Efforts to diversify insurance products to meet the needs of every Nigerian will help to increase insurance penetration across the country, experts have said.
Speaking with The Guardian at a media parley, the Managing Director/Chief Executive Officer, Universal Insurance Plc, Ben Ujoatuonu, said the insurer has proven its competencies in the provision of assurance services to Nigerians in the last sixty years.
According to him, the product that attracts many Nigerians to the company called, ‘Okada Personal Assurance and Safety Scheme (Okada Pass)’, is aimed at ensuring the safety of riders and their passengers on Nigerian roads.
He said: “Building a lasting legacy means having a string of innovations under your belt. The firm is notably renowned amongst others for being the company to introduce that is taking care of Nigerians.”
Ujoatuonu maintained that due to the robust operational processes entrenched by the organisation, the COVID-19 lockdown and #EndSARS protest did not have much impact on the company’s revenue.
Ujoatuonu posited that the firm has invested massively in the retail business, as it is poised to deepen that segment of the business.
According to him, the firm had in recent times evolved and got approval from NAICOM for eight innovative products, which are currently doing well in the market.
Also, the Managing Director/Chief Executive Officer, NSIA Insurance, Ebelechukwu Nwachukwu, in an interview with The Guardian on the challenges of insurance penetration and adoption said there is a need to see information and communication technology key to growing the sector.
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