Anchor Insurance takes digital route to expand insurance coverage

Millions of Nigerians face barriers to motor insurance because of affordability concerns, limited awareness and distrust over claims settlement. Anchor Insurance Company Limited is seeking to address some of these challenges with a new motor policy and a digital platform designed to make insurance easier to access and manage.

The insurer unveiled an enhanced third-party motor insurance policy and the Anchor Insurance App in Lagos recently, offering motorists an additional coverage option between conventional third-party insurance and comprehensive insurance.

The initiative is aimed at individuals, families, fleet owners, transport operators and businesses seeking additional financial protection without necessarily paying for comprehensive cover.

Managing Director and Chief Executive Officer of Anchor Insurance, Augustine Osegha, said the enhanced policy was designed to address the gap between basic third-party protection and comprehensive insurance.

“The Anchor Enhanced Third-Party Motor Insurance Policy bridges the gap between traditional Third-Party Motor Insurance and Comprehensive Insurance by delivering practical protection at a price that remains within the reach of individuals, families, institutions and small businesses,” he said.

The product could provide motorists with a more affordable route to broader protection.

For motorists operating on tight budgets, the cost of insurance can influence whether they purchase cover and the type of policy they choose. Anchor Insurance is positioning its new offering as an alternative for customers seeking protection beyond basic third-party insurance without the full cost of comprehensive cover.

The company is also turning to digital technology to simplify how customers purchase and manage insurance through its newly introduced mobile application.

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The Anchor Insurance App allows users to buy eligible insurance products, make payments through supported digital channels and receive policy documents electronically. Customers can also access their policy records, update personal information and receive renewal reminders.

Its claims feature enables policyholders to submit claims, upload supporting documents and track the progress of their requests through different processing stages.

The digital platform could reduce the time customers spend visiting offices or contacting the insurer for routine policy information and claims updates. It may also improve transparency by allowing policyholders to monitor the status of their submissions.

Osegha said the platform reflected the company’s response to changing consumer expectations and the growing use of smartphones for financial transactions.

“Insurance must evolve with these expectations,” he said.

He urged existing policyholders and Nigerians who do not yet have insurance to download the application from the Google Play Store and Apple App Store.

The chief executive said Anchor Insurance would continue to invest in technology, personnel and operational processes while maintaining responsible underwriting, regulatory compliance and customer protection.