AXA Mansard, a member of AXA, a global insurance and asset management firm, has partnered with Berkshire Finance Company Limited, a finance company to offer a flexible payment option that allows customers to pay motor insurance premiums monthly.
AXA said this would create comfort for car owners rather than the traditional annual payment method.
In a statement, it said this was made known during the launch of the service at its head office in Lagos.
It said, “By introducing this new monthly payment option, AXA Mansard aims to make motor insurance more accessible and affordable for its customers.
“The company understands that many people find it difficult to pay for their motor insurance in one lump sum and that monthly payments can be more manageable for many individuals and families.”
With the new monthly payment option, the firm said, customers could spread the cost of their motor insurance to a maximum tenor of 10 months, making it easier to budget for and manage their finances.
AXA Mansard’s Chief Customer and Marketing Officer, Jumoke Odunlami, said, “We are excited to launch this new service for our motor insurance customers.
“We understand that paying for motor insurance can be a challenge for many people, and we want to make it easier for our customers to access the cover they need to protect themselves and their vehicles.”
Also speaking about the service, the Chief Operating Officer of Berkshire, Mr Adetola Odusote, noted, “We are excited to have partnered with AXA Mansard to champion this innovative product offering.
“We believe that this initiative will provide Nigerians immediate access to annual insurance cover at a minimal current out-of-pocket cost and align insurance premium payments with their personal cashflows considering the current economic realities.”
To take advantage of the new monthly payment option, the statement said, customers could select the option when they purchased their motor insurance policy online or walk into any of AXA Mansard’s offices to get started.
Berkshire is a Finance Company duly licensed by the Central Bank of Nigeria to offer loans, investments, and advisory services.
AXA Mansard is registered as a composite company with the National Insurance Commission of Nigeria.