Sovereign Trust Insurance Plc (STI) has added another feather to its cap by winning the prestigious “Most Outstanding Auto Insurance Company of the Year 2024” award at the 2024 Business Excellence Awards organized by Beta Media. The recognition celebrates the company’s consistent innovation, customer-centric services, and unwavering commitment to delivering affordable and reliable insurance solutions.
The award reflects STI’s strides in retail product development, particularly its Enhanced Third-Party Motor Insurance Policy (E3P). This hybrid insurance package, with an annual premium of ₦25,000, offers extensive coverage, including ₦3 million compensation for third-party claims and ₦500,000 for insured parties in the event of accidents.
Speaking at the award ceremony, which attracted industry leaders, marketing experts, and media representatives, the CEO of Beta Media, Clarisse Ndinge, emphasized the criteria for the honor. These included excellence in service delivery, creativity in product offerings, ethical corporate governance, and leveraging technology for enhanced customer experiences. Sovereign Trust Insurance Plc excelled across all these benchmarks.
The rigorous selection process, conducted by experienced brand and marketing consultants alongside public representatives, ultimately favored STI. Ndinge, while applauding the company’s achievements, noted that the insurance industry still has room for growth, particularly in creating products tailored to the needs of average Nigerians.
Receiving the award on behalf of the organization, Segun Bankole, Head of Corporate Communications and Investor Relations at STI, expressed gratitude to the organizers and reaffirmed the company’s commitment to innovation. “This recognition strengthens our resolve to continue providing top-tier insurance solutions. We are open to ideas that will further enhance the value we bring to our customers,” he said.
Bankole also urged attendees and the wider public to embrace insurance as a tool for financial security and resilience. “Insurance ensures the survival of enterprises and supports the well-being of individuals and families,” he added.
The 2024 Business Excellence Awards showcased the critical role of forward-thinking companies like Sovereign Trust Insurance Plc in reshaping perceptions of insurance in Nigeria and making it accessible to a broader audience.
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