BY CHARLES ABUEDE
Allianz Nigeria has received the nod of the National Insurance Commission (NAICOM) to introduce a new family protection plan that will provide a payout to cover funeral expenses following the loss of a loved one. This development comes after the insurer and asset managers group secured all requirements of the local insurance regulator.
At a briefing in Lagos at the weekend, Allianz Nigeria said this new product is the 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. It also said the economic meltdown has highlighted the need for products that lighten the financial burden of middle and low-income families, following tragedy or loss.
The company, at the launch of the new consumer-focused insurance product, revealed that the product will offer protection to the entire family by covering the cost of funeral rites. Burial ceremonies form an important part of the Nigerian culture across ethnicities. Often, paying the last respect to loved ones that have passed on will impose a heavy financial burden upon the surviving relatives. The cover enables the family to give the departed a desired and befitting burial. It is a simple product that enables the assured and their loved ones to enjoy peace of mind knowing their financial stability will not be threatened in the event of a loss.
Patience Ugboajah, chief customer officer at Allianz Nigeria, explained: “At Allianz Nigeria, we are focused on creating simple intuitive products that solve real problems that are unique to our market. We wanted to provide a very flexible product that is affordable to the everyday Nigerian, regardless of their income level.”
Ugboajah further explained the fantastic feature of this family-oriented plan to be the allowance of multiple payouts and the continuation of the policy after the demise of the policyholder. The family can continue the premium payments and stay covered in the event of future loss. She said the customer is free to choose the payment frequency (monthly, quarterly, annually, or single premium) of a lumped premium for all the covered family members.
According to Allianz, 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.
Also, Adeolu Adewumi-Zer, the chief executive of Allianz Nigeria, commented that, “Our goal is to actively seek feedback on a rolling basis from our customers and the market at large and continuously use the feedback to create value for the customer and all stakeholders. Ultimately, we aspire to transform the way we do business for our clients so that we can be sustainable and a long-term partner – a 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.”
Meanwhile, this funeral insurance is the second product the company has launched in 12 months. It could be recalled that last June, and in response to the market demand for travel insurance that includes Covid-19 risks, Allianz Nigeria introduced an enhanced product that will cover 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.