BusinessDay

Underwriters, NCRIB give their endorsement as Africover247 targets market penetration

Underwriting companies, as well as the Nigerian Council of Registered Insurance Brokers (NCRIB) have given their support to Afriglobal Insurance Brokers Limited quest to deepen penetration through digitalisation.

Africover247, a product of Afriglobal Insurance Brokers Limited is a round the clock digital insurance transaction platform that will assist businesses, individuals and technology providers access insurance and redistribute insurance products including claims management with ease.

The underwriters, including Universal Insurance, NEM Insurance, Consolidated Hallmark Insurance, Custodian & Allied Insurance, among others who witnessed the official launch of the digital platform in Lagos, said it was a landmark progress in distribution of insurance products to consumers.

They pledged their partnership with Afriglobal to make the platform help increase market penetration of insurance in Nigeria, which currently stands at less than percent despite the country’s population of over 200 million.

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Bola Onigbogi, president of the NCRIB giving her remark at the event said the operating environment of the insurance industry is presently being challenged by several dynamics of change, warranting that operators should imbibe more creativity and ingenuity in their product offerings.

“One of those areas which operators’ need to focus on is in the deployment of information technology, in order to drive customer patronage.”

Onigbogi said it is against this backdrop that it has become applaudable that AfriGlobal is today presenting the savvy AfriCover 24/7 with the theme “Value and Trust Barometer In Insurance Delivery In Africa.

“There is no doubt that if telecoms, banking and other progressive sectors are leading in customer patronage through technology the insurance industry should not be left behind.”

With this launching, AfriGlobal is no doubt further extending the frontiers of its customer relationship building trust and value amongst its numerous clients in Nigeria and Africa. This is, indeed, a phenomenal step and source of inspiration to other Insurance Brokers in the fold of the Council, Onigbogi stated.

Casmir Azubuike, managing director, Afriglobal Insurance Broker LTD, said that the newly launched Africover247 Insurance Digital platform will enable a seamless insurance transaction including claims processing from start to finish.

In his address at the Launch Azubuike stated that the Application was developed to join other financial sectors in the industry to ensure that the insurance transaction can be done seamlessly.

He said, the platform gives you the same result with physical but faster and seamless.

“As you queue in a transaction it hits the underwriter’s platform immediately. The online transaction is faster and easier to get claims settled than the physical.”

“The time frame to complete the transaction is very minimal provided your internet is working very fine. The payment gateway is very fast and secured,” he said.

Describing the importance of the initiative, Tope Adaramola, executive secretary of said that the insurance sector must adjust to the dynamics of change in doing business as the world is going digital.

“The World is going digital, the entire world is on our palm, and then we must continually as risk managers adapt to the dynamics of change which is the demonstration of what we are seeing here today.”

Highlighting some of the features of the App, the developer, Rasheed Ajao mentioned that the App consist of Chat box, Administration, API Adaptability, User Experience Benefits and Loss Reporting, Claims Processing and payment.

He assured that the App is safe for everybody to use, adding that it has the ability to integrate with other company’s digital infrastructure for faster business.

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