Digital transformation to create value for shareholders – WAPIC

Wapic Insurance has concluded most of its digital transformation initiatives aimed at creating value and deepening insurance penetration.
The company sees its digital transformation as the next game-changer that will sustain its quest to create value for shareholders and deliver excellent services and enjoyable experience to customers.
Under the strategic digital revolution, Wapic Insurance acquired a new core operating system called ‘WapX’from Asseco, a leading information technology company in Poland. The highly-customised insurance application is configured to ensure that interactions with Wapic Insurance is most enjoyable and reinforces the company’s status as the most resourceful underwriter in the industry.
With the envisaged impact of ‘WapX’ on the insurance industry in Nigeria comparable to the effect online real-time systems had on the banking sector, shareholders of Wapic Insurance are assured of sustained superlative financial performance.
The company has also recorded 161 per cent increase in Profit After Tax (PAT) for the financial year ended December 2017.
Addressing shareholders at the 59th Annual General Meeting in Lagos, Aigboje Aig-Imoukhuede, the company’s Chairman, said: “Wapic Insurance has continued its run of superlative financial performance by impressively growing its post-tax profit to N1.5billion from N586million recorded in the corresponding period last year”.
According to the company’s results for the financial year under review, which was read before the Shareholders at the AGM, Wapic Insurance recorded growth across all business lines, leading to a total revenue of N13.6 billion and Gross Written Premium of N9.8 billion, these represent an increase of 9.9 percent and 22.5 percent respectively over figures recorded the same period in 2016.
Amidst encomiums, the company’s management briefed shareholders on the 2014-2019 corporate strategic plan designed to reposition the organisation.
Tourism creates 21m jobs in Africa, exceeds manufacturing, banking – AU
The African Union (AU) says the tourism sector supports about 21 million jobs in Africa with value of over 160 million dollars, exceeding manufacturing and banking sectors combined.
Dr Amani Abou-Zeid, the AU Commissioner for Infrastructure and Tourism, announced this on Monday in Abuja at the 61st UN World Touurism Organisation UNWTO) Regional Commission for Africa Conference.
The theme of the Conference, which was declared open by President Muhammadu Buhari is, “Tourism Statistic: A Catalyst for Development.”
Abou-Zeid said that tourism was an engine for inclusive growth and economic development on the continent.
“In the African continent, tourism supports about 21 million jobs translating to one in 14 jobs; this is how important tourism is. That is why we are making sure it takes its due place.
“The value of the industry now stands at over 160 billion dollars accounting for almost eight per cent of Gross Domestic Product.
“So, it exceeds the contributions from manufacturing and banking sectors.
“Tourism industry accounts for more than six per cent of the total investments value at 29 billion dollars and employs over 20 million people, hence accounting for 6.5 per cent of the total work force,” she said.
The AU commissioner said it was projected that five per cent of the tourism industry would grow much faster than the forecast 4.8 per cent economic growth for the continent over the next 10 years.
She, therefore, called for tourism promotion strategies through improvement of Africa’s image in the global media.
“Our priority on the continent now should be to optimise the role of tourism based on the agenda NEPAD/AU action plan.
“On that, we have the responsibility to coordinate and facilitate the implementation and of course collaborations with UNWTO and other key partners.
“We have finalised the first agenda for the 2063, the focus now is on strategy for implementation.
“We are particularly keen to see that tourism is very much high in the priority of the action plan,’’ she said.
Mr Zurab Pololikashvili, the Secretary General of UNWTO, said there was need for political will to make tourism thrive and achieve its goal in the global community.
He said tourism in Africa was becoming increasingly recognised as a vehicle for developments.