ARM Life targets market share with product innovation

Life specialist underwriting firm, ARM Life Insurance Plc is committed to growing its market share in the nation’s insurance space with focus on product innovation and digital transformation.

Dapo Oshinusi, chairman of the company  said at its 20th Annual General Meeting in Lagos strategies have been put in place to ensure that the company customers enjoy the best of service delivery.

He said, “We remain focused on the implementation of our strategic objectives. Some of the objectives are centered on product and service innovation to improve customer experience and to cater for their evolving needs; focus on digital transformation to improve operational efficiency; and increasing distribution channels and market reach.”

Despite the challenges in the economy, he said the company was convinced that there exists huge opportunities which it will continue to explore towards continuously increasing shareholders value.

“As we progress in our quest for leadership in the retail segment of the market, we remain mindful of building a sustainable business that will continue to engender the trust of our clients and other stakeholders,” he said.

While presenting the financial performance of the company, he said that despite the operating challenges of 2017, the company recorded another profitable year.

He said that its gross premium written increased by 31.5 per cent from N2.75bn in 2016 to N3.62bn in 2017.

Stephen Alangbo, managing director/CEO of the company said recently that the company is now ready to deliver new consumer experience with innovative products and efficient claims services.

Alangbo said the focus of the company is retail, and so have perfected plans to drive the process with a lot of investment in technology, agency network, aggregators as well as partnerships, across the population segments and different parts of the country.

The sustained focus on growing policyholder’s fund, particularly in the individual life segment, the disciplined risk management practices and investment management strategies, enabled the company to return a profit before tax of N486.9 million in 2017 from N123.2 million in 2016, representing an increase of 295 percent.

He said that total assets also increased by 27 percent to N16.13 billion in 2017 from N12.7 billion in 2016, underscoring the success of the company’s investment management strategy and resulting in 18 percent increase in shareholders’ equity to N3.23 billion from N2.75 billion in 2016.