The role of insurance is critical in managing the numerous risks that dominate and overwhelm humankind globally. In Nigeria, encountering any of such risks has changed the fortunes and destinies of many who thought they had it all financially secured.
Risks such as personal and vehicle accidents, burglary and even death need to be protected with an individual insurance plan for anyone to have peace of mind. But with insurance already perceived as an expensive endeavour in Nigeria, procuring an insurance policy for each of these risks is cumbersome and seemingly pricey.
To this end, insurance cost has presented itself as a barrier to entry and a hindrance to insurance penetration in the country. Although the probability of a risk occurring may be a distant possibility, the consequence of leaving risks to chance is that it could alter a well laid out life’s journey.
According to a report in 2018 by the National Financial Inclusion Strategy Report, only 1.9% of our adult population has one form of an insurance policy or the other. A similar report by the Nigeria Bureau of Statistics (NBS) in 2019 records that insurance penetration to our Gross Domestic Product (GDP) was 0.3 per cent, one of the lowest in Africa. Insurance penetration in Africa’s second-largest economy, behind Nigeria, accounts for 13.4% of its GDP. The need to address the cost of procuring insurance – though largely imagined than real – has become a pivoting criticality in product designs in the industry.
Read Also: Why some insurance policies are compulsory
How about a cost-effective solution?
Our team at Leadway Assurance Company Limited, Nigeria’s foremost insurer with five decades of operational experience in the industry, elected to disprove this myth through a practical step of demonstrating cost-effectiveness.
It was simple but far-reaching in its impact on the products offerings. Having identified the most common risks that most threaten the peace of mind and happiness of households, the team bundled the risks into a single product offering a singular premium. It was an actuary (the mathematics of insurance) masterpiece that provides a cost-effective premium payment for the policyholder but a well-priced risk underwriting on the insurer’s side. It was a win-win package that Leadway gleefully named the policy “L-Happy”.
A happy solution
So, L-Happy, a comprehensive insurance policy comprising all the well-known risks that commonly befall individuals, households or family ranging from burglary, property or asset damage, motor insurance and personal accidents and put them into a single bouquet with a unique but ultra-affordable single premium portfolio.
In other words, what the intelligent product design team did was to design a policy that does not only help to manage the critical risks and saves the policyholder the stress of identifying these risks and procuring a premium that covers each risk specifically. But then they also threw in a sweetener by allowing the policyholder to pay the affordable premium in installments to further allow for cash management. Amazing, right.
With this offering, Leadway Assurance has further proven its commitment to providing the condition for unceasing happiness and worry-free outcomes for both individuals and families at a cost-effective rate, no matter what life throws at them.To find out more about the L-Happy, you can visit www.leadway.com or call the Leadway Assurance customer care helpline on 01-2800-700. You can also send an email to Lcs@leadway.com for professional advisory or request a call back by visiting www.leadway.com/call-me.
We are within your reach on our social media outlets – @LeadwayAssurance on Facebook & Instagram, @Leadwayinsure on Twitter. You can send a DM, and we would revert with all the information you require.
Umashime Oguzor Doghro – Head, General Insurance Retail
