STIPLC and VTNetwork to scale insurance premium collection in Nigeria

Sovereign Trust Insurance PLC (STIPLC) and VTNetwork (VCASH) to scale insurance premium collection in Nigeria

After successful pilot, management approved scaling the operation immediately.

LAGOS 04th March, 2016: Sovereign Trust Insurance PLC (NSE: SOVRENINS), a leading company providing insurance services of global standards, and VTNetwork (VTN), one of Nigeria's leading mobile payment operators, today announced a joint effort to broaden the scope of insurance premium payment, having completed a pilot that was a huge success.

Peter Ojo, Chief Executive Officer, VTN, credited the success of the pilot to the revolutionary software and processes developed to tackle insurance premium collection in Nigeria's chaotic market. "To deliver a revolutionary, first-in-the-nation product to handle insurance premium payment, we had to do a lot of tweaks to get it right until transactions flowed in as expected."

Lekan Oguntunde, AGM/ Head Information and Communication Technology said that STIPLC is pleased with the innovative ability of VTN staff and their patience to ensure that this works. "Few mobile payment operators, if any, do what they do," said Oguntunde. The differentiation is that VTN can create a customized solution for any industry and make it work and then if appropriate, leverage millions of subscribers to be the first adopters of such products. VTN customers can access a range of STIPLC's insurance services, and both companies are collaborating on scaling the operation.

Lanre Ojuola, AGM/Head, Strategy & Corporate Planning Department added that this partnership fits STIPLC's desire to drive innovation in Nigeria's competitive insurance sector. "Our customers can get quotes, report claims and purchase insurance online without leaving the comfort of their homes or offices," said Ojuola. Oguntunde reinforced that the VTNetwork-STIPLC partnership is to further increase the sales of insurance services online while also proffering convenience to valuable customers.

Ojo added, "we are very proud to be partnering with Sovereign Trust Insurance Plc on this initiative just as we are looking forward to having a positive revolutionary change in service delivery in the insurance market space in Nigeria and it is so heartwarming that one of the innovative and dynamic underwriting firms in the country is collaborating with us in driving the initiative"