• Thursday, May 30, 2024
businessday logo

BusinessDay

Universal Insurance strengthen products to deepen penetration

Universal Insurance strengthen products to deepen penetration

In its quest for increased market penetration, underwriting firm Universal Insurance has strengthened its set products to cater for the needs of its teaming customers across the country.

One of the products, Third Party Fire and Theft Insurance Cover offers the middle-ground level of protection as it would give the policyholders a better level of cover than thirdparty only, in case someone is unable to do comprehensive which offers higher cover. This insurance covers; Third Party Property Damage, Third Party Death and Bodily Injury, Thirdparty medical treatment costs, Theft or attempted theft of the insured vehicle and Fire damage to the insured vehicle.

Its Third Party Motor Insurance provides benefits in the event of death or bodily injury to a third party arising out of the use of the insured car and damage to property other than property belonging to the insured.

On the other hand, its Burglary and House breaking Insurance Policy is designed to provide compensation against loss of or damage to one’s property as a result of burglary or any attempt threat. The cover also includes damage to building(s) for which the insured is responsible resulting from the theft.

Read Also; #EndSARS#: AIICO Insurance assures customers prompt settlement of claims

Moreover, its Business Interruption Insurance is a form of insurance coverage that replaces business income lost as a result of an event that interrupts the operations of the business, such as fire or a natural disaster, among others. Business interruption insurance is not sold as a separate policy, but is either added to a property/ casualty policy or included in a comprehensive package policy.

Speaking on this development, Ben Ujoatuonu, managing director of the insurance firm noted that the company is presently meeting all its obligations especially, in the area of prompt claims settlement to clients and other stakeholders, adding that, the insurer is liquid enough to carry out its civic responsibilities.

He stated that his company is capitalising on the potentials in the retail market to deepen insurance penetration, noting that the wholesale market is already saturated.

“We have a competitive edge in claims settlement through investment in state of the art communication and information technology thereby enhancing our operational efficiency and offer to pay off legitimate claims in a jiffy after the execution of discharge voucher. We have a tractable but reduced claims process circle,” the CEO said.