Allianz offers free car checks
Allianz Nigeria Insurance Plc is offering free car checks under its CARdiology Initiative.
The company is offering the first 2000 car owners to register with them free diagnostic checks at select standard garages across Lagos State.
The firm said the initiative, which is open to Lagos residents, will help deepen insurance penetration.
The firm’s Executive Director, Mr Owolabi Salami, spoke at a briefing on the launch of the initiative in Lagos.
He disclosed that the package would include diagnoses of the transmission, exhaust system, brakes, throttles, fuel injector system, airflow, coolant, ignition coils as well as performance issues.
He said there are about 4.5 million cars on the Nigeria Insurance Industry Database (NIID), of which 75 per cent have third party motor policies and the others comprehensive policies.
He said the market size of motor insurance in the country is N44 billion, with about seven million cars either uninsured or have fake insurance.
He said from Allianz’s research, fewer than 25,000 brand new cars were being imported yearly.
He said: “Based on this, we realised that to grow our revenue, deepen penetration and bring the Allianz brand closer to the market that doesn’t really know us, we need to come up with very strong prepositions that will expose the brand to many Nigerians. We aim to be the insurer of choice by providing real tangible benefits for everyday Nigerians beyond the borders of commerce. As a responsible corporate citizen, we are duty-bound to think of ways to give back to our host community. We are determined to follow through with similar initiatives that bring real and immediate value to the people of our host communities.
CARdiology, he said, is about looking at the heart of vehicles to ensure safety on the road and that the initiative serves as a premium growth initiative for motor insurance.
“We have a number of designated garages that car owners will go for the vehicle check. We will be on radio to encourage people to say if you need a free car health check, simply text SMS ‘CARdiology’ to a particular short code. We will select about 2000 beneficiaries of this programme and we will give them the free health check.
“We believe that this will work for us because everything is about data. If you want to do retail effectively, you need data. So, if we can generate like 150,000 car owners providing us with their data and if we achieve a 10 per cent penetration rate, we would have successfully signed off additional 15,000 motor policies, thereby deepening insurance penetration.
‘’Also, if one million car owners respond to our campaign, it would be 150,000 car policies; we are then bringing Allianz into many homes.
“For too long, we have asked as operators, why is it that insurance companies don’t own banks? I believe that if insurance companies do not have one million, two million or three million policies, with each policy holder paying on the average N50,000 to N100,000 every year to insurance, we would never own banks because we will never generate the funds,” he added.
Source: Nation
