Implementation of certain technologies among other innovations are major drivers of insurance penetration in Nigeria. These are needed to attract more Nigerians to the sector, as only less than one per cent of the population patronise the sector.

This was the position of the Managing Director/Chief Executive Officer, Lifeguard Microinsurance Limited, Adeyinka Oyekunle, at a media briefing held in Lagos on how to engage Nigerians at the grassroots to embrace insurance.

Oyekunle said that a strong and competitive insurance industry is imperative for the growth of any economy. She said Lifeguard Microinsurance is set to provide seamless insurance risks for the unreached and the underserved population to deepen insurance penetration, create wealth and drive economic growth.

She expressed readiness to provide cheap and affordable insurance products that would meet the needs of its target market, especially the small and medium-scale enterprises (SMEs) as well as educational institutions, artisans, trade unions, clubs and societies, alumni associations and security companies.

“We believe that these categories of the population require protection by the nature of their limited economic strength,” she said.

Also, the Chairman, Board of Directors of the firm, Odion Ellis Aideloje, said the firm was ready to provide cover against specific perils for regular premium payment proportionate to the likelihood and cost of the risks involved. This, he said, would help break the barriers of poverty and give meaning to the life of the low-income earners.