MICROCAPITAL BRIEF: Universal Insurance Launches Mobile App, Referral Platform in Nigeria

Nigeria’s Universal Insurance recently launched a mobile app to facilitate its customer service interactions. The app allows users to buy and manage policies as well as to file and receive support on claims. The firm also debuted the Universal Insurance Network, through which customers can buy personal accident policies and earn incentives for recruiting others to do the same. These policies begin at an annual premium of NGN 2,000 (USD 2.60), which qualifies the covered person for reimbursements of up to NGN 40,000 (USD 52) for medical expenses and NGN 300,000 (USD 390) in cases of death or disability.

Established in 1961, Universal Insurance offers a range of policies covering personal, professional, commercial, vehicle, and agricultural risks. The firm has 12 locations and an asset base of NGN 13.4 billion (USD 17.7 million) as of December 2022.

By Pranav Agarwal, Research Associate

Sources and Additional Resources

New Telegraph article on Universal Insurance
https://newtelegraphng.com/financial-inclusion-universal-insurance-deepens-penetration-with-mobile-app/

Universal Insurance homepage
https://www.universalinsuranceplc.com/

Universal Insurance app on Google Play store
https://play.google.com/store/apps/details?id=com.universalinsuranceplc.universal_insurance_mobile

Universal Insurance 2022 financial statement
https://doclib.ngxgroup.com/Financial_NewsDocs/38775_UNIVERSAL_INSURANCE_PLC-_QUARTER_5_-_FINANCIAL_STATEMENT_FOR_2022_FINANCIAL_STATEMENTS_JUNE_2023.pdf

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