Insurance industry re-branding to start next year

Stories by David Agba, with agencies

This exercise according to Toye Odunsi, the Managing Director of Custodian and Allied Insurance
The rebranding exercise of the Insurance Industry which is aimed to create more awareness and to deepen Insurance penetration in the country will kick start in the first quarter next year.
This exercise according to Toye Odunsi, the Managing Director of Custodian and Allied Insurance, who briefed the Press on behalf of the Insurance Committee yesterday, has the Support of NAICOM and all the other stakeholders in the Industry and is also aimed to change the perception of the public about Insurance, and to increase awareness even to the grassroots.
He said that the committee is working with a consultant to help in the rebranding processes, and that the rebranding will not be Products based because all the companies are collaborating and working together to see to the success of this rebranding in all areas.
Odunsi further said that media will be carried along in this campaign for wider coverage, adding that a lot of advertisements in prints, electronics, social media and translation of the messages into local languages will be used to spread the message of the campaign. He said that social media like Facebook, YouTube, WhatsApp etc will be used to reach out to the youths, since a lot of Nigerian youths thrives on social media and the population of Nigeria is tilting towards the youths.
Stressing further On the collaboration between NAICOM and the operators, he said that agreement has been reached to broadened the Chanel of distribution and NAICOM has promised that before the end of the year, there will be release of guidelines of new channels of distribution to increase penetration and ensure easy access to insurance in the country.
It would be recalled that the Commissioner for Insurance Mohammed Kari, while speaking recently said these distribution channels would support Insurance referral model which is already in place and will enable insurers penetrate the grassroots. The commission recently released draft guidelines on independent agent, mutual, associations, community and state government financial advisor, which it believes will also help deepen insurance retail market.
“These channels will increase accessibility to insurance products, so that majority of the population can access the product as part of their financial planning.” The Commissioner said.
Odunsi however urged all the Insurance companies and the stakeholders in the industry to pay their commitments early to enable smooth take off of the project.
Cornerstone, FRSC partner on ‘Ember Promo’ on motor cover
In demonstration of the continued advocacy on motor insurance policy for motorists in Nigeria, Cornerstone Insurance Plc has partnered with the Federal Road Safety Corps(FRSC) through its “Ember Month Promo” awareness campaign to provide insurance covers for drivers and passengers on roads.
The Head, Retail Business Division of the Cornerstone Insurance Plc, Dayo Alao, who spoke to the Guardian at the event in Lagos, said that its firm has designed insurance policies that would protects drivers and passengers on roads in case of any accident, especially for this period of ember months where Nigerians travel for the session across the country.
Alao, noted that Cornerstone offers it customers a free one month cover on motor insurance policy for their loyalty and patronage and company each year rewards its customers through her “Ember Promo” where customers pay premium for 11 months and get 12 months’ insurance cover, i.e. pay for 11 months and get 1 month free.
According to him, through this promo that started September 2017 till 31st January 2018 the company, having car insurance is essential because it covers your expenses in the event of vehicle damage or injuries to other drivers, passengers or pedestrians. “All vehicle owners must be insured against their liability to other people, as stipulated in the (Third Party Insurance) Act 1945 (Nigeria).”
“At Cornerstone Insurance, we offer a wide array of pocket friendly Auto Insurance Products, ranging from the compulsory Third Party Motor to Comprehensive.
In its 26 years in the Nigerian Insurance industry, the Company has identified insurance needs and designed tailor made products for its esteemed customers. More information on the promotion can be assessed through their website, Alao said.
“Our Auto product offerings are Third Party Motor, Private Motor Individual, Motor Enhanced, Auto Variants, Commercial Motor and Uber plans.The Auto Variants Range consists of five bands namely: Compact, Bronze, Silver, Gold and Platinum”.
Auto Insurance is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy.
The Zonal Commanding Officer, zone R52 Lagos, Shehu Zaka, who spoke on theme: “Right to Life on Highways, Not Negotiable” at the event said the comparing is a traditional initiative of the Corps aimed at taking roads safety awareness to the door steps of all drivers and other stakeholders following an expected upsurge in road activities that characterise ember month period in Nigeria.
According to him,Ember month is a period when commercial drivers do more turn overs while private ones hurry to meet up several engagements as a result of festivities within this period.

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