Leadway Assurance Company Limited said it has unveiled a new model comprehensive motor insurance policy that enables policy holders process and get their claims in two minutes.

The company said this is an improvement on the existing and conventional comprehensive motor insurance policy that takes a longer period of claims processes and payments.

Leadway also said the latest comprehensive motor policy is fast, convenient, and effortless.

It said the solution affords vehicle owners a fast end-to-end process of buying comprehensive motor insurance all within 120 seconds and provides the guarantees of restitution in the face of risks whilst meeting the country’s legal requirement for vehicles and vehicle owners’ insurance.

Speaking on the platform, Head, Retail, General Insurance, Leadway Assurance, Umashime Oguzor-Doghro noted that the unveiling of this disruptive process not only aligns with Leadway’s continuous drive to deepen insurance penetration in Nigeria but also provides customers with convenient access to a critical risk mitigation tool.

“This strategic solution provides a win-win solution for the critical stakeholders in the insurance space – the public, insurance industry and the country at large – convenience for vehicle owners, increase in insurance products uptake for the industry and adherence to the legal auto-insurance requirement as obligated in the country”, she said

Also speaking, Head, Digital Transformation at Leadway Assurance, Adeyinka Aderombi, added that in understanding the criticality, limited availability of time and its impact on the quality of “our wellbeing, especially in today’s modern and fast-paced world, it has become imperative for service providers to incorporate time-saving tools which aid convenience, speed, and ease as a unique selling proposition in product and service offerings.”

She said at Leadway Assurance, management believes in not just providing customers with innovative solutions to risks, but also disentangling every possible hindrance capable of disrupting customers’ ease of access.”

She said the Leadway Comprehensive Motor Insurance provides the policyholder with an affordable premium, the most comprehensive cover against fire, theft, third-party damages to properties and vehicles caused to the insured vehicle, as well as coverage against bodily injury and even death.

According to her, the additional benefits include up to N1, 000,000 cover for accidental damage to the insured vehicle or property, a limit of N1,000,000 for total or permanent disability to the insured and a limit of N100,000 in the event of hospitalisation or severe injury.