Here’s How Leadway Assurance Is Bringing Insurance Closer To You

Aug 18, 2017

The insurance industry should ideally play an active role in a nation’s economy, being a tool for the transfer of risks from businesses and individuals to strong and reliable risk management institutions. It should also help to create wealth and employment opportunities through its various investment vehicles. However, this does not yet ring true in the Nigeria of today, as the insurance sector, despite having been in existence for over 60 years, still plays a less critical role in the country’s economic growth. It is on record that, in spite of its huge potentials, Nigeria’s insurance industry only contributes about 0.37% to the Gross Domestic Product (GDP).

This poor performance can be traced to cultural and religious beliefs, which make people turn blind eyes to risks around them. This is in addition to the issues of perception and understanding of the concept of insurance, as well as the limited access to prospective customers, which impacts very negatively on market penetration.  For example, only an approximate 1.5% of Nigerians within the insurable class are covered by insurance today, meaning that Nigerians and their businesses are largely unprotected from the myriad of risks they face daily. The low coverage and penetration level further indicates the low level of acceptance among the people, which is a consequence of the cultural perception of insurance in the country, consumers’ distrust of the insurance system and low insurance literacy.

Having taken cognisance of these issues, Leadway Assurance has elected to evolve creative solutions to bridge this financial protection gap. After almost five decades in the insurance business sector, the Company recently launched a first-of-its-kind Mobile Insurance Office to take insurance closer to the neighbourhoods of the people. The Mobile Office, a Leadway Branch-On-Wheels, enables the insurance team to move into different communities to create awareness, engage, and educate residents and businesses on the various risks around them and how insurance can help to manage those risks by providing protection against sudden, and sometimes devastating, financial losses.

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In the coming weeks, the Leadway Assurance Mobile Office team, in its efforts to fulfil its commitment to bring insurance closer to the people, will be activating a market roadshow across several communities in Lagos and eventually across Nigeria. The road show will afford the general public direct access to insurance products and services like never before.

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The unique Mobile Insurance Office is tastefully equipped with state of the art technology that allows customers to be serviced real-time, wherever they may be. Thanks to this innovation, retail insurance products will be easily accessible to the people, as residents can now purchase very affordable insurance products such as the Leadway Home Flexa, which offers comprehensive insurance cover and protection for a home, its belongings, personal accidents and funeral expenses at just N12, 885 annually.

Other products available on the Mobile Office include, the Leadway Hospital Cash Plan, which provides benefits for hospitalization due to accidental injuries or illness for as low as N7, 000 annually. The team will also sell Leadway Third Party Vehicle Insurance, Leadway Household Policy, Automobile and Personal Accident Policy (LHAPPy), Leadway Personal Annuity Plan, Education Protection Plan and Family Benefit Plan.

Leadway Assurance is certainly bringing insurance closer to you. To find out more about the Leadway Mobile Office and other insurance policies in our offerings, please call 07001005000, (01) 2800700, 2800701 or 08129997070, or send an email to Lcs@leadway.com for more information.

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