Lifeguard Microinsurance Commences Operation In Lagos, Unveils 6 Products

From left: Head  ICT, Adejare Adedayo; Chief Technical Officer, Dasilva Titilope; Managing Director/ Chief Executive Officer, Adeyinka Oyekunle; Chairman, Board of Directors, Odion Ellis Aideloje; Chief Finance Officer, Ijanusi Ebenezer and Head Retail Market, Aremu Temitope, all of Lifeguard Microinsurance Limited, during the Press Conference for pre-unveiling of Lifeguard Microinsurance Limited, in Lagos on Friday..

Lifeguard Microinsurance Limited, one of the newly licensed micro insurance firms in Nigeria, has commenced operations in Lagos.

Speaking at a pre-unveiling Media briefing with select journalists in Lagos today to announce the birth of Lifeguard Micro-insurance into the Nigerian insurance industry, the Team Lead, Managing Director/Chief Executive Officer, Adeyinka Oyekunle, said the firm is duly registered with and licensed by the National Insurance Commission (NAICOM)

She said Lifeguard Microinsurance Limited is a Composite Micro-insurance firm, licensed to operate in Lagos State.

According to her, Lifeguard Microinsurance Limited was Incorporated In November 2020 and licensed by NAICOM in June 2022 to operate as a State Micro-insurance In Lagos State.

She said the Lifeguard Microinsurance was established to be the first choice micro insurer in the industry to cater for unreached and the underserved population with the aim of deepening insurance penetration, creating wealth and driving economic growth.

Lifeguard Microinsurance boss said as a micro insurance firm, they will focus on providing cheap and affordable insurance products that meet the needs of its target market.

From left: Head ICT, Adejare Adedayo; Chief Technical Officer, Dasilva Titilope; Managing Director/ Chief Executive Officer, Adeyinka Oyekunle and Chairman, Board of Directors, Odion Ellis Aideloje; all of Lifeguard Microinsurance Limited, during the Press Conference for pre-unveiling of Lifeguard Microinsurance Limited, in Lagos on Friday.

“Our target market at Lifeguard are the unprotected and the underserved population who are highly vulnerable and often overlooked by the conventional insurance operators. We are of the opinion that these category of the population require protection by the nature of their limited economic strength.

“They include Small and medium scale enterprises, Educational Institutions, Artisans, Trade unions, Clubs and societies, Alumni Associations, Security Companies, Microfinance Banks, amongst others.

Speaking on the products, Oyekunle said the firm has introduced six best In class insurance products into the market – three each in Life and non-Life segments, namely: Supermamas & Superheroes, Credit microloan protection, Lifeguard family umbrella (Life)

Supermamas & Superheroes: This is a life assurance policy product that covers death from natural causes and accident. It also provides financial stability for the insured’s family in the event of death

Credit microloan protection: This policy is a loan protection cover designed for financial institutions like co-operative societies and microfinance banks to protect them against loss of credit loan granted their members or customers as a result of death or permanent disability.

From left: Chief Technical Officer, Lifeguard Microinsurance Limited, Dasilva Titilope; Managing Director/ Chief Executive Officer, Adeyinka Oyekunle;
Chairman, Board of Directors, Odion Ellis Aideloje; Chief Finance Officer, Ijanusi Ebenezer and Head Retail Market, Aremu Temitope, during the Press Conference for pre-unveiling of Lifeguard Microinsurance Limited, in Lagos on Friday.

Lifeguard family umbrella: Lifeguard Family Umbrella is a personal accident and life cover designed for families to compensate them or their beneficiaries, this product also offers opportunity to access medical treatment from genuine private hospitals of their choice.

Products under Non Life segment include E go beta, Keke insurance cover, and Legacy householder policy.

E go beta: This is an investment linked life policy. It is designed for individuals or groups, to enable them accumulate funds with ease for specific future needs (target savings)

Keke (3-Wheeler) insurance cover: Keke insurance is a comprehensive policy that indemnifies the insured in the event of loss or accidental collision, overturning, fire or theft to the Keke and bodily injury to its rider.

Legacy householder policy: The Legacy Cover is designed to provide cover for occupants/tenants’ personal belongings against unfortunate events of fire & burglary. In addition, assets financed or leased by corporative societies, banks and microfinance banks are also covered under the scope of this policy.

Lifeguard Microinsurance Ltd is an insurance company that underwrites cheap and affordable insurance products for the protection of the low income earners in rural and urban communities of Lagos State.

The MD/CEO said the firm’s operations and processes are driven by technology, adding that they are collaborating with InsurTech firms in ensuring that their products and services are available and accessible to customers.

Also speaking, the Chairman, Board of Directors, Odion Ellis Aideloje, said “The company provides cover against specific perils for regular premium payment proportionate to the likelihood and cost of risk involved thereby breaking the barriers of poverty and giving meaning to the life of the low income earners in the society.

“Our Company is endowed with a wealth of seasoned and experienced professionals of high ethical standards who are inclined to give innovative and flexible risk management solutions to customers’ needs.

“Our focus is to drive and deepen insurance penetration and inclusion to the grassroots  through the provision of covers for a myriad of risks that private sector such as, SMEs,  associations, trade unions and the average Lagosian may face in their daily activities,” Adeyinka Oyekunle explained.”

The company’s Corporate Office is located at 3 Delo Dosunmu Street, off Oritshe/Orija Street, Awolowo Way, Ikeja, Lagos., with branches in Ikoyi and Ikorodu.

Mrs Adeyinka Oyekunle, MD/ CEO, Lifeguard Micro Insurance Limited, Lagos.