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