L-R: Patrick Osadebe, Group Head, Retails and Distribution, Wapic Insurance Plc; Bode Ojeniyi, Executive Director; Yinka Adekoya, Managing Director/CEO; Bankole Bernard, National President, National Association of Nigerian Travel Agencies; Aina Akintonde, Group Head, Services and Fulfilment, Wapic Insurance and Ayodeji Bankole-Olusina, Managing Director designate, Wapic Life, during the unveiling of Wapic Travel Insurance product in Lagos on Tuesday.
BY NKECHI NAECHE—-Piosed to protect those traveling abroad against unforeseen incidents, top underwriter, Wapic Insurance Plc on Tuesday unveiled its first travel insurance product in the country.
According to the company, the launch has come after extensive period of detailed review of consumer- detriment issues in travel insurance, and the product, released as the best possible action to ensure better consumer protection during travel.
LR: Bode Ojeniyi, Executive Director, Wapic Insurance Plc; Bankole Bernard, National President, National Association of Nigerian Travel Agencies; Yinka Adekoya, Managing Director/CEO; Ayodeji Bankole-Olusina, Managing Director designate, Wapic Life; Aina Akintonde, Group Head, Services and Fulfillment, Wapic Insurance and Patrick Osadebe, Group Head, Retails and Distribution, during the unveiling of Wapic Travel Insurance product in Lagos on Tuesday.
The company added that Wapic’s solid reputation for delivering top-notch insurance services, coupled with this product’s combination of institutional knowledge, quality and consumer service, make it an ideal travel insurance option of choice.
Speaking at the launch, the Chief Executive Officer Adeyinka Adekoya, said that the firm produced the product after thorough investigation and engagement with key stakeholders, adding that the company is proud that the product addresses the issue of accessibility and that the product is pocket friendly and pricing is based on duration of trip and destination, thereby according access to a varied range of consumers.
She said , the product covers, compensation for in-flight loss of checked-in luggage; compensation for delay of flight, luggage; payment of medical assistance for illness or accident sustained while traveling; transport or repatriation for medical reasons for the insured and/or family members traveling with the insured; accidental death cover, transport or repatriation of mortal remains of insured and emergency return to home following the death of a close member.
“The ability to access pocket friendly and sound travel insurance is critical for travelers to fully enjoy their international trips with peace of mind. Before we decided to launch this product, we had observed over time very little or no awareness of travel insurance and its benefits and thus travelers would be at a disadvantage if they ever had an emergency during their trip. From simple issues such as inflight or checked-in baggage loss or more complex issues such payment of medicals bills or accident sustained while travelling or even cost of repatriation in a worst case scenario.
“As we launch the Travel Insurance product, Wapic plans to invest in sensitizing our customers and prospects about the benefits of buying travel insurance through our various digital channels. The idea is to increase product awareness and patronage and also to elicit interest and ongoing debate in the public domain on the relevance and importance of Travel Insurance for the protection of life and personal property,” she said.
She said the firm will ensure the engagement with the product is hassle-free, adding that sales of the product will be done directly to consumers through the firm’s digital platform and other touch points, as well as through partnership with leading digital channels, travel agencies, airlines, and other agencies within the travel value chain.
Also, the National President, National Association of Nigeria Travel Agencies, Bankole Bernard; applauded the company for the uniqueness they will be bringing into the industry, assuring that the association will continue to partner with Wapic and ensure customers get the best from the product.
He said they are hoping in future the sevice will be extended to local travellers within the country, adding that their relationship with Wapic is a strategic one.
He noted that the association has over the years, built a robust relationship with the underwriting firm, adding that the relationship will be sustained.