Anchor Insurance finding bigger space in a competitive underwriting market
When Anchor Insurance Company Limited began operation 25 years ago, precisely November 1989, from a small beginning in Akwa Ibom as a state- owned insurance company underwriting general business and special risk, not many believed that it would maintain its brand identity to date given the competitiveness of the Nigerian insurance market.
Having weathered the storm of an inclement operating environment as well as series of regulatory induced recapitalisations, and most importantly seeing the exit of almost all other government owned insurance companies, Anchor has remained strong even at its 25th anniversary.
Today, not only had the insurance company found a space in terms of market share, it is competing in product development and technology innovations.
Though it suffered initial challenges of stability during its early years, the coming of a new management in 2008 lead by Mayowa Adeduro as the managing director/CEO, brought the company to limelight in terms of profitability and returns on investment to shareholders, with its five-year strategic plan having just ended.
This plan significantly changed the fortunes of the company with a four-year consecutive record of profitability and dividend payout, as well as branch expansion from five to 14 as at the end of 2013; as well as new plans to expand further into new cities with target for 22 more branches before next year.
Speaking on the Company’s 25th anniversary event coming soon, Adeduro said the Company is set to launch another five-year strategic plan that aims to put the underwriting firm among top ten leading insurance companies in Nigeria in terms of net asset, premium income and profit before tax by the year 2018.
He noted that the five-year strategic plan is expected to enable the Company establish a strong presence in the micro-insurance market; gain above 3 percent market share in 2018; strengthen the quality of its human capital, generate competitive returns on investment; deliver superior and quality service to all its customers.
Anchor Insurance with efforts of the current management obtained licence from the Department of Petroleum Resources to take part in the underwriting of oil and gas insurance as part of efforts to take advantage of the government local content initiatives.
Same year, the company relocated its corporate head office from a temporary site in Victoria Island to Lekki Phase 1, Ayo Jagun Street with the intention of strategically repositioning the company to serve the insuring public better and to provide a more suitable and conducive working environment for staff.
Between the year 2009 and 2011, the company grew its premium income by over 60 percent and has maintained a steady but fast growing result with the introduction cutting edge IT innovations.It’s range of customers, apart from individuals includes a substantial part of the Private Sector, Government establishments, and Parastatals, Academic institutions and the Oil & Energy, Telecommunication and Aviation Sector.
In the area of product offerings, the company prides itself as the largest provider of genuine 3rd party motor vehicle insurance and has been paying claims promptly in the last 5 years that product entered the market.
According to him, the Company is guided by its new core values in achieving its corporate objectives and ensuring delivery of superior quality service. This comes with the acronym ATPEACE meaning Accountability, Transparency, Professionalism, Efficiency, Accessibility, Customer Friendly and Empathy”.
Anchor Insurance Company is a member of International, Regional and Local Insurance organizations such as African Insurance Organization (AIO), West African Insurance Association (WAICA) and Nigerian Insurers Association (NIA).
The new Anchor Insurance Company Limited sees her customers and clients as reason they are in business which makes customer satisfaction a priority in the company. The Anchor Insurance Company’s promise is “all stakeholders will surely enjoy a pleasant experience”.
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