Anchor Insurance targets millions with new motor cover, app

Anchor Insurance Company Limited has launched an enhanced third-party motor insurance policy alongside a new mobile application as part of efforts to expand insurance penetration and improve customer experience.

The Managing Director and Chief Executive Officer of Anchor Insurance, Dr. Ebose Augustine Osegha, unveiled both initiatives during the company’s official media launch in Lagos on Monday.

Osegha said the new motor policy was designed to address the gap between basic third-party insurance and comprehensive motor insurance.

He said many motorists require broader protection but are unwilling or unable to bear the cost associated with comprehensive cover.

According to him, the enhanced third-party policy provides additional protection while maintaining affordability for individuals, families, institutions and small businesses.

He urged motorists, fleet owners, transport operators and corporate organisations to view the product beyond its statutory requirement.

He described it as an important tool for responsible motoring and financial preparedness.

“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 for individuals, families, institutions and small businesses,” he said.

Osegha said the policy reflected Anchor Insurance’s broader strategy of making insurance more accessible and responsive to customers.

The company’s latest initiative also includes the Anchor Insurance App, designed to allow customers and brokers to access insurance services through their smartphones.

The application combines policy management and claims management functions on one digital platform.

Through the policy management feature, customers can purchase eligible insurance products, make payments through supported digital channels and receive policy documents electronically.

Existing policyholders can also access their policy information, make payments, update personal details and receive renewal notifications through the platform.

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The claims management feature allows customers to submit claims, upload supporting documents and monitor the progress of claims through various processing stages.

Osegha said greater visibility around claims was particularly important because claims settlement remains a critical test of an insurer’s commitment to customers.

The application also includes a dedicated broker module for managing multiple clients, accessing policy information and supporting claims-related activities.

The Anchor Insurance CEO said the company’s objective was to make insurance easier to understand, purchase and manage.

He described the application as part of the company’s drive towards a more connected and technology-driven insurance operation.

Osegha also urged existing policyholders and uninsured Nigerians to download the application from the Google Play Store and Apple App Store.

 “Insurance must evolve with these expectations,” Osegha said, referring to growing consumer reliance on smartphones for financial transactions and essential services.

He said Anchor Insurance would continue investing in technology, people and processes to provide faster and simpler insurance services.

The company, he added, would maintain its focus on responsible underwriting, regulatory compliance and customer protection.

Osegha said the success of the initiatives should ultimately be measured by how many Nigerians gain a better understanding of insurance and access its benefits.

The launch comes as insurers increasingly turn to digital platforms and product innovation to improve accessibility and deepen insurance penetration in Nigeria.

For Anchor Insurance, the enhanced motor policy and mobile application represent a combined strategy to widen protection while reducing some of the traditional barriers associated with purchasing and managing insurance.