Leadway Assurance: Insurance in your Neighbourhood
As Nigeria gears herself towards a brighter economic future, a growing insurance sector would be one of the critical success factors in the scheme of the wealth creation and protection. This is because the insurance sector encourages savings, investment, risk management, job creation and business growth. In spite of the challenging economic landscape in the country, the Nigerian insurance market currently ranks 5th in Africa[i] and has indeed evolved in past years with a growth in total insurance premiums from N75bn in 2005 to over N380bn in 2016[ii].
However, when compared to emerging markets worldwide, the Nigerian insurance sector notwithstanding its progression still has more room for growth. The sector is confronted with numerous challenges including low coverage level, lack of innovation, and low per capita income in the country. These challenges, however, can be overcome by adopting innovative and unconventional tactics, one of which is the introduction of the first-of-its-kind Mobile Insurance Office by Leadway Assurance Company Limited to drive insurance penetration in the retail segment. The state of the art Mobile Insurance Office was launched in view of the current industry realities.
Indeed, the interaction goes beyond the immediate quest for product sales. Here are some of the key motivations behind the innovation:
Educating and making awareness
In July 2017, the Minister of Finance, announced that only 3million out of a population of 180million people in Nigeria have insurance covers[iii]. This low coverage level, in part, is a consequence of the lack of trust and confidence in the insurance system which is caused by the limited knowledge of the workings of insurance amongst the public. Through this Mobile Office, Leadway Assurance takes education to the doorsteps of Nigerians within their neighborhood. To this end, the Mobile Office team is currently on a roadshow to communities within Lagos state and other parts of Nigeria. During the roadshow, the Leadway Assurance team will carry out a widespread insurance education and enlightenment campaign, with a core focus on improving public knowledge of how insurance works and the inherent benefits of insurance to the general public.
Bringing insurance closer to the people
One of the issues with insurance patronage and penetration in Nigeria is the lack of access to insurance touchpoints. Unlike banking, its wealthy cousin, insurance sale points are not readily available within our neighbourhoods. By bringing insurance closer to the people through the Mobile Office, Leadway Assurance is bridging the gap between the people and protection of lives and assets from negative financial outcomes brought about by the risks around them. While no one prays for any mishap, life in itself is risky and insurance is necessary for every individual to hedge against the unforeseen circumstances.
Selling affordable insurance
The Nigerian insurance market despite ranking 5th in Africa, still has a huge deficit in terms of serving the needs of its low income earning population. Considering the average household’s income, many Nigerians are not able to afford many of the insurance products currently available in the market. To address this, Leadway Assurance will be selling products specifically designed for the retail insurance market at the Mobile Office. These products are very affordable and are within reach for the average Nigerian household or business. These insurance products include the Leadway Home Flexa – which offers comprehensive insurance coverage protection for home and belongings, personal accidents and funeral expenses at just N12,885 annually, and the Leadway Hospital Cash Plan, which provides the benefits for hospitalization from accidental injuries or illness for as low as N7,000 annually.
So be on the look for the Leadway Mobile Office in your neighbourhood and pay the team a visit. To find out more about the Leadway Mobile Office and insurance policies in our offerings, please call 07001005000, (01) 2800700, 2800701, 08129997070, or send an email to send an email to Lcs@leadway.com for more information.