Wapic Insurance concludes 5-year transformation programme
Owners of Wapic Insurance plc say it has concluded a transformation programme that would position the underwriting firm for growth and effective competition in the nation’s evolving insurance market.
According to Company the five year growth plan has looked at cleaning up all bottlenecks that could be on the way to progress as the company moves into its new growth phase.
Aigboje Aig-Imoukhuede, chairman of the Company who shared the thought of the board and management at its 55th Annual General Meeting in Lagos said the Company is celebrating its emergence as one of the most strongly capitalized insurance companies in Nigeria and laying the foundation for excellent corporate governance and financial management.
Aig-Imoukhuede said, “Our Company undertook a profound transformation over the past 12 months underpinned by four transformation pillars in the areas of corporate governance, key talent acquisition and human capital development, financial strength reinforcement and alignment of strategic direction. The Company’s 2013 performance is in keeping with our commitment to transform the Company and its future for the benefit of our stakeholders; a stance clearly reflected in our transformation strategy. The strategy is a 5-year growth plan which was developed working with Accenture, a leading international management consultancy. It is the road map which will position our Company as a dynamic and modern African insurance company by 2019”
Ashish Desai, group managing director said “The past year has been a transformative one for WAPIC and we are proud of the determination with which we have fundamentally restructured the business. WAPIC is now more than ever positioned to deliver on all fronts.
According to her, to achieve this “we have cleared out all legacy accounting issues, incurred necessary one off costs and significantly increased our investment in our capital (both human and financial), governance and branding. We are confident that these will begin to reflect positively on our operating performance going forward. “These resolutions lay the foundation for our turn around and most importantly to a dynamic and sustainable growth trajectory that is founded on the highest ethical and operational standards”
Wapic Insurance plc is one of Nigeria’s oldest insurance companies, having been in operation for over half a century, offering a wide range of insurance products and services to corporate and individual customers.
The Company was established in 1958 and operates two wholly owned subsidiaries – Wapic Life Assurance Limited and Wapic Insurance (Ghana) Limited.
The Company is now embarking on a new phase of growth and development, innovating and strengthening its entire business model, and promises to deliver sustainable economic growth that is profitable, environmentally responsible and socially relevant.
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