The Managing Director/Chief Executive Officer of Universal Insurance Plc, Dr Jeff Duru, has said that the company will soon launch its enhanced third-party motor insurance cover for customers.
Duru disclosed this in Lagos at the 2024/2025 Annual General Meeting of the Nigerian Association of Insurance and Pension Editors.
With effect from February 1, 2025, the Nigeria Police Force commenced a nationwide enforcement of the Third Party Motor Insurance for all vehicles on Nigerian roads. This move aims to ensure compliance with Section 68 of the Insurance Act 2003.
Speaking on the company’s role in this enforcement, Duru said, “Our upcoming products include our third-party enhanced motor cover. This enhanced third-party motor cover will drive our third-party initiative to carve a niche in the motor insurance segment of the market.
“We also have our mini comprehensive insurance package that will be digitised, which will enable everybody to key into motor insurance because some people still see the comprehensive motor insurance package as very expensive.
“So our mini comprehensive insurance package, when it comes on board, will enable you to buy insurance services and pay at your convenience. The package will enable you to pay to the extent that is affordable for you in terms of the premium.”
The Universal Insurance boss also noted that the company had a rate assured policy about to be brought on board.
“The rate assured policy will enable property owners and tenants to benefit from recovering their loss rate. Assuming there is fire damage, flood, or extra loss that resulted in the loss of your residence or your building, we will be able to provide you with alternative accommodation. This will give you the peace of mind and security to continue your life.
“This is what we preach, that customers should get the best, that the products should be accessible, they should be simplified and affordable. So both the mini comprehensive insurance cover and the enhanced third-party insurance cover are aligned with this initiative to make sure that the policies are affordable to the customer, accessible, and simplified. He also noted that the products would be sent to the National Insurance Commission for approval as soon as they were ready for the public.
“Our team is fully charged. They understand what customer experience means. We will continue to maintain simplicity of our product, simplicity of our service delivery, simplicity of purpose, as well as unity and teamwork. We want to deliver excellent results.”
