COVID-19 The Nigerian insurance industry is moving to close this gap, with less coverage of a larger population of citizens, even in an economy that is biting hard, as a result of increasing global inadequacies in the healthcare sector.
Nigeria’s healthcare coverage, which accounts for less than 5 percent of the country’s population, is providing a new growth spot for innovative insurance companies, according to industry data.
Players in the insurance industry, who have identified this opportunity, are either bringing in wholesale health insurance subsidiaries or partnering with established health management organizations (HMOs) to provide additional services that increase benefits for those listed.
Nigerian insurance players say HMOs have an organized enrollment customer base that allows them to expand healthcare facilities and other personalized insurance services that improve the quality of life of citizens.
“HMOs have an organized customer base that we can partner with to increase their healthcare benefits and sell other insurance products at the same time,” said Akin Ogunbiyi, chairman of Mutual Benefits Assurance PLC.
According to Ogunbiyi Mutual Benefit Life Assurance is currently partnering with an HMO to enable its subscribers to enjoy increased benefits from conventional insurance products.
HMOs are pulling N100 billion in premiums annually, and that’s from a small percentage of the population, so the potential of that industry is huge, and we’re happy to partner with them, Ogunbiyi State.
Read more: Nigeria’s healthcare sector faces major hurdles with the launch of Leadway Health
Since the COVID-19 pandemic epidemic was detected in Nigeria in 2020, a growing number of insurance companies have opened HMO subsidiaries.
Recently, Nigeria witnessed the inauguration and official unveiling of Leadway Health, a subsidiary of Leadway Assurance Company Limited; And Consolidated Hallmark HMO, a subsidiary of Consolidated Hallmark Insurance plc. These are in addition to existing insurance subsidiary HMOs including AXA Mansard Health and Royal Exchange HMOs.
Tokunbo Ali, CEO of Leadway Health, said the introduction of Leadway Health would serve as a deviation and an exceptional redefining of reliable and affordable healthcare delivery to the public.
“With the launch of Leadway Health Limited, our range of solutions will help Nigerians bridge the gap in providing quality, accessible and affordable healthcare.
“We are confident in a healthcare system that actually takes care of your health, your resources and much more,” he says.
Dotun Adiogun, managing director of Hallmark HMO, notes that his company’s vision is to improve access to knowledge as well as quality and affordable healthcare.
According to Audiogun, Hallmark HMO continues to use technology to provide quality healthcare services to its growing customers across the country.
Meanwhile, some other insurance companies have shown interest in developing products for health and have also traveled with Mutual Benefit Life, Old Mutual, NSIA Insurance among others.
Ademola Ifgabaye, managing director of Mutual Benefits Life, said: “What we’ve done in mutual benefits is to partner with an HMO.
“Therefore, we have come up with a product that says that if the contributor leaves, his wife and four children should enjoy that healthcare for at least two years; Or the HMO presents N500,000 to N1 million checks as additional compensation during sympathy to the bereaved family.
“This package is exciting and has been widely accepted by our partner listings,” he said.
Keith Alford, managing director of Old Mutual Nigeria Life Assurance Company, notes that about 90 percent of Nigerians lack health insurance and that 9 out of 10 Nigerians face huge and severe financial consequences for any serious illness.
“We know that serious illnesses like cancer, heart attack, stroke, kidney and liver disease are always hidden in the corner and can sit on us without warning. At Old Mutual, our aspiration for any patient who has a serious illness is to focus on full and speedy recovery rather than doubling the double burden, including the financial burden of expensive treatment.
For Old Mutual Critical Illness Plan, the minimum entry age for this type of policy is 18 years and the maximum entry age is 67 years. Although the closing age is 70 years, the term of the policy extends to 3-15 years, and the amount of cover ranges from a minimum of N500,000 to a maximum of N30,000,000.
Abelechuku Nawachuku, managing director of NSIA Insurance, said it provides a strong health plan for local companies that want to give their employees access to quality healthcare in Nigeria and beyond and multinational companies operating in Nigeria that want to align with their health insurance plans. Across Africa.
“Companies that buy products are assured that their employees can easily get the best medical care in any part of the world,” said Navachukuo. Culled From Canada News.