The Leadway Assurance Plc on Wednesday unveiled a new marketing strategy known as “Mobile Office’’, to deepen insurance penetration in the country.
The Executive Director of Leadway, Mrs Adetola Adegbayi, said at the inauguration in Lagos that the mobile office would enable every household to access insurance at lesser cost.
Adegbayi explained that the reason Nigeria witnessed slow growth in insurance was due to low penetration, adding that Leadway was set to combat the challenge.
She said that insurance penetration in Nigeria was still less than one per cent, linking the low penetration to non-accessibility of insurance products and others factors.
Adegbayi said: “Even, the penetration fell further to 0.03 per cent when Nigeria was rebased; before the rebasing, the country’s insurance penetration was above 0.05 per cent.
“Many Nigerians have wrong perception about insurance. A lot of them cannot access products and this is the reason for the launch of Leadway Assurance Mobile Office.’’
She said the objectives include to educate Nigerians on insurance, buy the risks of Nigerians at low cost and pay back at higher price in cases of losses and to conduct researches on other products Nigerians desire.
Mr Gboyega Lesi, the Leadway Divisional Director, Commercial, said the mobile office would visit 10 local governments in Lagos State in the next 30 days.
“The local governments include Agege, Surulere, Orile, Epe and Ikeja.
“The mobile office’s target is to reach all the six Geo-political zones within a year,’’ he said
Lesi added that the mobile office would be extended to other parts of the country until the desired growth in insurance industry is achieved.
He also said that the company had designed micro insurance products that would meet the needs of rural dwellers, market women and other entrepreneurs.
The Leadway divisional director assured Nigerians of prompt claims payment upon verification.
He said, “Although the National Insurance Commission (NAICOM) stipulates 60 days as the worst scenario for claim payments but Leadway Assurance pays in two days.’’
Leadway Assurance was established in 1970 to drive insurance growth.
