Operators tickle market with products
The major challenge that practitioners in the nation’s insurance industry are faced with are the capacity to conduct research and come up with innovative products to satisfy peculiar needs of the insuring public.
Prior to the industry consolidation exercise, the market has not given this area serious consideration, as only a few of the 58 operating insurance firms in Nigeria, have functional Research and Development (R&D) departments capable of conducting research into new products backed with adequate financial and budgetary allocation.
Indeed, what existed were old policies that are often repackaged, renamed and soon after they are unveiled to the public, they faded away into oblivion, like any venture that is not based on serious research effort.
In the new market place, however, building necessary capacity to conduct research and come up with innovative products that satisfy public demand is an essential ingredient of the reforms in the industry.
It is on the basis of this that the National Insurance Commission (NAICOM), commended the board and management of WAPIC Insurance Plc for the bold efforts it made, when they unveiled unique lifestyle products into the industry to meet the specific needs.
The products, which are classified under Wapic Smart Investment-linked Products, are designed to cater for the protection and goal oriented needs of individuals, families and businesses.
The products include the Smart Life plan, Smart Life+ plan, Smart Scholar plan, Smart Senior plan, and the Smart Wealth plan. These plans come with the dual appeal of flexibility and convenience, focused mainly on the family, education, retirement, short and medium term plans.
The Wapic Smart Life+ Plan is a unique product designed to help individuals attain their goals and targets with added advantages. It is an insurance solution that provides you the opportunity of systematically accumulating funds towards meeting short term obligations and emergencies.
The Wapic Smart Scholars Plan is an insurance solution that provides the opportunity to save funds towards financing your child’s education and offers embedded insurance protection against the risk of demise and permanent disability on the life of either or both parents. It guarantees payment of the school fees whether or not the parents are alive, subject to the limit of a chosen targeted sum.
The Wapic Smart Seniors Plan offers the policy holder highly competitive interest rates, free critical illness benefit, 200 per cent of the sum assured as permanent disability benefit and in the event of demise offers the sum assured together with the account balance.
The Wapic Smart Wealth Plan is an insurance solution that offers an opportunity of investment and embedded insurance protection against the risks of demise and critical illness. The insurance premium is deducted within the period of investment but insurance covers throughout lifetime even when you have taken the maturity proceed.
Speaking at the products launch, the Managing Director, Wapic Insurance, Yinka Adekoya, said: “it is difficult to make progress without a plan and goals. For us at Wapic, we know that a good insurance plan is key to achieving successful living and so we have developed a variety of insurance solutions to address critical customer needs. We are confident that these products which offer competitive rates, more added benefits and adequately addresses risk concerns would ensure that the policyholder remains a step ahead.”
She said Wapic, a leading West African multi-line insurance company providing solutions covering life, general and special risks, was established in 1958, and listed on the Nigerian Stock Exchange since 1978.
Through a diverse portfolio of products and a commitment to providing the best customer experience possible, Wapic, with an AM Best Financial Strength rating of “B-” and an Issuer Credit rating of ‘bb-”, has significantly enhanced its underwriting capacity, placing it among the top five insurance companies in Nigeria by solvency and capital.