Custodian Launches Mobile Insurance Application

CUSTODIAN and Allied Insurance Limited has unveiled a mobile insurance application that enables customers to take charge of their insurance transactions from start to finish on their internet enabled device such as phones, iPad and computers.

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

Custodian Direct, which has been trending on the social media space, is a self-service insurance product that lets the existing and prospective customers of Custodian to purchase and manage their insurance policies from any internet enabled device.

Using the application, customers can manage their insurance policies, submit and track claims and generate their insurance certificate and policy documents without relating with any agent. 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 underwriting outfit 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.

Last month, A.M. Best Company reaffirmed the Financial Strength Rating B Stable assigned to Custodian. Its Issuer Credit Rating was bb Stable.

NAICOM had charged the insurance operators to take concrete steps to deepen insurance penetration in the country so that the insurance industry can make meaningful contribution to the nation's economy.

Commissioner for Insurance, Fola Daniel, said "With the old based economy, the sector barely contributed 0.7 percent to the GDP, and with the rebasing, the contribution of the sector to GDP has dropped to 0.6 percent, so calling for more dynamic strategies to deepen insurance reach amongst the vast populace."

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. "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," Daniel noted.