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We don’t undercut in product pricing – Owolabi

Guaranty Trust Assurance Plc (GTAssurance) said it does not undercut in its product pricing rather it has the reputation of an insurance company that can deliver and meet obligation.

Mr. Salami Owolabi, Managing Director of the company who stated this at the launch of an advert campaign of the company in Lagos last week, noted that in terms of product pricing the company wants to give clients the most valuable products in the insurance market.

*From left: Mrs Anne Oragwu, Group Head, BancAssurance, Guaranty Trust Assurance PLC; Mr. Owolabi Salami, General Manager, Retail Business and Mr. Kunle Ahmed, General Manager, Institutional Business, during the official unveiling of the new GTAssur communications material held in Lagos on Thursday. Photo by Lamidi Bamidele

In his words “We don’t undercut and that is what the market agreement of the Nigeria Insurers Association (NIA) is trying to guard against. If anything at all you will find that in the market people will always tell you that GT Assurance is never the cheapest.

We have that reputation as one of the best because GT Assurance delivers and we meet our obligation. So in terms of product pricing, we are not looking to be the cheapest, but we want to give you the most valuable product.

So there has to be a correlation between what you are paying and the value of the service that you are also getting.”

Owolabi noted that his company has created products that will actually give value to people even as he emphasised that life insurance cost very little and could achieve so much since the whole essence of life insurance is the appreciation of the value placed on human life and the sustenance of loved ones after the departure of a bread winner.

While nothing that untimely death; disability; illness and prolonged longevity are basically four main risks facing human beings as well as livelihood, Owolabi maintained that GT Assurance life assurance plans were developed to reduce these risks.

In his words, “Our plans are designed to help people fulfill their dreams and potential in the event of the untimely demise or the disablement of their parent, guardian or breadwinner and also as the breadwinner himself/herself grows old.

The biggest mistake we see people make today is to think that life insurance is not for them.”

Owolabi also stressed that GT Assurance life insurance plans provide benefits such as financial protection for family members; repayment of outstanding debt; business financing and continuity; financing of temporary projects, security for loan facility; retirement planning; personal investment and savings; health plans as well as tax planning.


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.