The Challenge

The Nigerian insurance industry has been marked by a lack of public trust and low market penetration. In addition, NAICOM’s announcement of new premium rates for third-party motor insurance led to a significant increase in the cost of premiums by about 300 percent. Lasaco Assurance brought us in to communicate their unique offerings and build trust with the target consumer.

The Approach

We took on this uphill task by focusing on the already existing strengths of the business - an easy claims process, years of a consistent track record, and a large bouquet of insurance policies. We ran campaigns such as ‘Protect What Matters’ and ‘Everyone Needs Insurance’ on billboards, BRTs, lamp posts, banners, newspapers and social media.

The Result

We fostered customer loyalty and increased brand awareness as our campaign reached tens of thousands of Nigerians in Lagos and other states in Western Nigeria. We also drove business growth from N10.6bn in dividends in 2022 to N13.91bn in 2023.