Lifeguard Microinsurance Hit Nigerian Market With Over 200 Agents, Exciting Products

By LOVETH AZODO, Lagos

In a bid to deepen Insurance penetration in the Nigerian market, Lifeguard Microinsurance Ltd has announced its presence with mouth watering products.

Lifeguard Microinsurance was incorporated in November 2020 as a private limited liability company and licensed as a standalone microinsurance by the National Insurance Commission (NAICOM) in June, 2022 to commence operations.

Addressing Newsmen on its arrival in the market recentlyin Lagos, the MD / CEO, Mrs Yinka Oyekunle revealed that the new company has engaged over 200 agents and POS machines since its inception to ensure total coverage of Small and Medium Scale Enterprises (SMEs) and others.

According to her, Microinsurance Ltd is a composite micro- insurance company licensed to underwrite cheap and affordable insurance products for the ‘protection of low-income people against specific perils in exchange for regular premium payments proportionate to the livelihood and cost of the risk involved.

She explained that for its Life business, the company has varieties of products to protect the low income earners from risk, the products are SUPERMAMAS AND SUPERHEROES, FAMILY UMBRELLA, CREDIT MICROLOAN PROTECTION and for the non-Life products, she mentioned are LEGACY HOUSEHOLDER COVER, E GO BETA COVER (ESUSU), 3 WHEELER KEKE COVER, PREMIUM PAYMENT.

On claims processes, she said “Our service delivery and claim settlement process are seamless and would be our selling point”

She explained that the claims processes are in 4 steps; Notification of claim via letters, emails, phone calls, whatsapp, walk in, Acknowledgement and request for claim substantiating documents, Claims adjustment immediately, Claims settlement by either issuance of cheque or transfer of claim amount within 48 hours upon receipt of alldocuments.

“Our target market at Lifeguard are the unprotected and the underserved population who are highly vulnerable and often overlooked by the conventional insurance operators.” She said.