By LOVETH AZODO, Lagos
The Management of Sovereign Trust Insurance Plc has come up with a new product called the Enhanced Third Party to extend protection to her customers with Third Party Motor Insurance cover only when motor accident occurs.
Managing Director/Chief Executive Officer of the Company, Mr. Olaotan Soyinka who was represented by Deputy General Manager, Sales & Corporate Communications, Mr. Segun Bankole disclosed this at the inauguration of the new executive members of the National Association of Insurance and Pension Correspondents, NAIPCO, in Lagos, sponsored by Sovereign Trust Insurance Plc.
Under the third party motor insurance, the owner of the motor insurance policy is covered against any damage caused by them to other drivers, their vehicles and property. The damage caused to others in motor accidents is covered 100 percent by this policy.
According to Soyinka, the new product ‘Enhanced third party’, premium is 7,500 per annum and have the third party being insured in case of any damage to the tune of N1 million and the insured himself or herself has the limit of liability up to the tune of N500 thousand.”
He explained that the Management team taught of the usual third party whereby when a claim occurs; it is only the third party that gets the benefit of having his or her vehicle repaired But with our enhanced third party, which is just N7,500 per annum, you have the third party and the insured him/herself being insured in case of any damage.
“What was the reason behind the enhanced third party motor cover? You will agree with me that economic wise, the country is not smiling. So we lost people who would rather not continue with their insurance due to the economic situation of the country. So we deemed it fit that instead of losing a particular client, we should still be able to keep them in our dragnet. So customers will still have the feel that they have insurance. Although it is not comprehensive but at least the customer is still covered.”
Soyinka stressed that Sovereign Trust will continue to support NAIPCO, adding “You will recall that one of our journalists recently had an accident. Incidentally, he has a third party policy with us, but the person that bashed his car has a third party with another company. We have been trying to see how we can help him get his claims sorted out as fast as possible. Extending that hand of fellowship is so critical to the success of our organisation. We do not in any way underestimate what you represent in the Nigerian society as journalists. So we are solidly behind you and will continue to support you as an association.”
Speaking on the company’s mission, he said. Segun Bankole said: “Our mission is to enhance the everyday life of our customers through innovative insurance and financial services while creating exceptional value for our shareholders.
“As an organisation, we have been driven by our vision and mission and that attest to the fact that some of the profitable oil and gas businesses in the country, we can beat our chest that we are one of the proud underwriters in that regard.”
Meanwhile, the following officers were inaugurated to pilot the affairs of the Association for the next two years: Nkechi Naeche-Esezobor, Publisher/Editor-in-Chief, Business Today (Chairman); Ngozi Onyeakusi, Publisher/Editor-in-Chief, Super News Online (Vice Chairman); Rosemary Iwunze, Insurance/Pension Editor, Vanguard Newspaper (General Secretary).
Others are Edet Udoh, Publisher/Editor-in-Chief, the Revealer Online (Assistant General Secretary); Adejoke Adeyemi, Insurance and Pension Editor, News Agency of Nigeria (NAN) (Treasurer); Matthew Otoijagha, Publisher/Editor-in-Chief, Business Wrap Online (Financial Secretary); and Amaka Obiefuna, Publisher/Editor-in-Chief, News Corner Online (Public Relations Officer).
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