L-R: Chief Operating Officer, Abimbola Lawson; Chief Financial Officer, Afolabi Lawal; Chief Executive Officer, Allianz Nigeria, Adeolu Adewumi-Zer; Chief Technical Officer, Jaideep Goel and Chief Customer Officer, Patience Ugboajah, at the event.
BY NKECHI NAECHE-ESEZOBOR–Allianz Nigeria has announced that it has made new exciting additions to its bouquet of products the list of offerings with introduction of a new family protection plan that will provide a payout to cover funeral expenses following the loss of a loved one.
The product has been uniquely enhanced to create unmatched value for customers.
L-R: Chief Operating Officer, Abimbola Lawson; Chief Financial Officer, Afolabi Lawal; Chief Executive Officer, Allianz Nigeria, Adeolu Adewumi-Zer; Chief Technical Officer, Jaideep Goel and Chief Customer Officer, Patience Ugboajah, at the event.
The Chief Executive Officer, Allianz Nigeria, Adeolu Adewumi-Zer disclosed this during a media briefing at the weekend that the new product is the outcome of months of extensive market research into current and prospective customer demands in the local market, especially in the wake of gradual recovery from the global disruption of Covid-19.
This follows the securement of all requirements of the regulator, the National Insurance Commission ( NAICOM).
She added that economic meltdown has highlighted the need for products that lighten the financial burden of middle and low-income families, following tragedy or loss.
She said the product will offer protection to the entire family by covering the cost of funeral rites, adding that burial ceremonies form an important part of the Nigerian culture across ethnicities.
She said: “Often, paying the last respect to loved ones that have passed on will impose a heavy financial burden upon the surviving relatives.”
She explained that the cover enables the family to give the departed a desired and befitting burial. It is a simple product that enables the assured and their loved ones to enjoy peace of mind knowing their financial stability will not be threatened in the event of a loss.
She listed the feature of the family-oriented plan as follows: “It allows multiple payouts and the continuation of the policy after the demise of the policyholder. The family can continue the premium payments and stay covered in the event of future loss.
The customer is free to choose the payment frequency (monthly, quarterly, annually, or single premium) of a lumped premium for all the covered family members.
This family product provides life cover for the ‘main life’ (policyholder), a spouse, children, parents, and even parents-in-law as the customer desires.
Each ‘life’ has its individual and separate cover in this bundled plan, with the applicable sum assured payable on the death of anyone covered by this policy.”
She said: “At Allianz Nigeria, we are focused on creating simple intuitive products that solve real problems that are unique to our market.We wanted to provide a very flexible product that is affordable to the everyday Nigerian, regardless of their income level.
“This funeral insurance is the second product the company has launched in 12 months.
Last June, and in response to the market demand for travel insurance that includes Covid-19 risks, the firm introduced an enhanced product that will cover the cost of emergency medical expenses associated with Covid-19 diagnosis whilst on a trip.
For holidaying customers and business executives alike, the plan will extend to cover accommodation costs related to Covid-19 diagnosis during the insured trip.
“Our goal is to actively seek feedback on a rolling basis from our customers and the market at large and continuously use the feedback to create value for the customer and all stakeholders.
“Ultimately, we aspire to transform the way we do business for our clients so that we can be sustainable and a longterm partner – a partner for life. We have a clear view of where we want to go, both in terms of market and product lines. So we are expanding and rebalancing as we go.”
The Allianz Group is one of the world’s leading insurers and asset managers with 126 million1 private and corporate customers in more than 70 countries.
Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life, and health insurance to assistance services, credit insurance, and global business insurance. Allianz is one of the world’s largest investors, managing around 809 billion euros on behalf of its insurance customers.
Furthermore, our asset managers PIMCO and Allianz Global Investors manage more than 1.9 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are amongst the leaders in the insurance industry in the Dow Jones sustainability Index.
In 2021, over 155,000 employees achieved total revenues of 149 billion euros and an operating profit of 13.4 billion euros for the group.
