Allianz Nigeria Insurance Limited on Monday introduced a new family protection plan that will provide a payout to cover funeral expenses following the demise of a loved one as it restated its resolve to continue its operation in Nigeria.
The Chief Executive Officer (CEO) of the insurance company, Mrs Adeolu Adewumi-Zer, during the launch in Lagos, said that the product was designed to cushion the effect of unexpected funeral expenses.
Adewunmi-Zer said that burial formed an important part of the Nigerian culture across ethnicities, adding that the policy was introduced following approval by National Insurance Commission (NAICOM).
“This new product is an 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.
“Paying last respect to loved ones that have passed on imposes a heavy financial burden upon the surviving relatives.
“The 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.
According to her, a unique feature of the family-oriented plan is that it allows multiple payouts and the continuation of the policy after the demise of the policyholder.
“Our aim is 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.
“In June 2021, and in response to the market demand for travel insurance that includes COVID-19 risks, the firm introduced an enhanced product that covers 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 to continuously use the feedback to create value for the customer and all stakeholders.
“We aspire to transform the way we do business for our clients so that we can be a sustainable and long term 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,” Adewumi-Zer said.
The Chief Customer Officer of the underwriting firm, Mrs Patience Ugboajah, also explained that the family of the policyholder can continue to pay the premium and stay covered in the event of future loss.
Ugboajah said that the customer is free to choose the frequency of paying the premium: either on monthly, quarterly, annually, or a single lump premium for all the family members covered.
“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.
“At Allianz Nigeria, we are focused on creating simple intuitive products that solve real problems that are unique to our market,” she said.
The Allianz Group is one of the world’s leading insurers and asset managers with 126 million private and corporate customers in more than 70 countries.
The insurer offers personal and corporate insurance services ranging from property, life and health insurance to assistance services, credit insurance, and global business insurance.
The company said it had no plan to leave Nigeria as speculated, having invested over 18 billion dollars (N7.47 trillion) into its market.
The Chief Executive Officer of the company, Mrs Adeolu Adewumi-Zer, said this in an interview with the News Agency of Nigeria (NAN) on the sideline of the launch of the insurer’s funeral insurance product in Lagos.
Adewumi-Zer said that the insurer intended to remain a trusted partner of Nigerians for life by adding value to its customers as it had done in other countries.
She said the underwriting firm had penetrated the Nigerian corporate space and focusing on its retail market and the Small and Medium Enterprises (SMEs) to provide support.
Adewumi-Zer explained that Allianz Nigeria, a subsidiary of Allianz Group, one of the world’s largest investors, managing around 809 billion euros on behalf of its insurance customers, had the capital to remain in the market for over 100 years.
The chief executive said that the underwriter’s asset managers – PIMCO and Allianz Global Investors managed more than 1.9 trillion euros of third-party assets.
“In 2021, over 155,000 employees achieved a total revenue of 149 billion euros and an operating profit of 13.4 billion euros for the group, ‘’ she said.
In his contribution, Mr Afolabi Lawal, Chief Financial Officer of the insurance firm, Mr Afolabi Lawal, said that the insurer recorded premium of about N1.8 billion in the first quarter of 2022, which was nine per cent higher than what it sold in the corresponding quarter of 2021.
Lawal explained that the decrease last year could be attributed to several economic factors such as inflation while the increase in the current year could be hinged on more awareness on the necessity of insurance, as a result of the global crisis.
He said that the company was expecting over 50 per cent growth in 2023.
Incorporated in 1993 as Union Assurance Company Plc, the company was relaunched as Ensure Insurance Plc in 2016, acquired in 2018 by Allianz and rebranded as Allianz Nigeria Insurance Ltd.
The Allianz Group is one of the world’s leading insurers and asset managers with 126 million private and corporate customers in more than 70 countries.
The insurer offers a range of personal and corporate insurance services, such as property, life and health insurance to assistance services, credit insurance and global business insurance.
