Law Union and Rock Insurance Plc To Grow Premium By 50%

Law Union and Rock Insurance Plc, one of the top Underwriting Firms in Nigeria has assured its investing public that its committed to growing its premium income by 50 percent at the end of 2017.

The Managing Director/ CEO of the company, Jide Orimolade, gave this assurance during the CEO forum organized by National Association of Insurance and Pension Correspondents (NAIPCO) recently in Lagos, stressing that the company has achieved 17 percent growth out of the 50 percent target it has set for itself in 2017.

Orimolade while presenting his company’s score card to Journalist, said that his Organization will leverage on their relationship with brokers and agents, and also improve its retail business and other channels of distributions to achieve their target.

Stressing further, he said that his company  is working hard to retain 90 percent of its existing customers; grows its direct & retail businesses; improves other channels distribution; achieves an improved credit rating from A- to A+ by GCR and becomes the preferred first choice underwriter  amongst the General Insurance business provider in Nigeria.

He said the firm has developed and released four products into the market this year, adding that the products include: I-Salute; Doctor-on-Cover; GPA-4-Schools and Sure Pay.
I-Salute, he said was designed to provide support and relieve to Officers and their families in event of accidents that result in any or a combination of Bodily injury requiring resulting in medical expenses. Permanent disability preventing the person from carrying on with his/her regular business or activities * Death * Injury, permanent disability or death resulting from armed robbery attack is also covered.
He said Doctors-on-Cover was designed to help Medical Doctors comply with the law as well as protect them from unforeseen legal liabilities that could prevent them from practicing what they love.
GPA-4-Schools, he noted is a Group Personal Accident product designed for Schools and Students/Pupils at all levels of education – Kindergarten, Nursery, Primary,Secondary and Tertiary. It provides cover against accidental death or permanent disability of the insured Parent or Guardian and also the medical expenses incurred as a result of any accident involving any insured Parent or Student/Pupil.
While SurePAY is an e insurance product that provides some level income security in event of loss of employment. It guarantees the payment of an agreed amount of monthly income up to six (6) months after job loss, he said.
“These products fit in to insurance for Small Medium Enterprises (SMEs) and we hope they will contribute to the company gross premium in 2017.
“We recognize partnership/synergy as a strategic alliance tool to reach our potential ecosystem grid through decisive business development and marketing penetration. This initiative had delivered unprecedented.
“We hold our customer with high esteemed, and the company is committed to continuous improved relationship with them,” he said.

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