Underwriting firm, Mutual Benefits is leveraging innovative solutions to enhance accessibility and regulatory compliance in the uptake of motor insurance in Nigeria.
Motor Insurance is an essential financial safety net for vehicle owners, offering protection against unforeseen risks and liabilities.
Femi Asenuga, MD/CEO, Mutual Benefits Assurance Plc said the company offers speedy claims settlement and superior customer service that delights its customers. “Ensuring that every Nigerian has access to reliable and affordable motor insurance is not just our mission; it’s our responsibility.”
Asenuga said the recent commencement of enforcement measures by the National Insurance Commission (NAICOM) in conjunction with the Nigeria Police Force underscores the importance of compliance and safety on our roads,”
“Mutual Benefits is committed to enhancing the customer experience by making our processes straightforward and accessible. We believe every individual deserves the security that comes with proper insurance coverage”, he added.
Read also: Mutual Benefits pays out N35bn on claims in 2024 full year
Joseph Oladokun, executive director, Technical, in his comments said “As a leading insurer in Nigeria, we are dedicated to enhancing customer experience through seamless digital solutions.
“On our e-commerce platform which enables our customers to purchase policies, notify us of claims, and access customer service support conveniently. Our dedicated Mutual Care Line ensures that policyholders receive prompt assistance whenever needed. With offices across the Nation, customers can also walk into any Mutual Benefits office to receive personalised service and guidance.
In Nigeria, the types of Motor Insurance available are Comprehensive Motor Insurance, Third Party, Fire and Theft and Third-Party only. Comprehensive Motor Insurance offers the highest level of protection, covering damage to the policyholder’s vehicle, third-party liabilities, theft, fire, and accidental damage. It ensures that individuals with Motor Insurance are protected against significant losses, making it an ideal choice for individuals and businesses looking for extensive coverage.
Third Party Fire and Theft as the name implies covers 3rd party liabilities and the fire and theft of the Insured’s vehicle. The Third Motor Only Insurance on the other hand; as required by Nigerian law is compulsory. It covers the insured against liabilities to third parties, including bodily injury, death, and property damage caused by the insured vehicle. This policy is the minimum legal requirement and ensures that road users are financially responsible for accidents involving other people and their property.
The benefits of Motor Insurance are myriad, starting with financial protection, which cushions policyholders from the financial burden of unexpected accidents, repairs, or legal liabilities. Secondly, having a valid motor insurance policy ensures adherence to Nigerian laws. Whether opting for Third Party, Third Party, Fire and Theft or Comprehensive coverage, vehicle owners with insurance coverage can drive with confidence and peace of mind knowing they are financially secured against unforeseen events.
Mutual Benefits is a provider of insurance solutions in Nigeria, offering a wide range of policies designed to protect individuals and businesses from financial risks. With a legacy of excellence and innovation, the firm continues to redefine insurance services through technology-driven solutions and customer-focused initiatives.
