As part of measures to boost insurance adoption and penetration rate in the country, Universal Insurance Plc has launched new innovative products to drive this purpose.
Its managing director, Ben Ujoatuonu, who disclosed this recently listed the products to include: third party fire and theft insurance, burglary and housebreaking, third party motor, business interruption insurance, among others.
“The third party fire and theft insurance insurance offers the middle-ground level of protection as it will give the policyholders better level of cover than the third-party only.
“But you will not be as well protected as if you had taken out a comprehensive policy.
”This insurance covers third party property damage; third party death and bodily injury; third-party medical treatment costs; theft or attempted theft of the insured vehicle and fire damage to the insured vehicle.
“The third party motor insurance provides benefits in the event of death or bodily injury to a third party, arising out of the use of the insured car and damage to property other than property belonging to the insured.
“The burglary and housebreaking insurance policy is designed to provide compensation against loss of or damage to one’s property as a result of burglary or any attempt threat.
“The cover also includes damage to building(s) for which the insured is responsible resulting from the theft.
“The business interruption insurance replaces business income lost as a result of an event that interrupts the operations of the business, such as fire or a natural disaster, among others. Business interruption insurance is not sold as a separate policy, but is either added to a property/casualty policy or included in a comprehensive package policy”, he said.
Speaking on claims payment, he said the company is presently meeting all its obligations especially, in the area of prompt claims settlement to clients and other stakeholders, adding that, the firm is liquid enough to carry out its civic responsibilities while capitalising on the potential in the retail market to deepen insurance penetration, as the wholesale market was already saturated.
“We have a competitive edge in claims settlement through investment in state of the art communication and information technology thereby enhancing our operational efficiency and offer to pay off legitimate claims in a jiffy after the execution of discharge voucher. We have a tractable but reduced claims process circle,” the CEO said.