Leadway Assurance, in partnership with Wafira Ntaba Limited, has launched a bespoke insurance policy for women in Nigeria.
The company said the product, Plan B Insurance, comes in simplified and affordable packages for as low as N26,000 per quarter, broadening financial inclusion and income protection for women-led Small to Medium-sized Enterprises and lifestyle protection for women across different social strata in the country.
The management said, a unique part of the Plan B product is in its single-wide coverage from risks and perils related to auto insurance, healthcare, personal accident, fire, burglary, life insurance, and education, cutting across its different product packages—SME, Corporate, and Premier packages.
Ayona Aguele Trimnell, the brain behind the innovative Plan B Insurance for women in Nigeria, said, “Plan B is an idea that has been in development for 10 years. As I began exploring insurance products aimed at women in other countries, I recognised the need for an insurance product that promotes financial inclusion in Nigeria, specifically for women.
“I believed we could create something that addresses their unique concerns. Women need to understand how insurance can alleviate their worries and the benefits of being insured.
I have personally enjoyed the advantages of insurance for over 15 years, and I believe other women should have the opportunity to experience the same benefits.”
The product targets gender-inspired market penetration, amplifying insurance benefits and helping more women secure a more financially secured future.
Ayona Aguele Trimnell said, “Financial inclusion is important and achievable, and we can make it happen if we put in deliberate effort to educate more women about insurance, simplify the benefits to help even the uneducated understand and be convinced to secure their future by becoming a policyholder. It has been proven and tested that women too buy insurance, but more women need to be aware and get insured”.
Kike Fischer, Director Sales, Retail and Partnerships of Leadway Assurance while discussing the market approach for the Plan B product said, “We are confident that these products will help women of all classes in Nigeria create and protect wealth, recover from economic challenges, pursue their purposes, and lead their families with peace of mind.
We believe these products should reach women in every household, so we have developed strategies to engage women in small socioeconomic groups.
This will require increased effort, particularly at the retail level.
“There will be questions, and we must be prepared to provide answers. Our goal is to help women understand insurance and encourage them to actively participate in driving financial inclusion. This begins with securing their futures and then spreading awareness.”
Fischer explained that Plan B is a comprehensive financial product designed to sell insurance policies to women and educate them about the purpose of having insurance and how it can help them achieve financial independence.
She noted that Leadway has reinforced its commitment to promoting financial inclusion and ensuring secure financial futures for women by partnering with the Plan B product.
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