The management of Mutual Benefits Assurance Plc haa advocated a holistic focus on the retail insurance business, as part of efforts to deepen the level of insurance penetration in Nigeria.
The management of made case for retail business when the executive members of the National Association of Insurance and Pension Correspondents (NAIPCO) paid them a courtesy visit in Lagos.
The company’s managing director, Femi Asenuga, said that the level of insurance penetration in the country is still an eyesore when compared to the huge population of the country, believing that, it is high time underwriters begin to focus more on grassroots through retail insurance businesses.
He stated that a huge underbanked and unbanked Nigerians exist in the informal sector, pointing out that the insurance firms can leverage on this, to bring them into the financial service space.
This, according to him, has been the ultimate goal of Mutual Benefits right from inception, a development that has made the firm a reference point for investors and stakeholders in the area of micro insurance.
He said ” we are restless when it comes to insuring the underserved and unserved Nigerians with financial solutions in the area of risk business in the country.
“We have become a reference point in retail business in the country and we are a reference point for investors.”
On product development, he said: “we are restless when it comes to product development. Years ago, we got approval for 36 products; this has never been done by any company in Nigeria.”
He assured that the company is not tired because there are still much to be covered.
He urged the media to keep the good work of deepening insurance awareness and sensitisation through informed and qualitative reporting, promising that, the firm was ready to assist the association in this regards.
Similarly, the managing director, Mutual Benefits Life Assurance Limited, Ademola Ifagbayi, promised that the underwriting firm will continue to piortise its claims obligations, stating that, the firm had paid several billions of naira in claims in recent years, which was a testament of its fidelity.
He called on Nigerians to patronise the firm for their insurance business, even as the company had invested in technology to continue to serve customers better and wherever they are.
While speaking earlier, the chairman, NAIPCO, Chuks Okonta, highlighted the plans of the association, which include: the bi-annual NAIPCO Journal, Annual National Conference, Product Profiling, Advert to News Initiative, among others.
He said all these initiatives were tilted towards raising insurance awareness, calling for support of the assurance firms on these initiatives.