By David Akinmola
An underwriting firm, Leadway Assurance, in collaboration with Wafira Ntaba Limited, has introduced a new insurance policy for Nigerian women-led Small to Medium-Sized Enterprises to drive financial inclusion in the country.
The new product, called “Plan B Insurance”, offers simplified and affordable packages, enhancing financial inclusion and income protection for women across different social strata in Nigeria.
The new offering is in its single-wide covering 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.
Speaking on the new insurance policy for women, the representative of the Wafira Ntaba, the visionary behind the innovative Plan B Insurance for Nigerian women, Ayona Aguele Trimnell, shared the inspiration behind the products. She stated, “Plan B is an idea that has been in development for 10 years.
According to her,” As I began exploring insurance products aimed at women in other countries, I recognised the need for insurance products that promote financial inclusion in Nigeria, specifically for women. I believe 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 fifteen years, and I believe other women should have the opportunity to experience the same benefits.”
The product focuses on gender-inspired market penetration, amplifying insurance benefits, and helping more women secure a more financially secure future.
“Financial inclusion is important and achievable, and we can make it happen if we put in a 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”, Ayona Aguele Trimnell said.
The Leadway’s Director of Sales, Retail, and Partnerships, Kike Fischer, explained the market approach for the Plan B product, stating, “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.”
She said 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. By partnering with the Plan B product, Leadway has reinforced its commitment to promoting financial inclusion and ensuring secure financial futures for women.
