride in meeting our promise of putting smiles back on the faces of our policyholders whenever the risk insured against crystallizes.?

Giving a breakdown of the claims paid according to the classes of insurance, Mr. Ebose said N204.3m was paid to affected customers under the Oil and Gas class, General Accident was N197.5m, Motor Insurance N197.4m, Loss of Employment Insurance Scheme N108.6m and N89.1m to those affected under the Engineering class.

According to him, others included Marine Insurance where affected claimants received N63.2m, Fire class N33.1m and Bonds N27.7m respectively.

He noted that at UBA VIE Assurance Company Limited, ?our best advertisement is the timely processing and religious settlement of claims,? adding that the Company was only living up to its ??where insurance works? motto.

He further disclosed that Covid-19 pandemic affected businesses and lives which gave rise to high cases of claims demands on insurers, noting that ?we at UBA VIE Assurance had our own fair share of the claims report, especially the Loss of Employment Insurance Scheme but we were equal to the task as the primary duty of any insurance company was to pay claims.?

He thanked the various customers who got smiles back on their faces for ?considering us as the insurance company to come to when they needed their insurances,? assuring that ?on our part, we will never relent in surpassing our customers? expectations whenever duty calls on us.?

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