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Law Union gets new products to drive growth

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Insurance

Law Union & Rock Insurance Plc has unveiled retail products to meet the need of its customers, in its determination to deepen insurance penetration in Nigeria.

According to the company, the new products are travel insurance card and Teen Personal Accidents (TPA).

The Executive Director, Technical/Operations, Olasupo Sogelola, said the introduction of the two products was part of the company’s strategic plans to meet the need of its retail customers.

According to him, the TPA was the company’s earlier innovation, but has now been repackaged in four variants with premium ranging from as low as five hundred naira.

The new variants provide customers with the benefits options, depending on the customers’ choice, as the policy provides a cover for children of ages two and 25.

The benefits include medical expenses and permanent disability resulting from accidents sustained by the insured child within and outside their school premises.

NAICOM has also granted the company an approval to underwrite Travel Insurance Card, a retail policy for regular travellers within Nigeria.

With as low as seven hundred naira only, a traveller would be covered against accident arising in the course of his/her traveling by road, rail, water or air and as well, comes in four variants- drivers travel card, passengers travel card, students travel card and executives travel card.

The policy benefits, which include medical expenses, emergency care, accidental death and permanent disability is expected to provide succour to the accident victims/family and also reduce the level of uninsured economic losses from accident in the country.

In the last three years, the company has released various retail products, which include Home Guard- the product that provides cover for the house contents, I-Care, I-Salute and GPA4 Schools, which provide different personal accident covers. There is also Doctor-on-Cover, a professional Indemnity policy for Medical Practitioners.

These products are being distributed through state –of –the – art–technology, which simplifies the accessibility and distribution of the policies through the company’s website, scratch card, POS and agents nationwide.

Sogelola disclosed that the company will soon commence the distribution of Worldwide Travel Insurance Policy following the regulator’s approval to underwrite the policy.

The Executive Director assured of the company’s readiness to continue to provide cutting-edge services to its loyal customers.
  In 2017, the company moved from accumulated loss to a positive retained earning, which enabled it to pay dividends to the shareholders and in 2018, recorded a positive growth in its top line in first quarter to maintain a consistent growth and performance in the industry.


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