When it comes to making a decision on buying Insurance policies, most people do not make adequate investigations on the best Insurance companies in Nigeria to do business with.
A lot of Nigerians focus on word of mouth from family and friends and may just end up with any company’s third-party insurance policy document, simply because it is required by law.
It gets worse when an unfortunate event occurs, Nigerians get tossed about by some Insurance companies in a bid to make claims. If only they made investigations beforehand, the outcome would have been different. So how do you know the best Insurance companies to provide risks in Nigeria?
First, Nigeria has a total of 43 insurance companies, almost double the number of commercial banks; this makes it difficult for a starter to make a choice. Also, the knowledge of Insurance is not as popular as banking maybe. This would mean a person who is looking to purchase a policy may be as confused as first-time tourists without a guide. Also one tip: DO NOT GO FOR THE POPULAR NAMES. Instead, get a guide and that is what this piece is – to enable you to identify the faithful Insurance partner.
Criteria For Choosing An Insurance Company
You may be wondering what a company should possess to make them a good choice. While there are a number of factors, I won’t bore you with any ambiguous words as in an Insurance class in University. You should consider the following factors
- Packages and plan: When Insurance Company advertises, this is the subject of communication most times. They aim to show the public that they have attractive offers which are modified based on the original offer. Since we live in an unstable economy, you should look out for insurance companies who offer combined packages that suit all your needs and flexibility so that in the event of a sudden loss of income (God forbid) you won’t be in a disadvantaged position.
- Pricing: Nigerians find it weird that they have to pay a relatively significant amount for premium. Hence, some of the best Insurance companies in Nigeria have been able to play well in the industry with their competitive prices, and not scaring their potential customers, but you should be very careful and consider the next factor before going through with a low premium.
- Claim records: This is the deal-breaker for many people because of the ugly experience they have had in the past with some Insurance companies in Nigeria. You should investigate this alongside the pricing. Do your findings on Twitter or Nairaland and ask generally about people’s experience. Do not ask the marketers, they will only end up selling to you. A company’s reputation is based most times on the claims record.
Other factors you may consider are legal accreditation which should be a compulsory requirement, Solvency level, which is also not expected to be below NAICOM’s statutory requirement.
Best insurance companies in Nigeria?
We have done most of the hard work of compiling our findings from customers, brokerage firms and employees of various insurance companies and have shortlisted 3 of the best Insurance companies in Nigeria.
- AIICO Insurance: AIICO is one of the largest insurance companies in Nigeria, they have over time adapted to the needs of everyday people by providing attractive packages at competitive prices. They have a record of paying claims promptly and in 2017 they paid approximately 23 billion naira claim and still maintain a good solvency level. They have a good number of branches spread across the nation and boast of a team of retail marketers that serve as assistance to customers.
- Leadway Assurance: This is one of the most solvent Insurance companies in Nigeria. They have also taken lead with Insurance tech by providing an app that makes it easy for customers to pay premium and report claims. They also boast one of the highest motor insurance portfolios in Nigeria.
- Mutual Benefit: Their website may not look as great, but be assured of their quality customer service along with their claim record. Because they aim for a personal rapport with every customer, they have established branches around Nigeria.
If you have read this far, you already know where you should get insurance cover. We can send you valuable resource like this to your inbox weekly. One more thing, Remember people do not hope for uncertainties but they happen anyway. Click here to get insured today!