FBN General Insurance unveils three new retail products to deepen penetration

FBN General Insurance Limited has revealed plans to take the nation’s insurance sector to a greater height with the unveiling of  retail products to harness untapped opportunities in the industry.

The Managing Director and Chief Executive Officer of the company, Bode Opadokun, at a press briefing, in Lagos, said the new products include Auto Flexi Insurance, Flexi Home Insurance and Flexi Guard Insurance.

Opadokun explained that Auto Flexi is designed to meet customers’ specific needs, stressing that it came out of customers requests.

“We have seen several instances where some of our customers both existing even prospective having issue of pricing. Pricing in terms of affordability and ability to pay the premium that is applicable based on the value of some of the vehicles,” he said.

He noted that the products was designed to cover the insured against specific, pre-agreed losses; legal liability to pay compensation to a third party in the event of an accident that cause property damage or bodily injury to the third party.

Opadokun posited that the policy also covers the insured in the event of damages due to an accident and fire damage up to the agreed value insured.

The policy, according to him is divided into three variants of Flexi Gold, Flexi Silver and Flexi Bronze with agreed insured value up to N1 million for a premium of N40,000; N500,000, for a premium of N25,000 and N100,000 for a premium of N15,000 respectively and also covers third party property damage up to N2 million in all the three variants.

Speaking also on Flexi Home policy, he said the product is a home content insurance policy, designed to ensure adequate cover for customers’ treasured home including the contents and compensates the insured in the event of loss or damage to property belonging to the insured as a result of fire and/or allied perils.

The products is available in four variants, namely: Flexi Home Bronze, Flexi Home Silver, Flexi Home Gold and Flexi Home Platinum for agreed insured value of N1 million, N2 million, N3 million and N5 million for an annual premium of N7,500, N15,000, N20,000 and N30,000 respectively.

On Flexi Guard, he said: “Flexi Guard is a protection policy that pays compensation to the insured in the event of injuries, disability or death caused solely by external and visible event.”.

The policy is available in three variants of Flexi Guard Silver, Flexi Guard Gold and Flexi Guard Platinum.

The policy covers among other things bodily injury, death or permanent disability to the tune of N500,000 for a premium of N1,500, N1 million for a premium of N3,000 and N2 million for a premium of N5,000.

According to him, the product provides cover for other eventualities such as any form of accidents; strike, riot and civil commotion; Dog bite, wild animal attack as well as motorcycling either as a rider or as a passenger.

On how to drive sales of the products, he said the firm has a clear strategy mapped out to take the products to the public. According to him, the firm will leverage the strong platform of FBNInsurance Limited; engage on advertorials; social media; in house agents – independent financial advisers internal staff; tele sales and more channels.

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October 11th, 2018

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