Wapic Launches New Travel Insurance

By December 28, 2018 Investment News

Wapic Insurance PLC has unveiled a Travel Insurance Policy to cover transport or repatriation for medicals for the insured and/or family members who are travelling with the insured.

Speaking at the launch of the product at the company’s headquarters in Lagos, its Managing Director, Mrs Mrs Adeyinka Adekoya said, the product also covered transport or repatriation of remains of insured and emergency return home following the death of a close family member.

She stated that while the premium to pay for the product is N5000, children from three months to 18 years travelling with their parents will pay 50 per cent of the premium; for those between 66 and 75, it is an increase of 50 per cent of the premium; for those between 76 and 80, it is an increase of 100 per cent; and for those who are 81 and above, only the Schengen Policy is available for them. But the premium shall be an increase of 300 per cent.

She explained that the policy was designed to cover individuals against unexpected incidents during international travels.

She said: “We, at Wapic, are very excited at launching this product aimed at helping our consumers to feel secured during their international trips, even in the face of unplanned emergencies. The ability to access pocket-friendly and sound travel insurance is critical for travellers to enjoy their international trips with peace of mind.

“Before we decided to launch this product, we had observed over time very little or no awareness of travel insurance and its benefits and thus travellers would be at a disadvantage if they ever had an emergency during their trip. From simple issues, such as inflight or checked-in baggage loss or more complex issues, such payment of medical bills or accident sustained while travelling or even cost of repatriation in a worst case scenario.

“As we launch the Travel Insurance product, Wapic plans to invest in sensitising our customers and prospects about the benefits of buying travel insurance through our various digital channels. The idea is to increase product awareness and patronage and also to elicit interest and ongoing debate in the public domain on the relevance and importance of Travel Insurance for the protection of life and personal property.

‘’Wapic has produced this travel insurance product after thorough investigation and engagement with key stakeholders, and we are proud that this product above all else, addresses the issue of accessibility.”

Mrs Adekoya stressed that the product is pocket-friendly, and pricing is based on the duration of trip and destination, thereby according access to a varied range of consumers.

“We will ensure the engagement with this product is hassle-free. Sales of the product will be done directly to consumers through our digital platform and other touch points, as well as through partnership with leading digital channels, travel agencies, airlines, and other agencies within the travel value chain.

National Association of Nigeria Travel Agencies President, Mr Bankole Bernard said there are over 6000 agents.

He said Wapic’s involvement in travel insurance was a right step in the right direction, noting that it would increase the number of players or participants in the travel insurance business.

‘’The good thing about travel insurance is that the premium is always very low. We are partnering Wapic because they believe in the company’s legacies and they consider then as a strategic partnership,’’ he added.

Source: The Nation