Executive Director, General Business, Leadway Assurance Company Limited, Ms. Adetola Adegbayi in this interview said that the industry is still way behind other financial service providers.
By Rosemary Onuoha
HOW can the challenge of poor insurance perception in the country be tackled?
With the huge potential of the insurance industry to positively impact our economy by safeguarding the enormous risks within the entire business ecosystem, and by creating wealth through investments, the industry is still way behind other financial and service sectors, contributing about 0.3 per cent to the Nigerian Gross Domestic Product (GDP). Leadway Assurance is committed towards educating and increasing the awareness of risks to which people and businesses are exposed and bringing insurance closer to customers as a way of managing those risks and protecting themselves against possible negative financial outcomes.
•Ms. Adetola Adegbayi, Executive Director, General Business, Leadway Assurance Company Limited.
As part of its commitment towards bridging the financial protection gap and increasing the rate of insurance penetration in Nigeria, the company has launched a first-of-its-kind Mobile Office. By deploying the Mobile Office, Leadway will enable direct access to insurance as a financial protection through next- to- door interaction, engagement and transactions.
What are the features of the mobile office?
The Mobile Office is equipped with state of the art communication technology that allows the customers to be serviced real-time, end to end, wherever they may be. It is also environmentally friendly as it draws its power from solar while within remote areas.
How can people access the mobile office?
Starting with Lagos State, the company will be activating market road shows across several local governments. The launch kick-starts the activation events which will not only sell insurance products but also engage and educate the public on the need to insure their risks, ensuring happiness and peace of mind. As market leaders in the Nigerian insurance industry, we have taken it upon ourselves to fulfil the task of reducing the financial protection gap within the country, which in turn increases on the low insurance penetration rate in Nigeria. Our objective goes beyond sales; we intend to reverse the negative perception many Nigerians have about the insurance industry. Notwithstanding a population of over 180million people about a third of which are within the insurable class, Nigeria is said to have about five million registered policyholders.
This lack of density shows how largely untapped the Nigerian market is and the huge opportunities available to increase insurance uptake and the number of policyholders nationwide. The Leadway Mobile Office, further underpins its capacity to drive retail insurance in Nigeria, as residents can now easily purchase very affordable micro-insurance products such “Home Flexa” – which offers comprehensive personal/shop insurance coverage protection for home and belongings, including shops, personal accident and funeral expenses at just about N13,000 annually.
Other products available on the Mobile Office include the Leadway “Hospital Cash Plan” which provides the benefits for hospitalization from accidental injuries or illness for as low as N7,000 annually. The team will also sell the Leadway Third Party Vehicle Liability Insurance, basic Life and Life investment linked assurance and other Leadway retail insurance policies.