Underwriters to boost insurance access via USSD code

Underwriters to boost insurance access via USSD code
Determined to address challenges posed by the outbreak of the coronavirus, underwriting firms have begun to adopt the use of Unstructured Supplementary Service Data (USSD), to reach out to more Nigerians to increase market penetration.

With the federal and state governments encouraging physical and social distance to limit human contacts to curb the spread of the virus, the underwriters chose to advance digital awareness, leveraging technology to give insurance a facelift.

Under the arrangement, a prospective policyholder will have an easy, quick and convenient channel to buy new products and policies, renew existing policies and make payments for Value Added Services.

The general idea is for the USSD code is to improve customer experience, and reduce turnaround time for all transactions, says the Head of Sales and Corporate Communications for Sovereign Trust Insurance Plc, Segun Bankole, who told The Guardian at the weekend, that his firm identified technology as a veritable game-changer in the insurance industry.

According to him, there is a need for underwriters to take the bull by the horn to latch onto opportunities of advancing her retail products and services with the Mobile App and the USSD code.

The Executive Director and Divisional Head, Technical, Jude Modilim enumerated the benefits of the Mobile App and assured the insuring public that they are in for a good time and a memorable insurance experience within the confines of their homes anywhere in the world.

Parts of the benefits of the Mobile App include the easy purchase of insurance policies such as the Third-Party Motor Insurance, the personal accident insurance cover with the acronym, SWIS-F, (Sovereign Wellbeing Insurance Scheme for the Family), marine insurance and the All Risks Insurance Cover.