Underwriting firm, Linkage Assurance, Plc has secured the approval of the National Insurance Commission (NAICOM) to sell its motor insurance policies online through a technology platform that makes it more accessible to its customers.
The company also said the policy can be bought by anyone outside Nigeria whose vehicle is within Nigeria territory.
The product, which is a major breakthrough in the companyâ€™s quest to deepen insurance penetration through more distribution channels, is expected to drive more sales and boost the firmâ€™s premium growth.
The company said the date of the launch would be communicated to the public.
In an interactive session with journalist in Lagos, the firm said the platform will enable customers to buy comprehensive motor insurance, Motor Third party, Third Party Plus and Third party Fire and theft policies online for fleet and single cars.
Linkage Assurance Managing Director, Dr. Pius Apere, commenting on the product said: â€œThis is a major breakthrough for us because we are committed to ensuring that we deliver seamless service, such that our customers from the comfort of their home or offices can buy insurance and get their certificates without a face to face contact with us.â€
Apere said this was a result of hard work, dedication and most importantly commitment to deliver consumer value.
According to him, Linkage will continue to invest in technology, research and its people for more innovative products and services.
â€œOur customers are our priority and we will continue to meet their needs and expectation, Apere stated.
For Motor Comprehensive and motor Third Party Plus covers, in addition to personal data and car details, customers are expected to upload picture of the car to be insured.
Upon the successful payment for the respective policy with the use of Credit/Debit cards or Linkage scratch cards (Exclusive to Third Party (N5,000 and Third Party Plus (N10,000)), the customer is to receive/download his or her Insurance certificate and policy document.
This portal can also be utilised by Brokers and Agents pre-registered with Linkage Assurance Plc.
Upon the launch of the platform, visitors to Linkage Assurance website can get to the motor insurance portal via the â€œonline insuranceâ€ button on the site. However, more detailed information on the link will be given.
FBNInsurance Grows Premium By 98%
FBNInsurance, has released its financial report for the year ended December 31, 2017 as approved by the National Insurance Commission (NAICOM).
The report showed that the companyâ€™s profit before tax (PBT) grew by 37 per cent from N3.11 billion in 2016 to N4.26 billion in 2017; while gross premium written (GPW) grew from N9.9 billion in 2016 to N19.6 billion in 2017, showing 98 per cent increase.
Commenting on this, Managing Director/Chief Executive Officer, FBNInsurance, Val Ojumah, attributed the strong performance to a combination of factors including continued penetration of the retail insurance space, strong cost optimisation culture, consistent and efficient service delivery across available touchpoint, exploitation of new service channels, disciplined risk management, and a well-motivated-staff.
â€œOur overall performance once again reinforces our strongearning capacity and robust capital base which have put us in better stead to accommodate and sustain future growth. Our return on equity (RoE) rose to 34 per cent (up from 29 per cent, 2016) and achieved a post-tax Return on Assets (RoA) of six per cent,â€ he said.
FBNInsurance was last year recognised for the third time in four years- as the Best Life Insurer in Nigeria by World Finance, while Sanlam Emerging Markets (SEM) awarded her the prestigious Nations Cup for a glowing performance all round amongst SEM companies. At the home front, the National Association of Insurance and Pension Correspondents (NAIPCO), awarded the company as the fastest growing insurance company in Nigeria.