THE quest to deepen insurance penetration in the Nigerian insurance industry has seen companies venturing deeper into the fashioning and repackaging of new insurance products and services.

Oceanic Insurance Group, a member company of Oceanic Bank is no doubt one of the underwriting firms willing to explore the market.

Only last week, Oceanic Insurance in conjunction with Aero, Nigeria’s oldest aviation company introduced an online travel insurance scheme to address air travel challenges for its customers in Nigeria and Ghana.

Oceanic Insurance Group’s managing director, Prince Lafor Olateru-Olagbegi, who represented Oceanic Insurance Chairman; Dr. (Mrs.) Cecilia Ibru at the unveiling of the product said the scheme was the outcome of an extensive market research process that sought to provide superior value propositions to its customers across the nation. Olagbegi explained that the scheme, which is the first of its kind by any airline in Nigeria, will cover compensation for personal accidents, flight delays/cancellations, travel emergency medical expenses, and baggage delays/inconveniences.

Olagbegi noted that Oceanic’s partnership with Aero, which is widely acclaimed as one of the most preferred airlines across the continent has delivered a product that will give customers complete solutions to various concerns associated with air travel.

"Oceanic has always been synonymous with delighting its customers with world-class products that resonate with their needs and aspirations. This travel insurance scheme allows our customers to experience peace in all of their travels while we expertly and promptly take care of any issues relating to the scope of the cover provided," he added.

According to him, Oceanic and Aero had established web-based platforms that will allow customers access and conclude transactions on the scheme from any location in the world. Special help desk lines are also available for customers who choose to reach the Oceanic Insurance and Aero directly for enquiries.

Also speaking on the product, Bridget Oyefeso-Odusami, the Marketing Manager of Aero said: "We are delighted to introduce this innovative product to our customers. This is to further assure them that we are always one step ahead in ensuring their safety, security and convenience when flying with us. This product will further enhance complete customer satisfaction."

Insurance and aviation experts say the product has the potential to enhance insurance awareness and patronage, while also addressing the issues of safety and best practice in the aviation sector.

Customers who choose to purchase this insurance scheme online when flying with Aero, will be expected to choose three options of travel insurance.

Option one and two attracts premium of N750 and N1500 respectively. The benefits include: personal accidents of up to N1 million, N10,000 per person per trip for flight cancellation/delays of over 12 hours, travel emergency medical expense of up to N50,000 and baggage delay/inconvenience of N20,000 per person. Accompanying infants will also get free personal accident benefit of not more than N100,000 – To see the full list of benefits, go to www.flyaero.com.

The other option for international travellers attracts a premium of $7; and has the following benefits: personal accident of up to $5,000 per person, flight cancellation/delays of over 12 hours $75, emergency medical evacuation benefit of up to $40,000 and baggage delay of $150 per person. There is also a 24-hour worldwide accident service included in the package.

The insurance coverage on the international option takes effect before the insured passengers arrive the airport for the purpose of commencement of the scheduled flight on the first departure date, provided that the premium is paid and a copy of the Aero Travel Insurance Confirmation has been issued and printed off the website.