A statement by Mr Segun Olalandu, Head, Strategic Marketing and Communications Department, AIICO, on Monday in Lagos, said the product was for the personal benefit of the air passengers at a premium of N1,000 per flight.
Olalandu stated that with the product passengers were entitled to compensation for inconveniences suffered due to flight cancellations, delays, baggage loss or damage and medical expenses on accident or permanent disability.
“Passengers have a choice to opt out of the insurance package and there is a free cover for one accompanying infant (below two years) named in the travel manifest per flight.
“This product has been launched by Air Peace and passengers have begun to enjoy a more relaxing air travel experience.
“With the assurance that inconveniences suffered because of unforeseen flight cancellation, delays, missing or delayed baggage shall be compensated,” he said.
According to him, the agreement between the organisations will bring innovation to the aviation industry through embedded insurance that meets customers’ needs.
The Chief Operating Officer of Air Peace, Mrs Oluwatoyin Olajide, said the insurance package was introduced to address the issues around passengers’ experiences concerning lost or damaged luggage and more recently, the pain of missed flights.
Olajide said: “these concerns are now fully addressed with an insurance product from AIICO, a tier-one insurance company in Nigeria, we believe this solution will make these challenges a thing of the past.
Mr Babatunde Fajemirokun, Managing Executive Officer of AIICO Insurance Plc, said the insurer was delighted with the endeavour, which aligned with its continued focus on innovative products that brought wholesome peace of mind to customers.
Mr Olusanjo Shodimu, AIICO’s Chief Information Officer, said the underwriter had developed and leveraged the required technology to make the process for the customer seamless.
“All they do is make flight bookings; the rest is where we link the companies and processes that deliver a product which guarantees them a worry-free risk cover sold via the airline’s online ticket platform.
“Passengers will be compensated for inconveniences suffered from the aforementioned incidents within three working days, once a claim is reported and all documentations submitted.
“We are not just saying that we value our customers but to deliver on giving them a great travel experience with this product.
“It is a real stop-gap for our customers, so they do not experience undue financial burdens due to their travels,” Olajide said.