LASACO targets broader protection for customers with six new products

In a move to broaden access to risk protection and respond to changing customer needs, LASACO Assurance Plc has unveiled six new insurance products designed to extend coverage to underserved segments and strengthen its position in Nigeria’s evolving insurance market.

With full regulatory approvals for the products, LASACO recently presented them to the top members of the Nigerian Council of Registered Insurance Brokers (NCRIB) and leaders of the NCRIB Lagos Area Committee.

The newly approved products are The Estate Plan, The Future Secure Plan, Comprehensive Plus Personal Belongings, Lasaco Safe Assets, Lasaco Flame Shield, and Lasaco Drive Safe.

Speaking at the event, Ademoye Shobo, managing director of Lasaco Assurance Plc, said the introduction of the new products was part of the company’s strategy to deepen insurance penetration and provide innovative solutions tailored to the evolving needs of individuals and businesses.

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According to the company, the products were designed to provide broader protection for customers, covering areas such as asset protection, property and fire risks, personal belongings, motor safety, and long-term financial security.

Shobo noted that Lasaco Assurance has a large pool of professionals committed to expanding insurance coverage in the country.

“What we want to do is contribute our own quota to deepening insurance penetration in the market,” he said.

He also commended insurance brokers for their role in expanding access to insurance and strengthening industry growth, noting that collaboration with brokers remains vital to increasing awareness and adoption of insurance products across the country.

Olufemi Oduwole, chairman of the Lagos Area Committee of the NCRIB, welcomed the launch of the products and reaffirmed the council’s commitment to working with Lasaco Assurance to promote their adoption.

Babatunde Oguntade, former president of the NCRIB, noted that about 70 per cent of insurance brokers in Nigeria are based in Lagos.

While assuring Lasaco Assurance of the brokers’ support, he said, “The products appear to address everyday demands of the economy, and we will support you.”

Rilwan Oshinusi, deputy managing director, Corporate Services, Lasaco Assurance said the company remains committed to meeting the needs of the insuring public through innovative products and prompt claims settlement.