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Loss Adjusters – The Impartial Claims Specialists
In insurance, one of the most important issues is that of claims payment. And one of the major reasons why insurance in Nigeria has poor image and below average penetration level is the public view that insurance companies are unwilling to pay claims, even after all necessary premiums have been paid. It is the one that is of utmost concern to the insured and interestingly, it is the one that insurance companies shy away from. But in talking about claims making, especially when big sum of money is concerned, one expert whose service is crucial is that of the loss adjuster. Unfortunately, not many people understand the role of the loss adjuster in insurance transaction. It is important for the insuring public to know hence we have chosen to discuss this topic. Who is a loss adjuster and what business does he do in insurance. A loss adjuster falls into the occupational category of insurance adjusters and claims examiners. Loss adjusters mostly investigate insurance claims, negotiate settlements and authorize payments. Individuals and businesses purchase insurance policies to protect themselves against financial losses. In the event of a loss, policy holders submit claims, or requests for payment, as compensation for their loss. Loss adjusters, examiners and investigators, work primarily for property and casualty insurance companies, for whom they handle a wide variety of claims for property damage, liability or bodily injury. In discharging these duties, loss adjuster may face daily or routine tasks. These include Adjusters plan and schedule of work that required processing a claim that would follow an insured event, for example an automobile accident or damage to one’s home as a result of a storm. Investigating claims by interviewing the claimant and witnesses. Consulting police and hospital records, inspecting property damage to determine the extent of the company’s liability, consulting with other professionals, such as accountants, architects, construction workers, engineers, lawyers, and physicians, who can offer a more expert evaluation of a claim and information gathering, including photographs and written or taped statements, which are set down in a report that will be used to evaluate a claim. When the policyholder’s claim is legitimate, the claims adjuster negotiates with the claimant and settles the claim. When claims are contested, adjusters will work with lawyers and expert witnesses to defend the insurer’s position. Many companies centralize the claims-adjusting operation in a claims center, where the cost of repair is determined and a cheque is issued immediately. However in more complex cases, usually involving bodily injury, they are referred to senior adjusters. Some adjusters work with multiple types of insurance products. For instance, some specialize in property claims, business losses, vehicle damage, or workers’ compensation as the case may be. Public adjusters assist clients in preparing and presenting claims to insurance companies and trying to negotiate a fair settlement. They perform the same services as adjusters who work directly for companies however they work in the best interests of the client, rather than the insurance company. Even in case where the public may not see the need for them, loss adjusters are still very much needed to contact policyholders, inspect damaged property and consult with experts Average employment growth is envisioned for this category. Because of its unpopularity among the public, there may be temptation among the practitioners to change jobs and move to other occupations, or retire. Loss adjusting as a career poses great prospects for new entrants, especially under the emerging insurance climate where insurance has become the second most active business in the financial services scheme. The prediction is that insurance companies are still very much in consolidation mode and technological advancements might make some of the tasks, duties and functional roles and rationale obsolete. It has become a priority to keep pace with a world economy that is growing in size and complexity. Many loss adjusters and companies develop specialist niche services, to address new challenges, customer needs and expand their provided services. Chartered loss adjusting firms are a good place to start looking. Stepping into the new economy with confidence, as part of the service providers catering for the growing and diversified world of risk, claims and incident management may offer a good platform for those interested in loss adjusters.
Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank accounts to the National Identity Number (NIN).
This is contained in a report by the Nigerian Interbank Settlement System (NIBSS), which also indicated that the number of inactive bank accounts grew month-on-month, MoM, by four million or 2.0 per cent to 19.7 million in March 2024 from 19.3 million in the previous month, February.
A bank account is classified inactive when it records zero transactions including deposits, withdrawals, transfers or point-of-sale transactions for six months.
However, details of the “Industry Bank Account Database”, a monthly data reported by banks, and compiled by the Nigerian Interbank Settlement System, NIBSS, also indicated that the number of active bank accounts grew by 6.62 million or 3.0 per cent to 219.64 million from 213.02 million in February.
Recall that in December 2023, the CBN issued a directive to all commercial banks in the country to restrict tier-1 accounts without proper Biometric Verification Number (BVN), and National Identity Number, NIN, that are not linked by Thursday, March 1st, 2024.
According to NIBSS data on BVN enrollment count, 61.6 million Nigerians have BVN as of April 2024.
Credit: Vanguard
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Dubai-Based Citizenship Firm Imperial Citizenship Expands to Lagos, Targets Africa’s Growing Wealth
Imperial Citizenship, a Dubai-based firm specialising in Citizenship and Residency by Investment (CRBI) solutions, has set its sights on Africa’s burgeoning wealth with the launch of a new office in Lagos, Nigeria.
This strategic move positions Imperial Citizenship to capitalise on the continent’s growing population of high net worth individuals (HNWIs) seeking international investment and mobility options.
Imperial Citizenship boasts a proven track record of success, having secured over 2,000 approvals for clients seeking alternative citizenship and residency pathways. Their partnerships with over 15 governments worldwide provide a diverse portfolio of investment opportunities that adhere to strict international regulations.
With its Lagos launch, Imperial Citizenship begins its foray into Africa. The continent boasts a burgeoning HNWI population, according to PwC, presenting a lucrative market for investment firms like Imperial Citizenship.
According to the World Bank, African economies are projected to grow by 3.4 % in 2024 as the African Development Bank Africa has reported that Africa will account for eleven of the world’s 20 fastest-growing economies in 2024. Highlighting the market’s potential, Mr. Zaid Al Hindi, Founder and CEO of Imperial Citizenship, says, “our expansion into Lagos allows us to directly cater to this affluent segment, offering them strategic solutions for global asset diversification, optimised investment opportunities, and enhanced global mobility.”
“At Imperial Citizenship, we do not operate through intermediaries, as we differentiate ourselves through direct government partnerships. This ensures transparency, legality, and efficiency throughout the application process, providing peace of mind for investment-minded clients” Zaid stated during the launch event in Lagos.
Speaking on the company’s approach to CRBI, Zaid mentioned, “At Imperial Citizenship, we prioritise a client-centric approach. We go beyond simply offering programs; we provide dedicated advisors who understand the unique needs and aspirations of each client. This personalised service ensures clients receive tailored investment options that align with their financial goals and risk tolerance”.
The launch of the Lagos office underscores Imperial Citizenship’s commitment to global expansion. With physical offices in Dubai and now Nigeria as well as operational representatives in Mexico, Algeria, and Turkey, Imperial Citizenship demonstrates its ability to cater to a geographically diverse clientele.
Looking ahead, Zaid highlighted that Imperial Citizenship plans to broaden its service offerings and expand its reach into new markets. By strategically targeting Africa’s rising wealth, Imperial Citizenship is well-positioned to solidify its role as a leading player in the CRBI industry, offering investors a gateway to global opportunities.
In a recent gathering, organized by 234Finance, key stakeholders and HNIs came together to discuss the theme “Fueling Progress in the South East.”
The conversation highlighted the rich heritage, entrepreneurial spirit, opportunities for growth and the potential of the South East to be economic powerhouse.
During the discussion, the Managing Partner of 234Finance, Ezinne Nwazulu unveiled plans for an upcoming event of significant impact: the 4-week intensive SME Bootcamp and Mentor Matchup Challenge South East edition designed to empower SMEs. The program aims to empower SMEs with the knowledge, tools, and capital for rapid expansion and global competitiveness.
This initiative is building on the success of previous Mentor Matchup Challenge events, which equipped SMEs with actionable strategies and one-on-one mentorship, resulting in winners of the pitching competition securing grant funding to scale their businesses by 4x-10x.
The SME Bootcamp will feature an array of activities, including physical and virtual training sessions, onsite industrial training, and a pitching competition.
Ezinne Nwazulu emphasized the rigorous selection process, where the top 100 applicants meeting the criteria will undergo intensive training at two training centres in Abia and Anambra. From there, the most promising 15 participants will have the opportunity to pitch their business for grant funding.
Dr Chima Anyaso, Chairman of Caades Group, expressed his commitment to the region’s development and encouraged entrepreneurs with innovative crafts to seize this opportunity.
Criteria for selection are uncompromising, emphasizing technical expertise in core sectors; Agribusiness, Manufacturing, Supply Chain & Logistics, Fashion & Textile, and Retail, with a particular focus on businesses operating within the South-East region for at least three years and significant growth potential of 4x-10x.
The Bootcamp is set to commence from May 14 to June 14 2024 with Southeast-based entrepreneurs encouraged to visit the 234finance bootcamp to apply.
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