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NICON Insurance enchants brokers with new products

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By Favour Nnabugwu

NICON Insurance Limited has enchanted its brokers with four new products the company has released to the market. The insurance company introduced the insurance products to the Insurance Brokers operating in Ibadan, Oyo State.

The products are; Overseas Travel Insurance Policy (OTIP), Directors’ and Officers’ Liability Insurance (DOLI), Events Management Insurance (EMI) and Travellers Personal Accident Insurance Scheme (TIPAS)

At an interactive forum with members of the Nigerian Council of Registered Insurance Brokers (NCRIB), Ibadan Chapter, the Managing Director of the company, Mr. Emmanuel Akinmolu Jegede unveiled the new products and promised generous brokerage commissions on all the products.

His Words; “On all these, we pay generous rates as brokers’ commissions. We solicit your patronage and support. We assure you that our services in payment of claims and commissions are prompt, efficient and professional.”

According to him, NICON Insurance underwrites OTIP in collaboration with Europ Assistance, a medical assistance company based in Portugal, adding that the product meets and provides more than the usual SHENGEN requirements.

It provides Nigerian passengers, among other benefits, financial succour in case of death, permanent disability, surgery and medical expenses resulting from hospitalization while abroad, he added.

DOLI, the company’s second product in the market, he said, is designed to cover executives, non-executive directors and officers in managerial/supervisory capacities.

According to the NICON Insurance boss, the policy provides legal defence costs for these categories of people when sued for their actions and inactions in the course of their employments. He further stated that the company has also introduced EMI that would put smiles on the faces of Events planners, organisers, individuals and corporate bodies, including governments.

“This policy covers various types of events such as: marriage ceremonies, get-together parties, burial ceremonies, festivals, religious programmes, political parties’ conventions and town hall meetings. Professional and academic events, trade fairs, seminars, workshops and exhibitions are also inclusive”, he aded.

According to him, EMI promises compensation for death, injury and damage to properties of the event planners, organizers, invited guests and the general public NICON Insurance, he stated further has also re-introduced TIPAS into the market for organized transporters, especially the Mass Transit Buses, moving passengers within and outside the states, adding that the cover pays compensation for accidental death, permanent disability and medical expenses of the passengers.

Unveiling its marketing strategies and giving reasons why the company still stands tall in the insurance industry today, Mr. Jegede said it is a result of the decentralization of the company’s operations nation-wide.

The Managing Director stated that some measures were taken to ensure effective and efficient service delivery to its brokers and clients.

“One of such measures was the decentralization of our operations nation-wide. Presently, we have 54 branches and six regional offices, set up mainly for effective customer service delivery. These regions are manned by Regional General Managers”, he said.

Mr.  Jegede noted that payment of the inherited Pension Scheme liabilities which hitherto was an albatross to the wheel of progress, was being handled.

According to him, the present management inherited N18 billion pension.

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