Mutual Benefits Assurance Plc has announced a streamlined claims process aimed at providing immediate financial relief to policyholders in a strategic move to redefine efficiency within the Nigerian insurance sector.
The company revealed this on Wednesday, May 13, during an official courtesy and strategic engagement visit to PUNCH Nigeria Limited at Punch Place, Magboro, Ogun State.
The delegation, led by the firm’s Retail Coordinator, Olusesan Odumelu, emphasised the company’s commitment to eliminating bureaucratic bottlenecks.
He stated, “Once we have the documents, we issue the voucher, which we pay within two days.
That is within 48 hours. There is not too much documentation in our process.”
In his presentation, the Chief Retail Officer of Mutual Benefits Assurance Plc, Alexander Lawal, highlighted that the organisation’s primary focus is the welfare of staff and employees across its client base.
He noted that a robust Group Life Insurance policy serves as a critical buffer for companies, shielding them from unnecessary contributions and the social embarrassment that often follows the death of a staff member.
“We take care of the staff and the employees. We save the company from embarrassment that might come from the family of a deceased person. If a good group life policy is in place, it will be able to take care of unforeseen circumstances”, Lawal said.
Lawal further detailed the comprehensive nature of the company’s offerings, which extend beyond standard death cover.
He revealed that Mutual Benefits was integrating riders into its group life policies, covering critical illnesses such as cancer and tumours, as well as permanent disability and funeral expenses.
“The compensation we are paying for group life is for the family to carry on with life. When a breadwinner is no more, the family suffers both emotionally and financially. We know the emotional aspect is overcome with time, but if the funds are no longer there, that is when disaster comes in,” he explained.
Odumelu also touched on regulatory compliance, noting that premiums remained affordable at N6,000 per N1m of cover. He added that compensation was strictly aligned with the statutory requirement of three times an employee’s annual emolument.
Furthermore, he underscored the necessity of National Identification Numbers for all enrollees, citing recent directives from industry regulators.
The Mutual Benefits management team also included the Head of Operations and Strategy, Nnenna West, and the Vertical Partnership Lead (Retail, Union, and Association), Nkenchor Samuel.
In her response, the General Manager, Legal and Subsidiaries at PUNCH, Omolara Ogunleye, welcomed the team and expressed her commitment to building a working relationship beneficial to both organisations and the public at large.
Other PUNCH management members in attendance included the Editor, PUNCH Digital, Olamilekan Adetayo; Manager, Advertisements, Olukemi Ogungbemi; Head, Corporate Services and Human Capital, Temitope Olusesan-Biala; Chief Accountant, Olalekan Akowonjo; and Business Editor, Victor Nnodim.
At the close of the session, both teams explored forward-looking initiatives, including collaborations with students and a shift toward visual storytelling aimed at attracting and engaging younger audiences.
By collaborating with content creators and influencers, Mutual Benefits aims to demystify insurance for a public characterised by shorter attention spans, ensuring the message of financial security resonates across all generations.
