One basic consideration for everyone when buying a particular commodity or service is the benefit derivable from it. Since money is exchanged, what therefore distinguishes one product from the other is the extra value it brings.
This was the driving force, when Wapic Insurance plc and its Life Subsidiary recently restructured two of their products Motor Insurance and Group life cover.
The Company stated that the motor policy has been revamped to meet the yearnings of customers for budget and life style flexibility, while the group life product has also been redesigned to meet the needs of employers, through simplified documentation, seamless payment process and enjoyable claim settlement for the benefit of their employees.
The Motor insurance suite is now called “Moov” while the group life policy targets to address critical consumer needs while keeping them adequately protected against the financial impact of life’s risks whilst in employment
Moov: An integral feature of the new product, is the fact that the consumers can custom-create their motor insurance cover. The motor product comes in four (4) variants, which are the basic Moov to cover third part motor insurance; Moov Plus for third party, fire and theft; Moov Prestige to cover basic comprehensive insurance while Moov Luxury is the maximum motor cover available. Within each option, there is a menu of covers from which customers can make a choice based on their needs and budget. Each cover is priced separately while the customer can work out the cost using the online calculator provided. The Company has also made the product more accessible for the insuring public as there are now various product purchase channels available to consumers
Group Life Insurance is a compulsory class of cover for all employers with three or more employees. This has similarly been revamped to meet the needs of employers through simplified documentation, seamless payment process and enjoyable claim settlement for the benefit of their employees.
Speaking at the launch, Niyi Onifade, managing director, Wapic Life Assurance Ltd stated that “Group Life Insurance as prescribed by law has now been simplified for the benefit of employers of labour, clubs, associations, unions, religious groups, cooperatives and social organizations who exist as a group such that the purchase of the product is enjoyable and can be done with ease. This was our commitment and we have fulfilled this today”
Bode Ojeniyi, deputy group managing director, stated that “with the roll out of Moov and Group Life, Wapic is on course to meeting its goal of delivering customer-relevant solution in both the Life and Non-Life segments. While the insuring public can now enjoy affordable and flexible insurance solutions to cover their vehicles and life, we assure you than more solutions will follow shortly”
Unveiling the value propositions for Moov and Group Life at the joint unveiling, the Group Managing Director of Wapic Insurance plc, Ashish Desai stated that “The launch of these products, further reinforce our commitment to excellence in customer service.
The offerings under each products reflect our understanding of customer needs as well as our passion to meet them. Our goal is to continue contributing towards ensuring the well-being of the insured in all spheres of their lives and we are confident that these products would help in this regard”.
Wapic Insurance plc is one of Nigeria’s oldest insurance companies. It has been in operation for over half a century, offering a wide range of insurance products and services to corporate and individual customers. The Company was established in 1958 and operates two wholly owned subsidiaries – Wapic Life Assurance Limited and Wapic Insurance (Ghana) Limited.
Recently, the Company embarked on a new phase of growth and development, innovating and strengthening its entire business model. With this, the Company intends to deliver sustainable economic growth that is profitable, environmentally responsible and socially relevant. The Company’s transformation agenda is underpinned by four pillars which have placed the business on the path of sustainable growth and profitability.