Cash-Back in Insurance: A new guaranteed assurance

The Ensure Insurance Plc’s Cash Back campaign, an innovative reward system for insurance policyholders, has produced its first set of recipients, after two years of inception of the scheme.

The Ensure Insurance Cash Back is perhaps one of the most innovative and revolutionary incentive package for customers in the industry, who report no claim for 24 months in a row. The payout is 15 per cent of all the premiums paid by the customer over the past two-year period.

The first set of beneficiaries received their cash-back in February, 2018, and one of the recipients, Abimbola Jinadu, received a cheque of N101,666, which amounts to 15 per cent of her total premium over the last 24 months. In all, 45 customers have received cash-back reward this year.

According to one of the cash-back recipients, Oreva Okunu: “It was so nice meeting you guys. Such a wonderful group of trailblazers, with great innovative and disruptive spirit. We love your marketing strategy and we would definitely be with Ensure for years to come”.

Owolabi Salami of Ensure Insurance disclosed that the scheme was initiated following an extensive market research on what customers require from their insurer.
“Consumers want to know what happens if nothing happens. So, when we launched our redesigned comprehensive motor insurance policies in 2016, we promised that if no claim is reported over the next 24 months, we will give back 15 per cent of the premium paid by the customer,” he said.

Highlighting the significance of the campaign, the Chief Marketing Officer, Ensure Insurance, Tonte Ikiriko, hinted that the objective of this campaign is to increase the already abysmal consumer confidence in the insurance industry and also create transparency in our product offering.

“People are generally wary of insurance products and see fine print of policy document as clever ways to evade payment of claims by insurers. Insurers have the responsibility to fix this negative impression by creating value for our customers”, he said.

The Product Manager for Ensure Motor Brand, Dare Adenuga, attested that by placing them first, the firm aims to deliver added value to its customer. Patrons can enjoy towing benefits after an accident- 15 per cent discount for female drivers and male drivers aged 45 years or older, while customers may also spread premium payment over six months in equal installments.

Ensure Insurance is changing the way insurance works for Nigerians. The company prides itself in absolute transparency and commitment to outstanding service delivery. The firm offers simple and affordable insurance plans for motor, education, home, small businesses and corporate businesses, which are designed to protect the assets of individuals and guarantee real value for money.


Source: Guardian