Universal Insurance Plc has developed a mobile application and a network platform to increase insurance penetration, which is a key step towards increasing insurance outreach and financial inclusion.
The Punch reported that the company’s managing director, Benedict Ujoatuonu, spoke at the reveal on the potential of technological improvements to drive insurance product sales and cater to a variety of demands while maintaining affordability.
Ujoatuonu stressed the part technology plays in promoting insurance uptake and financial inclusion.
According to him, in order to achieve full financial inclusion and a wide insurance outreach, it is necessary to make insurance available to everyone. Our mission is to guarantee that cheap insurance coverage is available in every region of the country.
He claimed that the mobile application allowed clients to easily access policies and facilitates effortless claim filing with a mere touch.
The application’s simple navigation enables users to efficiently manage their insurance requirements without hassles, he said, whether they needed to review policy details or submit claims.
The second innovation, “The Network Marketing Cluster,” according to the managing director, promoted personal insurance products and offered incentives for clients to recommend others.
“Universal Insurance Plc envisions introducing additional products over time as the company expands its product offerings,” he said.
He pointed out that the referral procedure was smoothly integrated through a user-friendly system, creating special links that result in rewards upon click-through.
According to Ujoatuonu, “Our referral system enables users to receive bonuses without having to pay anything upfront.
“This strategy is carefully designed to guarantee that all participants receive the greatest possible benefits. The goods are divided into three separate tiers: bronze, silver, and gold, each providing unique benefits.”
The company’s assistant general manager, Tony Ignatius, claimed that the company’s future-focused strategy was beneficial to both policyholders and the business.