By Cynthia Alo
In a move to increase insurance acceptance and penetration in Nigeria, Old Mutual General Insurance Company Nigeria Limited, a subsidiary of pan-African insurance company has entered into a strategic insurance partnership with Newhomes.ng, an online real estate market hub, on innovative digital insurance products.
The insurance firm said that the collaboration with Newhomes.ng, a product of Afreal limited, a real estate development firm, is an opportunity to provide insurance protection for property owners and home owners in Nigeria.
Addressing journalists in Lagos, Executive Head, Marketing and Customer Experience, Old Mutual, Alero Ladipo stated that the insurance landscape is changing drastically which signals the need to simplify the process with increase digitization solution saying, “Through the newhomes.ng platform, Old Mutual will be providing a Premium Home Insurance package to existing and prospective property owners with benefits including; Building fire and peril, Household goods and personal belonging, Burglary, Fire Insurance, Alternative accommodation cost in event of home loss, Personal Accident cover and Personal Liability cover.
Speaking on the partnership, Ladipo said: “This partnership signals our strong commitment to Nigeria and her growing industries such as the real estate markets. As Nigerians invest their hard earned monies and investments in bridging the huge supply gap in the provision of housing for the citizens, it is imperative to recognise the risks that threaten these investments and put a financial protection plan in place. This is where Old Mutual comes in.
“We have taken it upon ourselves, as insurers with over 170 years of experience, to enter into this exclusive partnership with Newhomes.ng, to provide innovative technology led solutions aimed at delivering the right insurance services for homeowners in Nigeria and at the same time bridging the gap of access to basic financial insurance.
“Our partnership with Newhomes.ng provides the customers whether individuals, investors or corporates an access to an array of property and home insurance products at just a click from a mobile device or computer. In other words, from the Newhomes.ng platform, Nigerians would be able to calculate their premium in seconds, complete seamless transaction end to end and obtain their policy certificate, all from the comfort of their homes or offices.”
Commenting on the partnership, Chief Executive Officer of Afreal Limited, the real estate firm that produced Newhomes.ng Mr. Chris Ogbechie said that this shows that there is hope for the real estate sector and that this will address the tiresome process of owning homes and properties in Nigeria.
He noted that the product, Newhomes.ng will serve as a fintech solution for real estate development and an embodiment of new approach to purchasing homes and properties and insuring it with a one click on the platform.
Old Mutual General Insurance Company Nigeria Limited and Old Mutual Nigeria Nigeria Life Assurance Company Limited are part of Old Mutual Limited which provides protection, savings, investment and lending services to 11.3 million customers in 17 countries across Africa, Asia and Latin America.