Insurer targets wider coverage and faster digital access as it deepens customer-focused strategy.
Anchor Insurance Company Limited has introduced an enhanced third-party motor insurance policy and a new mobile application as part of efforts to expand insurance access, improve customer experience and accelerate the company's digital transformation.
The two initiatives were unveiled at the company's head office in Lagos, where Managing Director and Chief Executive Officer, Ebose Augustine, said the innovations were designed to make insurance more accessible, responsive and technology-driven.
Augustine said the latest products form part of the company's broader transformation strategy and reinforce its commitment to improving the way customers interact with its services.
“At Anchor Insurance, we have consistently upheld a simple but powerful promise: we are where insurance works. We demonstrate this through responsible risk management, reliable service delivery and our commitment to the prompt settlement of genuine claims. Today, we are taking that promise a step further by bringing insurance closer to the customer through product innovation and digital technology.”
New motor policy bridges coverage gap
The enhanced third-party motor insurance policy is targeted at motorists seeking more protection than the basic third-party cover provides without having to pay the higher premium associated with comprehensive motor insurance.
According to Augustine, the product was developed in response to a gap in the motor insurance market, where vehicle owners often have to choose between relatively limited third-party protection and the considerably more expensive comprehensive option.
“This product was born out of a simple but important observation: millions of motorists want more protection than the standard Third-Party Motor Insurance provides, yet many are unable or unwilling to commit to the higher cost of Comprehensive Motor Insurance.”
He said the new product was designed to give motorists an alternative by combining affordability with broader protection.
For years, he noted, motorists have faced a choice between purchasing basic third-party insurance to meet statutory requirements while leaving their own vehicles largely exposed, or paying significantly more for comprehensive cover.
“At Anchor Insurance, we asked ourselves a critical question: Why should motorists have to choose between affordability and meaningful protection?” Augustine said.
He described the enhanced policy as a bridge between conventional third-party and comprehensive insurance, offering practical protection to individuals, families, institutions and small businesses.
“Our answer is the product we are launching today. 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.”
According to the insurer, the product is intended to give motorists greater confidence while helping them manage the financial implications of vehicle-related risks.
Anchor launches mobile insurance platform
Alongside the new motor policy, Anchor Insurance unveiled its mobile application, designed to provide customers and brokers with direct access to selected insurance services through their smartphones.
The platform is built around two principal functions: policy and purchase management, and claims management.
Augustine said the application would simplify the process of purchasing insurance for retail customers by reducing reliance on physical paperwork and enabling digital data capture.
Customers can use the platform to select eligible products, make payments through supported digital channels and receive their insurance documentation electronically within minutes, subject to verification and underwriting requirements.
“The App is built around two major functions: Policy/purchase Management and Claims Management. Through policy/purchase management, the App simplifies fresh purchase of insurance for retail customers.”
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| From left: Director Anchor insurance Limited Akin Taiwo;Managing Director/Chief Executive Officer; Dr. Ebose Augustine Osegha; Managing Director Globe Trade Reinsurance Company Limited Sylvester Imariah and Chairman Minsurance. |
Through the claims-management function, customers can submit claims, upload supporting documents and track the progress of their claims through different stages of processing.
Augustine said greater visibility into claims would help customers understand the status of their requests and improve confidence in the insurer's service.
“This is particularly important because the true test of an insurer’s promise often comes at the point of a claim. We, therefore, want our customers to have greater visibility and confidence in the claims process.”
Insurer targets simpler customer experience
The two innovations reflect Anchor Insurance's broader effort to use technology and product development to simplify insurance for customers.
The company said the app would provide a more convenient channel for purchasing and managing insurance, while the enhanced motor policy is intended to address affordability and coverage concerns among motorists.
Augustine said the company's goal was to make insurance more accessible throughout the customer journey.
“Our objective is simple: to make insurance easier to understand, easier to buy and easier to manage.”
He described the app as part of the company's effort to create a more connected relationship with its customers and brokers.
“The Anchor App is our promise of a more connected Anchor, a more accessible Anchor and above all, a better Anchor experience for our customers.”
The launch positions Anchor Insurance to deepen its use of digital channels while expanding its product offering for motorists seeking alternatives between basic third-party and comprehensive vehicle insurance.