Women Insurance Nigeria: Leadway and PlanB launch tailored products to boost financial inclusion. Affordable, simplified bundles address women’s specific needs, approved by NAICOM
Leadway Assurance, in partnership with PlanB Insurance for Nigerian Women, has introduced a range of insurance products specifically designed for women, aiming to significantly enhance financial inclusion and insurance penetration across Nigeria.
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The products, which have received approval from the National Insurance Commission (NAICOM), were unveiled at a launch event where both partners emphasised their commitment to addressing the unique needs of Nigerian women.
The launch comes against a backdrop of stark financial disparities, with statistics from Women’s World Banking indicating that only 35 percent of women in Nigeria have access to financial services, compared to 55 percent of men. Furthermore, health insurance coverage remains critically low, despite mandatory universal health insurance.
Kike Fischer, Director of Sales, Retail and Partnerships at Leadway Assurance, highlighted the gap in tailored insurance offerings for women.
“We have several insurances, but there’s very little that has been dedicated to women in particular. We tried to see what are the biggest worries of the average woman in Nigeria. Some of the key things we worry about are our children, our health, and our businesses,” Fischer explained.
“The products have been bundled in such a way that they cover all areas and aspects of life that a typical woman will worry about. So, we created this pre-priced product, which will focus on all aspects of a woman’s life.”
Ayona Aguele-Trimnell, Chief Executive Officer/Co-founder of Plan B, elaborated on the collaborative effort with NAICOM. “Insurance is extremely important in helping women.
How we got here is that NAICOM finally approved for us to have sort of a test, a litmus test, a sandbox test for one year, and say, ’Will women buy insurance?’ So that’s why we’re here. We’re launching this product. It’s been a lot of work. We’ve had to think about pricing. As women ourselves, designing products for women, we designed products that we wanted. And we feel like these products are going to be important to all women, all facets of women in Nigeria.”
Co-founder Babi Subair outlined the product bundles, which include SME, corporate, and premier packages, each with Bloom, Flourish, and Thrive bands. She also addressed common barriers women face in accessing insurance.
“There are three concerns of women with insurance. One is that they don’t understand insurance. They find it confusing. So, we’ve simplified it for them by bundling it. Another concern for women is that they feel that insurance is expensive. So, we’ve also made it affordable. We’ve fought a lot to get the rates that we want. Because I said it has to be something I can afford to pay every month. Or that my women can afford to pay monthly. So it is affordable. Then it’s the complexity of different policies and different coverage. So we simplified it into one policy.”
This partnership aims to bridge the financial inclusion gap and provide accessible, affordable, and comprehensive insurance solutions tailored to the needs of Nigerian women.
