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Custodian introduces mobile insurance application

By BusinessNews Staff on October 14, 2014

Custodian and Allied Insurance Limited has unveiled a mobile insurance application that enables customers to do their transactions on their Internet-enabled devices.

The company said in a statement that the application could be used on smartphones, iPads and computers.

“This mobile app called, Custodian Direct, is in line with the efforts of the National Insurance Commission to deepen insurance penetration in Nigeria so that the majority of the people can embrace insurance as a way of life,” it said.

The firm said Custodian Direct was a self-service insurance product that would allow its existing and prospective customers to purchase and manage their insurance policies from any Internet-enabled device.

Using the application, according to it, customers can manage their insurance policies, submit and track claims and generate their insurance certificates and policy documents without relating with any agent.

According to the statement, the application helps customers take pictures and file a claim at the scene of any incident involving insured items without visiting the offices of the insurance company or speaking to an agent.

The firm said it had earlier introduced the online insurance platform that gives customers the opportunity to source quotes, learn about products, buy insurance policies, file and manage claims from the comfort of their homes or offices without the intervention of an agent.

It stated that last month, A.M. Best Company reaffirmed the financial strength rating B stable assigned to Custodian, adding that its Issuer Credit Rating was bb stable.

The company quoted that the Commissioner for Insurance, Mr. Fola Daniel, as saying, “With the old-based economy, the sector barely contributed 0.7 per cent to the Gross Domestic Product, and with the rebasing, the contribution of the sector has dropped to 0.6 per cent; therefore calling for more dynamic strategies to deepen insurance reach among the vast populace.”

According to the firm, Daniel said the industry must as a matter of deliberate policy come up with new ways of doing the business in order to achieve better result.

Daniel was further quoted as saying, “Our marketing strategy must change; our product design and packaging must change; our approach to policyholders and their complaints must change and all hands must be on deck to ensure that the message of insurance is taken to the grassroots.

“If we must move the insurance market from its present level to an optimal pedestal within the financial services sector, then there must also be a consensus on how best to tackle the challenges.”

[Punch]

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