Leadway Assurance Company Limited has announced a giveback for its Personal Motor Comprehensive Insurance policyholders as we continue with lockdown due to the need to “flatten the curve” on the Coronavirus pandemic which has impacted heavily on social life, businesses and recreation across the world.
Commenting on the company’s gesture, the Managing Director, Tunde Hassan-Odukale, said: “the lockdown has had far reaching effects across the country, challenging both individuals and businesses. People are watching and will remember how businesses treated them during this crisis. Our decision to provide the “give back” to our loyal comprehensive motor insurance policyholders will go a long way to support customers experiencing unforeseen pressure on their finances at this time. This is another way we are thanking our clients for supporting the FG to flatten the curve by staying at home.”
The value of the airtime, equivalent of 50 per cent of a month’s premium, will be credited to customers by the end of April, 2020 following confirmation of customer details. Customers with financial burdens can also call to discuss extended grace periods for missed payments, payment plans, and waiving late fees and penalties.
Further commenting, the Commercial Director for General Insurance, Gboyega Lesi, said: “As society works together to slow the spread of COVID-19, there are more people at home, driving less and having fewer accidents. Given this reduction in road risks due to little or no driving, it is only fair that some premium be refunded so that the customer does not lose at the end of the day. It is the responsible thing to do in the face of a pandemic-inspired economic lockdown. We hope that this support will in some way help our motor insurance clients deal with the rough patches.”
Before this support, the Company had made a sizeable donation to the health sector, joining other like-minded insurers to provide a N5 billion Life cover for the frontline workers helping the Nation to combat this pandemic. The leading insurer also donated Personal Protection Equipment (PPE) materials, COVID-19 test kits and foodstuff to the tune of N135 million as part of its efforts to support optimal testing and treatment of COVID-19 cases in Nigeria.
The company enjoins all its customers and Nigerians to adhere strictly to the guidelines stipulated by the appropriate government and health authorities to curb the spread of this pandemic. The firm will continue to work with the government and health agencies to support ongoing efforts to contain the spread of the virus.
Insurance, Pension Operators Tasked On Investment Drive, Proper Information Dissemination
Insurance and pension operators in Nigeria have been charged to embark on aggressive investment drive, while providing regular information to their shareholders and other stakeholders.
A financial analyst, Mr. Nona Awo, also urged insurance and pension operators to avail journalists of relevant data to ensure proper dissemination of information to the teeming populace.
He spoke at the 2020 National Association of Insurance and Pension Correspondents (NAIPCO) Members’ Training on Developmental Financial Journalism in Lagos recently.
Awo pointed out that even though the primary duty of the insurer is to collect premium the policyholders and pay claims to these policyholders when the need arises, it is, however, first an investment targeted at curbing risk.
He revealed that there are a lot of investment windows in the country when maximised capable of placing the insurance industry in a better position to increase its contribution to the nation’s Gross Domestic Product (GDP).
“It is important to talk about investment in insurance as it tells you about today and tomorrow returns,” he said. He called on insurers to appoint investment experts on their board of Directors to make good profit from investment made.
He highlighted poor investment habit as one of the major reasons why some insurers find it difficult to settle claims when it arises. “One of the major challenges in the industry is claims settlement which can be resolved with proper investment plans that gives outstanding returns,” he stressed.
In a similar vein, media career development specialist, Mr. Lekan Otufodunrin, who spoke on Developmental Reporting and Opportunities, described data journalism as the ability to analyse and examine numbers and to know how to manage large data sets and read them correctly.
During his address, Otufodunrin urged journalists to focus more on reporting and analysing data while reporting insurance activities to promote awareness and sensitise the public on the need to insure.
According to him, story telling should be enhanced with infographics, data analysis, transcripts, to mention but a few
He stressed that, the industry needs a workflow that consists of digging deep into data by scraping, cleansing and structuring it, filtering by mining for specific information, visualising and making a story.
“Our platforms are no longer traditional, we are now multi-media, our audience are now more sophisticated and have access to multiple sources of information” he added.