The adoption of specific technology, as well as other advancements, is a major driver of insurance penetration in Nigeria. These are required to lure more Nigerians to the sector, which now serves fewer than 1% of the population.
Adeyinka Oyekunle, Managing Director/Chief Executive Officer of Lifeguard Microinsurance Limited, stated this at a media briefing in Lagos on how to engage Nigerians at the grassroots to embrace insurance.
According to Oyekunle, a vibrant and competitive insurance market is essential for the prosperity of any economy. She stated that Lifeguard Microinsurance is poised to give seamless insurance risks to the unreached and underserved populations to increase insurance penetration, build wealth, and promote economic progress.
She stated her willingness to provide low-cost insurance solutions that would satisfy the demands of its target market, particularly small and medium-sized organizations (SMEs), educational institutions, craftsmen, trade unions, clubs and societies, alumni groups, and security firms.
“We believe that these groups of people require protection because of their weak economic strength,” she explained.
In addition, the firm’s Chairman of the Board of Directors, Odion Ellis Aideloje, stated that the firm was prepared to provide coverage against specific perils in exchange for regular premium payments proportionate to the likelihood and cost of the risks involved. This, he claimed, would help break down poverty barriers and give meaning to the lives of low-income earners.