Thursday 16 October 2014

STI, AIICO, Royal Exchange partner Venia Group on e-insurance

The partners displaying the signed Memorandum of Understanding (MoU) at the event.

Chuks Udo Okonta

 

Six insurance firms have joined forces with an Information Technology outfit – Venia Group to deplore the sales of motor insurance online.

The underwriting firms involved in this transformation mission are: Sovereign Trust Insurance Plc; AIICO Plc; Royal Exchange Plc; Leadway Assurance Limited; NEM Insurance Plc and Custodian and Allied.

The Chief Executive Officer (CEO) Venia Group, Kola Oyeneyin, speaking at the unveiling of the initiative tagged AutoGenius today in Lagos, said the new trend will transform insurance business by changing the way people buy insurance.

He said the system, which will help curb the menace of fake motor certificates, will be activated by noon on Monday October 20, adding that with the system the public can procure their motor insurance online within five minute.

He noted that the first 1000 subscribers to the insurance products – Oga at the Top; Eminado and Swag -will qualify for a lottery that will enable a subscriber win a brand new car

He said the firm through the initiative will be selling convenience; quality and good price. He noted that the initiative will also help generate accurate data for the National Insurance Commission (NAICOM) that will aid its regulatory functions.

He maintained that the products purchased from the platform are immediately uploaded to the Nigerian Insurance Industry Database (NIID)

The Commissioner for Insurance Fola Daniel, who was represented by Deputy Director Inspectorate National Insurance Commission (NAICOM) Emmanuel Farinu, lauded the initiative, stressing that the commission will continue to support every noble steps aimed at deepening insurance penetration.

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