“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.”
This establishing statement was made by the chief executive officer, Allianz Nigeria, Adeolu Adewumi-Zer, at the media launch of funeral insurance plan that will provide a pay-out to cover funeral expenses following the loss of a loved one.
Commenting on the new product and how Allianz conducts business, Adeolu said, “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.”
With the approval of the regulator, National Insurance Commission secured, Allianz is satisfied it has the product on the elevation of success. The composite underwriter said the 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 disruption of Covid-19. The company cleared that 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 funeral insurance product conceived for the family, the company explained has been made distinct by the support and access to multinational best practice streamed by people across the globe, and will offer protection to the entire family by covering the cost of funeral rites. Noting that burial ceremonies form part of Nigerian culture and paying the last respect to loved ones will impose a heavy financial burden upon the surviving relatives, the cover enables the family to give the departed a desired and befitting burial. Allianz added that the simplified product 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.
X-raying the product, Allianz said it allows multiple pay-outs 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. 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”
The template fixes the years of the policyholders ranging from 18 – 60 years and guarantees that younger buyers pay lower premiums while the sum assured is set at N3000,000 and N5million maximum with affordable premiums based on years of the policyholder and preferred sum assured.
Besides, the 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 the bundled plan, with the applicable sum assured payable on the death of anyone covered by this policy.
The chief customer officer, Patience Ugboajah sums it up, “At Allianz Nigeria we are focused on creating simple products that solve real problems that are unique to our market. We want to provide a very flexible product that is affordable to the everyday Nigerian regardless of their income level.”