Insurers offer customers free cover to deepen market penetration

Determined to regain consumers’ confidence in the nation’s insurance industry, especially during the lockdown, operators have begun to offer of a two-week free insurance cover on all renewals under comprehensive motor insurance policy.

The Chief Executive Of¬ficer at AXA Mansard Insurance Plc, Kunle Ahmed, in an interview with The Guardian, at the week described the gesture in the industry as a measure to boost policy uptake and penetration that could take the sector to a greater height.

Ahmed said the offer of a two-week free insurance cover on all renewals of its comprehensive motor insurance policy commenced on the 1st of May 2020 and will run till December 31, 2020. He stressed that motor insurance customers will receive a two-week free insurance cover upon the next renewal of their policy.

That is, upon renewal, customers will pay for 11.5 months whilst cover will be given for 12 months. The premium for the two weeks is to be deducted from the amount to be paid as premium, the company said.

According to him, “We understand that the COVID-19 pandemic has taken a toll on many Nigerians beyond just their physical or mental well-being. To provide support to our customers during this unprecedented time, the company has decided to subsidize the premium payable by our motor insurance customers, whilst they get the full benefits of the cover purchased.”

AXA Mansard offers a variety of motor insurance options that fit your needs as a woman, man or parent. With its flexible payment op¬tion, first responder service and 24/7 contact centre support, The First Responder Service is an initiative that provides immediate assistance to customers on re¬tail motor insurance plan right at the scene of an accident.

Ahmed concluded by saying that “We implore all our customers to seize this opportunity to enjoy the benefits of total coverage whilst sav¬ing some money to attend to other personal needs.

A motor vehicle insurance policyholder with the insurance firm, Dele Akinduro, who spoke to The Guardian at weekend, was excited that if all other operators can as well follow this gesture, it would mean a lot to the industry in terms of development.

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