Industrial and General Insurance Company Limited, IGI, in partnership with Chams Nigeria Limited, an indigenous information technology, IT, company, has rolled out Nigeria’s first insurance premium payment solutions to facilitate its Travel Health Insurance Plan for travelers on trips to Schengen countries as well as other countries such as the United States of America. This innovative e-payment solution for travel health insurance is the company’s initial effort towards fulfilling its promise to invest substantially in technology for effective service delivery.
The online service which is available on Cham’s specially deployed multi-functional terminals will enable travelers to interactively complete online applications for health insurance. The applications forms capture all information required to obtain health insurance certificate like duration of trip, the country of destination and bio-data of traveler(s) using the terminal keyboard. Application fees and premiums are calculated instantly and the required total is automatically received for the particular trip. Upon insertion of a Chams’ or other interswitch-enabled smart cards, the machine deducts the calculated premium, instantly sending an email as well as an SMS to the customer. A receipt is also issued from an inbuilt printer as fool-proof evidence of transcription.
According to the Aumpta Udoh, principal manager marketing, IGI, “This innovation is intended to smnoothen visa documentation process for travelers while insuring their health with Nigeria’s foremost insurance company. “IGI e-Premium” provides a maximum insurance cover of C100, 000 in medical expenses in an event of acute emergencies, while abroad”. However, she insists that the premium for such expensive cover is unbelievably affordable.
Biodun Ogundipe, assistant director, management information systems, IGI, who led the IGI team in the partnership arrangement, said the roll-out is just an introductory step of the impending high level of automation and technological advancement that will define how insurance services might be rendered in the post-consolidation era. He adds that “insurance will be redefined by IGI and customers and excellent services delivery will become the hallmarks of activities”. He adds that “products and services based on mobile-insurance and internet-based insurance are in the pipeline” for IGI to take insurance closer to Nigerians.
On the already rolled out service delivered on Chams’ multifunctional terminals, users can also access email accounts, transact business on their bank accounts, make telephone calls at affordable rates, carry out airline reservation and even pay tithes to churches. According to Ogundipe, the terminals have been deployed to selected locations in Lagos such as the Silverbird Galleria, Lagos: Ijoyi Club, Lagos: Lagos Country Club 1938: the new domestic wing of Murtala Muhammed Airport, Ikeja Lagos: Victoria Garden City, Ajah, Lagos; Osborne Foreshore Estate, City Mall, MKO Abiola Gardens, Ikeja; Yoruba Tennis Club; and Lagos Airport Hotel, Ikeja. Locations in Abuja include Mediterranean Hotel, Asokoro, National e-Government Strategeies, NeGSt, Wuse II; News Agency of Nigeria, Garki; NITEL House. Garki; Radio House, Garki; Federal Capital Development Authority,Garki; and NNPC Towers, also in Garki.
Remi Olowude, IGI’s executive vice chairman, said “the feat is just one of IGI’s many firsts in the industry since it commenced business 15 years ago”. Indeed, IGI was the first private insurer to hit N1 billion mark in premium income just four years after it commenced business in 1996. IGI maintained that pedigree with another feat when, in 2004, it raked in N4 billion in premium, the highest ever achieved in terms of volume of business by any private insurance company in Nigeria. Today, IGI is the most capitalized insurance company in Nigeria with over N10 billion capitalization level and a total asset base of N20 billion.
Just two days after the recertification of the company, Olowude promised “IGI will become more IT-driven and fully automated, following a substantial investment in information and communication technology”.
He added that plans to procure and install an “internationally renowned, modular integrated insurance package to take care of both the life and non-life/general insurance business of IGI are far advanced”.
