By Henry Uche
Poised to increase insurance uptake and deepen insurance penetration in Nigeria, insurers are creating more value for stakeholders through innovative products and excellent service deliveries.
Some of the companies known for prioritising innovative products and excellent service delivery include Guinea Insurance Plc, Norrenberger Group and Universal Insurance Plc, which are the sponsors of Nigerian Association of Insurance & Pension Editors (NAIPE)’s Annual General Meeting, holding in July 9th.
Guinea Insurance, among other lines of products, offers both third-party motor insurance and comprehensive motor insurance. The former covers third parties who are affected by an accident only, while the latter covers both the insured and third parties affected by an accident.
Guinea Insurance’s comprehensive motor insurance provides cover for loss or damage to the 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, the company 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 of the Underwriter, Mr. 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.
According to him, the portal 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.”
For 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” he affirmed.
While Universal Insurance product- ‘Keke PASS’, is receiving commendations across the country by Keke owners, the product became necessary given the peculiarities of the riders across the breath and length of Nigeria.
Speaking at the launch of KeKe PASS in Aba, the Managing Director/ CEO of Universal Insurance, Mr. Benedict Ujoatuonu, said the: “Keke Pass is Keke Passenger Assurance Safety Scheme 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.