Coscharis, underwriters seal deal to drive auto insurance uptake
Coscharis Motors has signed a memorandum of understanding (MoU) with AIICO Insurance Plc and Tangerine Life to integrate insurance into its automobile sales across its showrooms in the country.
The move, by the two underwriters, appears to show their readiness to deepen insurance penetration in the insurance industry.
In the insurance industry, there are concerns that the level of insurance penetration and awareness is still at the lowest level. Collaboration in the automobile sector is expected to increase the well-being of the sector.
The General Manager of Marketing and Corporate Communications, Coscharis Group Abiona Babarinde, speaking at the joint venture event held in Lagos, said the partnership was conceived to promote cost-effective premium insurance for brand-new vehicles purchased from the automobile company.
Babarinde said the partnership would also allow its customers to insure their vehicles at a premium rate of 1.7 per cent of the value of the car.
“As a result, existing and prospective customers of Coscharis will continue to enjoy premium automobile after-sales service. From this partnership, customers and prospects of Coscharis, Tangerine, and AIICO brands stand to gain significantly with well-thought-out procedures to speed up the claims process.
“They will also enjoy a seamless customer experience, which includes priority attention for necessary repairs or replacements,” he said.
The Head of Partnership and Alliance, AIICO, Piyush Srivastava, expressed happiness about the partnership with Cosharis Motors. The partnership aims at delivering more value to automobile customers by improving their overall ownership experience, he said.
“Coscharis Motors’ customers will enjoy the same ‘no-stories,’ excellent after-sales service with an insurance cover that meets their needs without drama regarding claims.
“This seamless experience in car ownership makes this partnership truly exciting for prospective car owners to choose one of the mobility solutions from Coscharis Motors,” he said.
The Head of Partnership, Wealth Management, Tangerine, Luciana Ojeniyi, said the firm was excited to be part of the initiative and was looking forward to improving the experience of its customers.