At a media conference on how to encourage Nigerians at the grassroots to embrace insurance, Adeyinka Oyekunle, the managing director/chief executive officer of Lifeguard Microinsurance Limited, expressed this viewpoint.
A robust and competitive insurance sector, according to Oyekunle, is essential for the expansion of any economy. According to her, Lifeguard Microinsurance will offer streamlined insurance risks to the underserved and unreached community in order to increase insurance penetration, generate wealth, and promote economic progress.
She stated that she was ready to offer inexpensive insurance products that would satisfy the demands of the target market, particularly the small and medium-sized enterprises (SMEs), as well as educational institutions, artisans, trade unions, clubs and societies, alumni associations, and security firms.
Because of their weak economic standing, she stated, “we think that certain groups of the public need protection.”
Additionally, the company was prepared to offer protection against certain perils in exchange for recurring premium payments commensurate to the possibility and expense of the risks involved, according to Odion Ellis Aideloje, the firm’s chairman of the board of directors. According to him, doing this will enable people to overcome poverty and give their lives purpose.