Law Union & Rock initiates e-payment system to drive penetration

Law Union & Rock Insurance Plc. is making insurance more accessible to the insuring public through its electronic payment system.

The Managing Director of the company, Jide Orimolade, stated this while speaking on the company’s efforts to increase its value and services to its customers. “We have developed an e-Retail platform to sell our retail products online with the aims to deliver value promptly to the customers, enable clients pay easily and avoid the long documentation process previously associated with retail insurance business” he said.

He affirmed that with this innovation, the company’s customers can now pay through direct transfer, Quickteller, Mobile SMS enabled by Scratch Card or Web pay. With this in place, the customers can buy, pay for their insurance premium and obtain their insurance documents online with ease.

According to him, “We are also planning to launch in a few weeks, a technological and target market driven retail products that have just been approved by NAICOM which will see more people at all income levels obtaining insurance. This will drive insurance penetration which is still at the lowest level in Nigeria.”

In addition to the developed e-Retail Platform, he said Law Union & Rock has set up a robust sales agency and its products are being distributed through this agency network that is expanding fast.

He also explained that the company is planning to empower new Entrepreneurs through the SUPER AGENT SCHEME. Under this scheme, the company plans to partner with individuals and Small & Medium Scale Enterprise to sell their retail insurance products through their business channels.

The company’s objective is to create more business opportunities and generate additional revenue for their partners and also to increase the Company’s turnover.

This, according to him is in line with the company’s strategic initiative to create value for its stakeholders, improve customer intimacy and achieve operational efficiency.