Underwriting firm, Law Union and Rock Insurance Plc, has assured investors of its commitment to grow its premium income by 50 per cent at the end of 2017.
The Managing Director/Chief Executive Officer, Law Union & Rock, Jide Orimolade, who gave the assurance during the CEO forum organised by Insurance journalists in Lagos, said already the company has achieved 17 per cent growth out of the 50 per cent target set for 2017.
On how to achieve the growth projection, he said the company plans to leverage on its relationship with brokers and agents, and through its retail business and other channels of distributions to ensure that the target is achieved.
Other plans for the year include retaining 90 per cent of its existing customers; grows its direct and retail businesses; improves other channels distribution; achieves an improved credit rating from A- to A+ by GCR, and becomes the preferred first choice underwriter amongst the general insurance business provider in Nigeria.
He said the firm has developed and released four products into the market this year, adding that the products include: I-Salute; Doctor-on-Cover; GPA-4-School, and Sure Pay.
I-Salute, he said is designed to provide support and relieve to Officers and their families in event of accidents that result in any or a combination of bodily injury requiring resulting in medical expenses. Permanent disability preventing the person from carrying on with his/her regular business or activities – death, injury, permanent disability or death resulting from armed robbery attack is also covered.
He said Doctors-on-Cover was designed to help Medical Doctors comply with the law as well as protect them from unforeseen legal liabilities that could prevent them from practicing what they love.
GPA-4-Schools, he explained, is a Group Personal Accident product designed for Schools and Students/Pupils at all levels of education – Kindergarten, Nursery, Primary, Secondary and Tertiary.
It provides cover against accidental death or permanent disability of the insured parent or guardian, and also the medical expenses incurred as a result of any accident involving any insured parent or student/pupil.
SurePAY is an e insurance product that provides some level income security in event of loss of employment. It guarantees the payment of an agreed amount of monthly income up to six months after job loss, he said.