Insurance World

Law Union & Rock Unveils Retail Products

BY NKECHI NAECHE—–Poised to deepen insurance penetration and awareness in the country, Law Union & Rock Insurance Plc on Wednesday said it has introduced two new products to meet the need of its customers.

The new products according to the company are travel insurance card and Teen Personal Accidents TPA).
The Executive Director, Technical/Operations Mr. Olasupo Sogelola, said the introduction of the two products is part of the company’s strategic plans to meet the need of its retail customers. According to him, the Teen Personal Accident otherwise called TPA was the company’s innovation, but has now been repackaged in four variants with premium ranging from as low as five hundred naira. The new variants provide customers with the benefits options depending on the customers’ choice.

The policy provides a cover for children of age between two and twenty-five years.

The benefits include medical expenses and permanent disability resulting from accidents sustained by the insured child within and outside their school premises.

Meanwhile, NAICOM has also approved Travel Insurance Card, a retail policy for regular travellers within Nigeria.

With as low as seven hundred naira only, a traveller would be covered against accident arising in the course of his/her traveling by road, rail, water or air.

The product comes in four variants- drivers travel card, passengers travel card, students travel card and executives travel card.

The policy benefits, which include medical expenses, emergency care, accidental death and permanent disability is expected to provide succour to the accident victims/family and also reduce the level of uninsured economic losses from accident in the country.

In the last three years the company has released various retail products into the market which include Home Guard, the product that provide cover for the house contents, I-Care, I-Salute & GPA 4 Schools which provide different personal accident covers and Doctor-on-Cover, a professional Indemnity policy for Medical Practitioners.

These products are being distributed through state –of –the – art – technology which simplifies the accessibility and distribution of the policies through the company’s website, scratch card, POS and agents nationwide.

Mr. Sogelola disclosed that the company will soon commence the distribution of Worldwide Travel Insurance Policy following the regulator’s approval to underwrite the policy.

The Executive Director, Technical/Operations expressed the company’s readiness to continue to provide a cutting-edge services to its loyal customers.
In 2017, the company moved from accumulated loss to a positive retained earning which enable it to pay dividends to the shareholders. The company also recorded a positive growth in its top line in first quarter 2018 to maintain its consistent growth and performance in the industry.

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