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Consolidated Hallmark Insurance: Making bold statements with efficient and effective service delivery

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“What is therefore required of the company is its continued dedication to the time tested values and discipline which have presented it as a very responsive and responsible financial institution deserving of the patronage of discerning investors and committed customers both corporate, government institutions and agencies as well as individual clients in view of the many tailor made policies and products which Consolidated Hallmark Insurance Plc have continued to churn out.”

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The hallmark of the concept of insurance is indeed the payment of claims hence insurance is synonymous with claims. That an insurance company cannot keep faith with its claims payment obligations is to say that the company is not worth the patronage of any stakeholder not in the least individuals and corporate organizations seeking for protection.

It is therefore not surprising that Consolidated Hallmark Insurance Plc, one of the nation’s hybrid insurance groups has signpost efficient, effective and timely payment of all admitted genuine claims as top priority. The company demonstrated this much when it activated all its work processes to effect the payment of a motor insurance claim involving a senior media practitioner whose car was involved in an accident along Lagos Ibadan Expressway within a record time.

“Our work processes have been structured in such a manner that enables Consolidated Hallmark Insurance respond to claims payment obligations with very timely without compromising all the safety valves put in place by the terms of our policy and regulatory requirements. Our response to claim payment is part of what is now speaking for us as many more customers are reaching out to Consolidated Hallmark Insurance to obtain insurance cover from us”, the Managing Director and Chief Executive Officer of Consolidated Hallmark Insurance Plc Mr Eddie Efekoha had observed.

Consolidated Hallmark Insurance Plc is in all honesty and by every standard of measurement one of the  leading general business insurance companies in Nigeria which is determined to change the way Nigerians see insurance. With the help of its people and technology, the company ensures it does not break the heart of its clients when they need the company most considering that the company’s primary objective is to deliver exceptional service to customers.

“We are here to reduce anxiety and cater to your needs. We have got you covered from motor insurance to gadget insurance, home insurance to business insurance and everything in between. We are a leading general insurance company in Nigeria with over 15 years underwriting experience built on integrity and driven by a passion to serve you”, Mr Efekoha had emphasized

Let us rewind a little to reveal that following a merger in 2007, Consolidated Hallmark Insurance emerged as one of the top 10 general business and special risk insurance underwriters in Nigeria. In the last 12 years or thereabout, the company has played leadership roles in the underwriting of key transactions in Aviation, Oil & Gas, Marine Cargo and Hull Business as well as in Motor insurance business. The company has indeed built a reputation on professionalism, integrity and excellent service delivery. Leveraging on the capabilities and unique skills of the entire group, Consolidated Hallmark Insurance provides premium risk management solutions to its sundry clients. Its commitment to serving clients better has seen it make key investments in its people, technology and processes.

“We are the second insurance company in Nigeria to obtain the prestigious ISO 9001:2015 (Quality Management Systems Certification) because we want to be the first choice provider of insurance and other financial services in Nigeria” the company’s chief executive officer reiterated.

For Consolidated Hallmark Insurance Plc, the reward for hard work is the returns which the work guarantees it as the company has continued to drink bountifully from the fountain of its technically competence and ingenuity in product designs and marketing.

“ In 2021 financial year, we generated a Gross Premium Written of ₦10.50 billion. The Net Underwriting Income grew from ₦6.5 billion in 2020 to ₦6.57 billion. We have also continued to keep our commitments to policyholders through prompt claims settlement. This made net claims paid to stand at ₦2.28 billion. The company recorded a profit before tax of ₦971.7 million in 2021 while profit for the year, after income tax expense is ₦790.6 million”, Eddie echoed.

A pip into the operations of the company reveals that Consolidated Hallmark Insurance Plc is a major financial institution which engages in general insurance business. The Company’s services include portfolio management, short term lending, equipment leasing and auto tracking services. The company operates through two segments: General Insurance Business and Finance and support services. Its General Insurance segment provides cover for indemnifying customers’ properties and compensation for other parties that have suffered damage as a result of customers’ accidents. Its Finance and support services segment offers consumer leasing services through its subsidiary, CHI Capital Ltd. CHI Capital offers local purchase order financing, consumer Lease, working capital financing, auto lease, project financing and intermediation and financial management consultancy services through its subsidiary, Grand Treasurers Ltd. CHI Capital’s subsidiary, CHI Support Services Limited, offers auto tracking and support services to the company.

One of the better ways of appreciation the technical and professional competences of Consolidated Hallmark Insurance Plc as a risk management and underwriting company is perhaps to check out the quantity and quality of insurance brokers who are partnering and doing business with the company; these are brokers which constitute the hub of insurance business in Nigeria. This is not surprising considering that the Eddie Efekoha had previously held executive positions in some of the leading insurance broking firms in Nigeria including Hogg Robinson Nigeria, Glanvill Enthoven & Co (Nig.) and Fountain Insurance Brokers where he served as pioneer Managing Director and Chief Executive Officer prior to his establishing Consolidated Risks Insurers, a company in which he functioned as the Executive Vice Chairman. Trust Consolidated Hallmark Insurance Plc which prides itself with a staff team of over 300 years combined professional experience to cater to your insurance needs.

In all these, Eddie Efekoha who is the team leader at Consolidated Hallmark Insurance holds vast experience in the business of insurance considering his long years of experience and technical competences in insurance marketing, underwriting, reinsurance and claims management not to forget his background as a broker. A bridge builder in the Nigeria’s insurance industry and a reservoir of knowledge, he has links with the local and international markets culminating in his recent election as a board member of African Insurers Organisation (AIO), the umbrella body of all registered insurance companies, reinsurers and broking firms in Africa. Mr Efekoha has served as president of the Chartered Insurance Institute of Nigeria (CIIN) as well as the 22nd chairman of the Nigerian Insurers Association thus marking him out as a leader among equals. His Bachelor’s degree in Insurance and a Master’s degree in Business Administration both from the University of Lagos did well to prepare him for the challenges presiding over institutions as large as Consolidated Hallmark Insurance, a company which all its stakeholders which include shareholders, investors  and customers immensely proud to associate with.

All of the company’s performance indicators including its share price at the stock market present the company as a successful outfit thanks to the team efforts of its board, management and staff. The Group’s 2021 financial result showed a gross premium written of N10.5bn which when compared with the N9.8bn recorded in the corresponding period of 2020 represented a growth of 7.4 per cent.

The profit before tax grew by 26 per cent, from N772.5m in 2020 to N971.6m in 2021 while profit after tax grew by 17 per cent having moved from N677.9m in 2020 to N790.6m in 2021.

Similarly, the Group’s total assets rose from N14.3bn in 2020 to N15.7bn in 2021, approximately 10 per cent growth. Mr Efekoha had attributed the result to diligence by different arms of the company that worked on the financial reporting process. Typical of companies which pay attention to details, CHI has remained consistent with the timely rendition and approval of its operating results as a demonstration of its commitment to regulatory compliance and shareholder information flow.

What is therefore required of the company is its continued dedication to the time tested values and discipline which have presented it as a very responsive and responsible financial institution deserving of the patronage of discerning investors and committed customers both corporate, government institutions and agencies as well as individual clients in view of the many tailor made policies and products which Consolidated Hallmark Insurance Plc have continued to churn out.

 

 

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