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Chuks Udo Okonta
Over the years several initiatives have been developed to drive insurance inclusion and grow the business, but the introduction of Insurfeel a concept that encourages the donation of policies to uninsured has been rated as game changer.
According to the Managing Director Universal Insurance Plc, Benedict Ujoatuonu, Insurfeel is the best initiative in driving insurance penetration/inclusion.
He submitted that with Insurfeel, the uninsured and uninformed about insurance products are getting insurance at their doorsteps at no cost conveniently.
According to him, the initiative would help sell insurance more than anything an insurance man would do, as it goes beyond preaching insurance, but acting it.
The initiative is worthy and should be sustained, he said.
Experts said past events have shown that donation of insurance policies remains one of the best means to drive inclusion and get both government and public attention to Insurance.
According to them, one of the best moments the insurance industry has received from the federal government was secured through donation of N500 million life covers to medical practitioners during COVID-19.
They noted that former President Muhammadu Buhari, applauded the industry for the gesture and other positive contributions to the growth of the country.
“I once again use this opportunity to commend the Nigerian Insurance industry for identifying with the government through the provision of life insurance set of packages for frontline medical and paramedical personnel in the course of this fight. Your support and solidarity in these times are highly appreciated,” Buhari said.
The experts submitted that Insurfeel Initiative would really boost the marketing of insurance stressing the donation of insurance would stem the perception and apathy that have hitherto clogged insurance growth.
Determined to help the younger generation especially students mitigate their risks, Insurfeel Initiative has rolled plans to donate School Fees Protection Plan to university and secondary students across the country.
The donation which is a Corporate Social Responsibility (CSR) concept is done in partnership with notable reinsurance firms.
The Promoter of Insurfeel Initiative Chuks Udo Okonta, said the organisation is presently in talks with the selected schools, adding that the policy would be donated to the students very soon.
He noted that the donation exercise is part of the organisation’s one million insurance cover give away for 2024/2025.
According to him, Insurfeel Initiative focus on students is aimed at enhancing academic excellence by creating risk free environment for students.
He noted that the cover which runs for a year, would expose the students to insurance and subsequently stimulate their interest to secure their lives and properties with insurance as they grow.
Okonta submitted that School Fees Protection Plan underwriting by Universal Insurance Plc and some insurance firm to be engaged soon, would provide payment of school fees to the named Beneficiary (or Guardian, Trustee or School in case of a minor) of the insured parent/Guardian in event of the following occurring: Permanent disability resulting from an accident and Death.
He stressed that under the cover, the students would enjoy:
Medical expenses worth, N150,000
Permanent disability benefit, N500,000
Death benefit, N500,000
On their guardian (parent), he said the students will have:
Permanent disability benefit of N700,000
Death benefit, N700,000.
Okonta implored individuals, groups, associations and organisations that are committed to corporate social responsibility to join hards with Insurfeel Initiative in donating insurance covers to the insured in the society.
He reiterated his position that donating insurance is far more cheaper than donating money to people when faced with mishap.
He noted that donation of insurance covers to the uninsured remains one of the best means to spread insurance gospel and deepen penetration.
About Insurfeel Initiative
Insurfeel is an initiative that enables the uninformed and uninsured to experience impacts of insurance by receiving insurance policies for free through donations by individuals; groups; associations; organisations and government.
* Insurfeel Initiative entails donation of insurance policies to the uninsured, uninformed and evolved from a research conducted which showed that people who have had positive experience on how insurance works seem to believe and easily embraced the system.
This research therefore, necessitates the need to extend insurance experience through donation of policies to more people so as to deepen insurance penetration, provide safety; fight poverty and enhance insurance industry’s profitability.
* Insurfeel is targeted towards specific individuals, such as; students in secondary schools, teachers and people with distinct impact on lives and the society. They are selected due to their outstanding performance and contributions to human growth.
* Insurfeel initiative is opened to people committed to philanthropy. Through Insurfeel, organisations can by means of Corporate Social Responsibility (CRS) donate insurance policies as souvenir and gifts to deserving members of the public.
* Insurfeel Initiative provides a platform for insurance companies to donate their products as against the present trend where products from other sectors are donated to the public.
This will grow the industry’s premium whilst helping humanity.
* Insurfeel Initiative was developed by the Publisher of Inspenonline, Chuks Udo Okonta.
