Law Union & Rock Develops Electronic Payment System


Ebere Nwoji
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, Mr. Jide Orimolade stated this while speaking on the company’s efforts to increase its value and services to its customers.

He said the company has developed an e-Retail platform to sell its retail products online with the aim of delivering value promptly to the customers, enable clients pay easily and avoid the long documentation process previously associated with retail insurance business.

Orimolade affirmed that with this innovation, the company’s customers can pay through direct transfer, Quickteller, Mobile SMS enabled by Scratch Card or Web pay.

He also said through this means, the customers can buy, pay for their insurance premium and obtain their insurance documents online with ease.

Speaking on other innovations lined up by the company for marketing of insurance products, he said: “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 its developed e-Retail Platform, Orimolade 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 its SUPER AGENT SCHEME.
He explained that under the scheme, the company plans to partner with individuals and small & medium scale enterprise to sell its retail insurance products through their business channels.
He said the e 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 Law Union& Rick’s strategic initiative to create value for its stakeholders, improve customer intimacy and achieve operational efficiency.

Law Union & Rick, is one of the first generation insurance firms to open office in the country and it currently has over N8bn in total assets and shareholders’ fund in excess of N4billion.