The fountain of insurance is rooted in insurance penetration, and building on that in a sustained upscale graph, insurers are poised to increase insurance policy uptake and deepen insurance penetration in Nigeria, by creating value for stakeholders through innovative products and excellent service delivery.
The queue on this route of prioritising innovative products and excellent service delivery is gaining traction, it include Universal Insurance Plc, Guinea Insurance Plc and Norrenberger Group.
One of the products that gets the pass on the line of duty is one of Universal Insurance products, ‘Keke PASS’, a steading buy by Keke owners. At the launch of the product in Aba, the Managing Director/ CEO, Universal Insurance, Mr. Benedict Ujoatuonu, said the product became necessary because conventional insurance products do not take into account the peculiarities of ordinary Nigerians.
Ujoatuonu said: “Keke Pass is Keke Passenger Assurance Safety Scheme and it is intended to provide some personal accident cover for the riders and their passengers in terms of injury, death and third-party liability while riding their Keke. Beyond the unique benefits this product provides for the riders, it makes it affordable because it is cheaper. It is also very flexible. This is because we are dealing with people in the lower cadre. The product is technologically driven, end-to-end, and sold via an electronic platform. With your mobile device, you can have access to it.’
The Tricycle Owners Association of Nigeria (TOAN) and Aba Tricycle Riders Integrated Welfare Association (ATRIWA) commended Universal Insurance for launching the product in Aba.
Guinea Insurance, among other lines of products, offers both third-party motor insurance and comprehensive motor insurance. The third-party motor insurance, a compulsory insurance covers third parties only, while the comprehensive variant covers both the insured and third parties affected by an accident that includes loss of or damage to the motor car resulting from accidental collision or overturning, loss or damage resulting from fire or theft and unlimited liability for death/bodily injury to third parties.
The company offers a discount on the premium payable for every policy and Free Tracking device installation subject to the value of the vehicle as additional incentives. In a bid to ensure seamless transactions and enhance customers’ experience, Guinea Insurance, a foremost risk management solution provider in Nigeria has launched a revolutionary self-service motor insurance e-portal that allows customers to purchase motor insurance products in less than two minutes.
The Managing Director, Guinea Insurance, Ademola Abidogun, said that the motor insurance portal was launched to provide the insuring public with unlimited access to make real-time purchases from anywhere and whenever they needed to. The portal he explained, gives customers the freedom to buy authentic and reliable motor insurance policies without any geographical barrier; insofar as the vehicle is within the Nigerian land borders.
“As it stands today, consumer behaviour is undeniably shifting and favouring effortlessness more than before, whether by simply engaging with a business quickly and conveniently or by easily accessing the most relevant information to meet their individual needs. Our customers nationwide would be able to choose and make informed decisions to purchase motor insurance products that best suit their insurance needs.”
Norrenberger Group, apart from its existing products such as engineering insurance, bonds, general accident insurance, fire and special perils, motor insurance, and marine insurance, the Group is developing insurance products that will enhance and support climate change in all ramifications.
The Managing Director/CEO, International Energy Insurance (IEI) Plc (A subsidiary of Norrenberger Group), Mr. Olasupo Sogelola, speaking on the sideline of the just concluded 50th Conference and Annual General Assembly of the African Insurance Organisation (AIO) with the theme “Coping With Rising Natural Catastrophes In Africa” held in Windhoek, Namibia, said insurance has to move towards supporting climate change, starting from the impact of climate change especially on agricultural products in Nigeria.
Mr. Sogelola said IEI is developing products to enhance and support climate change in all ramifications. “For us at IEI, we are developing products to enhance and support climate change in all ramifications.
