Law Union & Rock Insurance Plc has introduced two new products to meet the needs of its customers as part of efforts to deepen insurance penetration and awareness in the country. The new products according to the company are travel insurance card and Teen Personal Accidents TPA).
Executive Director, Technical/Operations Mr. Olasupo Sogelola, says the Teen Personal Accident otherwise called TPA is the company’s innovation, but has now been repackaged in four variants with premium ranging from as low as five hundred naira. The new variants provide customers with the benefits options depending on the customers’ choice.
The policy provides a cover for children of age between two and twenty-five years. The benefits include medical expenses and permanent disability resulting from accidents sustained by the insured child within and outside their school premises.
Mr. Sogelola disclosed that the company would soon commence the distribution of Worldwide Travel Insurance Policy following the regulator’s approval to underwrite the policy.
In 2017, the company moved from accumulated loss to a positive retained earning which enabled it to pay dividends to the shareholders. The company also recorded a positive growth in its top line in first quarter 2018 to maintain its consistent growth and performance in the industry.