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Tag: Leadway Assurance

  • NIA 2024 Digest: NEM Insurance Tops Motor Insurance Market as Competition Intensifies

    NIA 2024 Digest: NEM Insurance Tops Motor Insurance Market as Competition Intensifies

    Lagos — The Nigerian Insurers Association (NIA) has released its 2024 Digest, ranking the top 10 insurance companies by motor insurance underwriting and revealing sustained growth and heightened competition in the segment over the past five years.

    According to the report, which was made available to journalists on Thursday in Lagos, NEM Insurance Plc retained its position as Nigeria’s leading motor insurance underwriter in 2024, recording the highest premium income in the category.

    NEM Insurance posted ₦23.483 billion in comprehensive motor premiums, ₦2.148 billion in third-party premiums and ₦156.8 million from third-party fire and theft policies, bringing its total motor insurance premium to ₦25.8 billion for the year. This represents a significant increase from ₦20.1 billion recorded in 2023 and ₦10 billion in 2020.

    The insurer first emerged as the market leader in motor insurance underwriting in 2015 and has maintained the top position for more than a decade, steadily widening its lead over competitors.

    Mutual Benefits Insurance Plc and Leadway Assurance Ltd. followed with strong performances. Mutual Benefits generated ₦14.05 billion in comprehensive premiums and ₦157.08 million in third-party premiums, bringing its total motor premium to ₦14.21 billion, while Leadway recorded ₦11.05 billion.

    Custodian and Allied Assurance Ltd. ranked fourth with ₦10.48 billion, closely followed by Consolidated Hallmark Insurance Ltd., which posted ₦7.02 billion, placing both companies among the top five motor insurance underwriters in 2024.

    Other insurers that featured prominently in the ranking included Sovereign Trust Insurance Plc, AIICO Insurance Plc, Coronation Insurance Plc, AXA Mansard Insurance Plc and Zenith Insurance Ltd., all of which recorded varying levels of growth during the review period.

    The NIA data showed that comprehensive motor insurance premiums among leading insurers more than tripled between 2020 and 2024, with NEM Insurance accounting for a substantial share of the expansion.

    Industry analysts attributed the growth in the motor insurance segment to stronger regulatory enforcement, rising vehicle ownership and increasing awareness of the importance of motor insurance among Nigerians.

    They noted that the segment remains one of the most competitive in the industry and is expected to continue expanding in the coming years, supported by consistent year-on-year growth among major players.

  • Leadway launches ‘VehiScanner’ to streamline vehicle inspection reports

    Leadway Assurance, a leading insurance company, has introduced a digital vehicle assessment process called the “Leadway VehiScanner.”

    This innovative tool facilitates both pre- and post-loss inspection reports, while also expediting claims requests for policyholders.

    Mr. Tunde Hassan-Odukale, the CEO of Leadway Assurance, highlighted that this advancement aligns with the company’s commitment to leveraging the latest technological innovations, including artificial intelligence, to enhance customer access to its services.

    The Leadway VehiScanner, accessible on mobile devices, revolutionizes the vehicle assessment process. Users can conveniently scan their vehicles to identify damages in the event of accidents.

    The application facilitates seamless pre- and post-loss inspections, generates instant inspection reports, and accelerates claims requests, all from the convenience of policyholders’ mobile devices.

    As an organization focused on forward-thinking solutions, Leadway aims to lead the market by deploying groundbreaking tech-backed innovations that enhance customer experience.

    By eliminating the need for policyholders to physically visit inspection centers, the Leadway VehiScanner ensures a simplified and time-efficient process.

    Through this AI-powered tool, policyholders can remotely and comprehensively inspect their vehicles, instantly receiving detailed reports highlighting areas that require attention.

    The Leadway VehiScanner combines cutting-edge computer vision and machine learning algorithms. These advanced features enable accurate identification of various vehicle damages, ranging from minor scratches to more complex external issues.

    The precise and reliable results delivered by this technology save policyholders time and ensure thorough assessments, reducing the risk of missed or overlooked faults.

    To benefit from this innovation, policyholders receive a vehicle inspection request email containing a link to access Leadway’s VehiScanner tool.

    Upon initiating the scanning process, users can choose between video or picture options and switch their mobile devices to landscape mode. The tool guides them through four scanning stages, including a 360-degree scan, Vehicle Identification Number, odometer, and damages.

    After completion, users can click ‘submit and upload,’ receiving a PDF copy of their vehicle inspection report via email.

    Leadway Assurance is a trusted provider of insurance solutions, catering to both individuals and businesses. The company’s wide range of products and services reflects its commitment to delivering exceptional customer experiences.