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By Gabriel Olawale
Noor Takaful, a leading Islamic Insurance firm in Nigeria, for the second consecutive year, has announced the distribution of surplus (cashback) payment worth over N15 million to participants (policyholders) who did not make claim as part of efforts aimed at promoting ethical insurance in Nigeria.
The company has also announced the launch of its Mobile app with the goal of making its products and services more accessible to the retail market.
The surplus payment which comes as a result of Win-Win model of insurance operated by Noor takaful-an indigenous insurance company licensed by National Insurance Commission in 2016 thrives on the pool of funds provided by the participants (insured) which is managed by the takaful operator.
This second batch of payment, is an increase from 12million naira distributed in 2019 to policyholders who did not make claim to that pertaining year.
It would be recalled that the surplus payment embarked upon by the company kick-started in April 2019 following approval from NAICOM, the industry regulator.
Takaful is the Non-Interest finance insurance market that seeks to reach a large market of uninsured Nigerians cutting across the six geo-political zones of the country.
Speaking during the event held in Lagos, the Chairman of the company, Ambassador Shuaibu Ahmed noted that the surplus extended to participants demonstrates the commitment of the company to encouraging Nigerians to be part of Takaful insurance market as well as promote financial inclusion in the country.
According to Ahmed, this surplus distribution would go a long way to further deepen penetration of insurance in the Nigerian market as Nigerians would now be more willing to subscribe to insurance given the fact that this segment of the market is considered ethical and rewarding.
“No doubt, this idea of giving something back to policyholders would naturally drive interest for insurance as Nigerians would now be less skeptical about getting involved. Surplus payment is a further proof that insurance can be done fairly and ethically”, he said.
He noted that the surplus offering was designed to allow policyholders to enjoy some benefits especially when claims have not been made throughout the year declaring that no such insurance package offers such benefit.
In his remarks, Acting Managing Director of the company, Aminu Tukur stated that the distribution of surplus to policyholders has continued to serve as a big pull for the Takaful insurance market with interested participants now increasing on a daily basis.
“The surplus payment to policyholders stems from our Win-Win insurance model and this has served as a big pull for us at Takaful as we keep recording increase in the numbers of interested participants on a daily basis”, Tukur said.
Tukur further stressed that policyholders would continue to reap the benefits of surplus payment annually, provided that there are no claims to take all the money in the risk fund.
While urging Nigerians to take advantage of the opportunity, he described Takaful as a cover that could be explored by interested individuals or organisations in different sectors of the economy as it guarantees insurance against losses and other attendant risks.
Speaking further on some of the products as well as means devised by the company to change the narrative in the industry, Head, Business Development & Sales, Noor Takaful, Mr. Rilwan Sunmonu stated that it has become imperative to dismiss the notion that its products are strictly for Muslims adding that non-Muslims can also access it.
“This company prides itself as a customer-focused organization that has invested in technology to ensure that the needs and expectations of our participants particularly in the area of claims are met on a timely basis. In the last four years, the business and client base has continued to grow for both corporate and retail sector”, Sunmonu noted.
Sunmonu restated the fact that Takaful remains the only segment of the insurance industry that is premised on equity and fairness as it offers true value for the money invested.
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Source: Vanguard News