Leadway Assurance engages stakeholders, unfolds health product
In line with its vision targeted at leading insurance company and non-banking financial solutions provider in Nigeria, Leadway Assurance is adding value to clients and other stakeholders in an efficient and reliable manner in the industry through its various programmes and products.
The insurance provider overtime has learned to harness the power of technology in delivering customer-centric product through a seamless process made possible via partnership with tech expert firms and digital payment channels to improve its product offerings a development that has significantly impacted the insurer’s earnings.
The company revealed that its gross premium written as of 2019 amounted to N90 billion in contrast to the N87.5 billion recorded the previous year while the total claim paid and admitted was N38.5 billion as against the N33.9 billion prior year.
Also, the profit after tax improved to reach N10.8 billion in 2019 and the investment and other income for the same year was valued at N31.8 billion while the company’s total asset was N394.7 billion.
In addition to the rise in earnings, the insurance firm organises programmes and training to equip stakeholders with insurance matters.
Recently, the insurance firm held an online event to engage journalists on the trends in insurance and how insurance firms, like Leadway, are able to tweak offerings to fit the growing need of customers in the digital era.
Speaking on the future of insurance in Nigeria, Akinyemi Alebiosu, head, principal investment and strategy, Leadway Assurance, noted that things are changing and as such, insurance companies are Big earning Leadway Assurance engages stakeholders, unfolds health product moving in the same direction through the introduction of new products services that are rapidly created and fueled by the digital economy, low-cost computing, machine learning readiness and multiple entrants.
According to him, the future of insurance revolves around the category of products, underwriting, distribution and client services which have gradually transcended online, thereby allowing for insurance products and services to be done digitally.
Speaking on products as one of the key focus of insurance in the digital age, he noted that as a result of the increasing number of the population going online, insurance firms have introduced new products such as the usage-based insurance for motor vehicle policyholders to enable fast and seamless process, amongst other products being introduced such as, micro-coverage, pay-to-pay coverage, cyber insurance, micro-duration policy.
He stated that in underwriting, big data and advances in analytics and predictive modeling are providing insurance companies with a new tool to assess risk and underwrite customers through collecting a large amount of data in search of identifying underlying trends pattern and relationships that enables insurers to utilize large data set for forecasting and optimizing outcomes.
