Thursday, November 7, 2024
34 C
Lagos

GNI: MotorFlex Insurance Will Generate Premium Customer Experience

Cecilia O. Osipitan

Managing Director/CEO

Great Nigeria Insurance Plc

One of the foremost underwriting firms in Nigeria, Great Nigeria Insurance Plc is actively promoting one of its in-house generic products, MotorFlex Insurance for better customer experience.

In a press statement made available during stakeholders’ engagement held at Great Nigeria Insurance Plc Head Office in Lagos, the MotorFlex is a specially designed Third-Party Motor Insurance policy with extended cover.

While commenting, the company’s spokesperson, Ms. Oyinkansola Sobande stated that every vehicle owner is mandated by law to have the Third-Party Motor Insurance cover; although many members of the insuring public and third-party road users have not fully realised the importance of Motor (Third Party) Insurance in Nigeria. Motor (third party) Insurance covers the insured’s (policy holder) legal liabilities for death and bodily injuries to third parties and third-party property damage.

While remedies for bodily injuries and death are unlimited since we cannot put value on life, the limit for third party property damage is N1million. Third Party Motor Insurance is very important as far as third-party road users are concerned.

However, many vehicle owners desire to have a cover that provides more benefits than the regular Third-Party Motor Insurance but at an affordable premium not as high as the Comprehensive Insurance.

This discovery intimated the organisation to develop a customised policy that will meet the specific needs of the target public. GNI MotorFlex insurance is an insurance package that takes care or the insured’s car as well as the third party.

In the same vein, the Managing Director/CEO, Mrs. Cecilia O. Osipitan mentioned that the organisation in its efforts to deepen insurance penetration developed unique insurance products at competitive rates aimed at assisting policy holders in risk mitigation.

The products are GNI Motor Flex, Great Savers Delight (GSD), GNI Fire Proof and Personal Accident Insurance (PAI) which are duly approved and certified by the industry principal regulator, the National Insurance Commission (NAICOM).

She said that the GNI MotorFlex offers a wide scope of protection cover in addition to all the benefits of Third-Party Motor Insurance.

She further explained that the scope of cover of GNI MotorFlex Insurance includes: Third-Party Limit up to N1,000,000 which takes care of legal liabilities for third party bodily injuries, death or property damage while the vehicle is on the road; these third parties include pedestrians, other vehicles, occupiers of these vehicles and properties owned by third parties. Own damages of N100,000 with Driver’s medical expenses of N10,000 at an affordable premium of N7,500.

Mrs. Osipitan stated that the need to bridge the gap between the compulsory Third-Party Motor Insurance and Comprehensive Motor insurance owing to the fact that the Comprehensive Motor Insurance is perceived as “insurance for the Elites due to cost” and Third-Party Motor Insurance as “Let my people go policy without claims benefit” became pertinent in order to reduce premium loss due to the failure by some vehicle owners to purchase motor insurance which according to some analysts totals about N530 billion yearly as reported in TechEconomy Publication.

Conclusively, she mentioned Great Nigeria Insurance Plc has put in place a-stress-free underwriting documentation process in all its branch offices nationwide.

 

 

 

spot_img
spot_img
spot_img

Hot this week

Continental Re Seeks Entries for 10th Pan African Re/Insurance Journalism Awards 2025

Continental Reinsurance Plc, a leading Pan-African reinsurer, is proud...

Cloud Energy Unveils 200 Watts Street Light Bulbs, Rooftop Panel Campaign

Nigeria’s foremost indigenous Renewable Energy Company, decorated by industry...

Awele Elumelu Seeks Increased Female Leadership in Insurance Sector

L-R: Lady Margaret Moore, President, Africa Insurance Women Association...

NCDMB ES, Lagos Gov Commission Bell Oil and Gas’ Pipe Threading, Valve Assembly Plant

A multi-million-dollar pipe threading and valve assembly facility built...

Polaris Bank Clinches “Best Mobile App” Award at Digital Jurist Awards 2024

Polaris Bank's commitment to digital innovation and excellence has...

Topics

Sovereign Trust Insurance: 25 Years of Commitment to Professional Underwriting

Sovereign Trust Insurance Plc no doubt has become a...

GNI CEO to Nigerians: Embrace Insurance for a Better Future

Mrs. Cecilia O. Osipitan Managing Director/CEO Great Nigeria Insurance Plc Great Nigeria...

NAICOM Chief, Sunday Thomas, Tasks Federal, State Govts on Insurance of Public Buildings

The Commissioner for Insurance and Chief Executive Officer of...

May 29: Unpromising Start, Promising Future                        

  Tim Akano Click-click-click-click-click-click-click-click-click-click-click is the loud, weird, grinding vroom reviving...

NNPC, TotalEnergies Sign MoU on Adoption of Methane Detection Technology

Executive Vice President, Upstream, NNPC Limited, Oritsemeyiwa Eyesan (2nd...

Five Tips for Success by Africa’s Top Young Entrepreneurs

The Anzisha Prize Being a young entrepreneur is difficult, no matter where you are from. But in Africa, the challenges are often far more emphasised. Resources, financing, mentorship and supporting services are even scarcer. Yet despite this, the continent’s youth unemployment is higher than elsewhere, and for many young Africans, entrepreneurship is less of a choice, and more of a requisite for survival.Last year the Anzisha Prize, Africa’s premier award for entrepreneurs between the ages of 15-22, identified a handful of young entrepreneurs who are making it in Africa.

SIM Boxing: Threat to Govt, Telecom Operators’ Revenue

In 2016, it was estimated that telecom companies in...

ETA-Zuma Plans 300 MW Coal-fired Plant in Nigeria

Miner ETA-Zuma announced it plans to build a 300...
spot_img

Related Articles

Popular Categories

spot_imgspot_img