Lifeguard Microinsurance Limited, one of the newly licensed micro insurance firms in Nigeria, has opened for business in Lagos with affordable products to meet the needs of low-income earners within the state.
Adeyinka Oyekunle, managing director of Lifeguard said the firm, a composite microinsurance firm is duly licensed by the National Insurance Commission (NAICOM)
Oyekunle speaking at the pre-unveiling of the company in Lagos said the Lifeguard Microinsurance was established to be the first choice micro insurer in the industry to cater for unreached and the underserved population with the aim of deepening insurance penetration, creating wealth and driving economic growth.
Lifeguard Microinsurance boss said as a micro insurance firm, they will focus on providing cheap and affordable insurance products that meet the needs of its target market.
“Our target market at Lifeguard are the unprotected and the underserved population who are highly vulnerable and often overlooked by the conventional insurance operators. We are of the opinion that these category of the population require protection by the nature of their limited economic strength.
“They include Small and medium scale enterprises, Educational Institutions, Artisans, Trade unions, Clubs and societies, Alumni Associations, Security Companies, Microfinance Banks, amongst others.
Speaking on the products, Oyekunle said the firm has introduced six best in class insurance products into the market – three each in Life and non-Life segments, namely: Supermamas & Superheroes, Credit microloan protection, Lifeguard family umbrella (Life).
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Explaining in detail, she said “Supermamas & Superheroes is a life assurance policy product that covers death from natural causes and accident. It also provides financial stability for the insured’s family in the event of death.
“Credit microloan protection policy is a loan protection cover designed for financial institutions like co-operative societies and microfinance banks to protect them against loss of credit loan granted their members or customers as a result of death or permanent disability.
“Lifeguard family umbrella is a personal accident and life cover designed for families to compensate them or their beneficiaries, this product also offers opportunity to access medical treatment from genuine private hospitals of their choice.
Products under Non Life segment include E go beta, Keke insurance cover, and Legacy householder policy.
“E go beta is an investment linked life policy. It is designed for individuals or groups, to enable them accumulate funds with ease for specific future needs (target savings)
“Keke (3-Wheeler) insurance cover is a comprehensive policy that indemnifies the insured in the event of loss or accidental collision, overturning, fire or theft to the Keke and bodily injury to its rider.
“Legacy householder policy is designed to provide cover for occupants/tenants’ personal belongings against unfortunate events of fire & burglary. In addition, assets financed or leased by corporative societies, banks and microfinance banks are also covered under the scope of this policy.”
She stated that the firm’s operations and processes are driven by technology, adding that they are collaborating with InsurTech firms in ensuring that their products and services are available and accessible to customers.
Also speaking, Odion Ellis Aideloje, chairman of the company said “The firm provides cover against specific perils for regular premium payment proportionate to the likelihood and cost of risk involved thereby breaking the barriers of poverty and giving meaning to the life of the low income earners in the society.
“Our Company is endowed with a wealth of seasoned and experienced professionals of high ethical standards who are inclined to give innovative and flexible risk management solutions to customers’ needs.
“Lifeguard Microinsurance Ltd is an insurance company that underwrites cheap and affordable insurance products for the protection of the low income earners in rural and urban communities of Lagos State.
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