Continental Re targeting greater accessibility of insurance

Attracted by the huge potential in the retail end of the market and the need to diffuse growing pressure on corporate accounts, Continental Reinsurance plc (CRE) is firming up alliances with Swiss Re and Casejohnson, a distribution company, to help make life and individual products accessible and affordable to Nigerians through quality technology.

This arrangement, which is expected to boost income generation in the life market particular would provide avenue that would enhance product development and distribution for insurance companies through telemarketing platforms across the country.

Lloyd Campbell-Gibson, head, Products Origination for Swiss Re Life and Health Africa, said that Swiss Re is partnering with Continental Reinsurance plc to help bring cost effective and accessible Life insurance to the public. He said this during a visit to Continental Re in partnership with executives from Casejohnson, a distribution company.

“We are here to gain a deeper understanding of the Life market together with Continental Re and to see how we can facilitate an increase in Life market penetration over the medium term because we see a lot of potential in Nigeria,” he said.

Campbell-Gibson observed that there are a lot of people who need Life insurance but currently lack any form of insurance.

According to him, there is a need to get Life insurance to the public in a cost effective way, and simplify it for people to understand.

The Swiss Re representative emphasised that the partnership with Continental Re and CaseJohnson is an important step in the journey towards making distribution of Life insurance cheaper.

“It is important that whatever we do is appropriate for the local market. This is why we are spending a lot of time trying to understand the needs of the Nigerian Market,” he said.

Gbenga Falekulo, executive director (Life), Continental Re noted that the firm has a long standing relationship with Swiss Re.

He observed that a major challenge in the local market is to find ways to increase the sale of Life policies and to ensure capacity is available. It is important that we are able to bridge these gaps.