Disengaged workers who already subscribed to Mutual Benefits Assurance Plc Term Assurance and/or Loss of Job insurance policies are guaranteed health care services whenever the need arises.
To this end, the insurer has partnered a Health Management Organisation(HMO) known as Lifecare Partners to provide health care services to its clients.
Speaking at the unveiling of the scheme in Lagos, the managing director/CEO, Mutual Benefits Assurance Limited, Mr. Ademola Ifagbayi, said: “we have two major products that have been in insurance business for long, which are; the Term Assurance and Loss of Job cover. What we did is to use those products as an enabler to penetrate the existing enrollees of HMOs.”
According to him, “we discovered that when an employee is no longer with an organisation he or she was working for whether by termination or restructuring, the first thing they lose is their health cover. We did our research discovered it takes a waiting period of six to seven months for 70 per cent of people to secure a new job after they lost their previous jobs. So, what we did is to introduce the Loss of Job cover to the amount of premium that they pay to the HMOs. To this end, if anything happened to them, we pay the claim to the HMO.”
He, however, said the scheme is focusing only on people who left their employment legally, adding that, the cover excluded termination as a result of disciplinary measure or resignation.
“We asked ourselves, what value are HMOs adding to family incase an enrollee passes on? That is always the end of the relationship. We believe that HMO can go a bit further to support the family, hence, we introduced, as part of the health package, a term life assurance cover,” he said.
The partnership with the HMO, he said, will ensure that the assurance firm continues to get the patronage of their enrollees who are no longer working in a paid employment.
“At the same time, they are equally helping us to sell our term assurance products, so is a symbiotic relationship thst adds value to both organisations,” he pointed out.