FBN Life deploys Bancassurance products through a 700-branch bank

 With the goal to become the biggest retail insurer in the country, FBN Life Assurance Limited, a subsidiary of FBN Holdings plc has announced new distribution channels through partnership with FirstBank’s over 700 branches nationwide to drive its bancassurance products.

“In this partnership, we intend to deliver sustainable benefits by providing comprehensive insurance solutions to the bank’s customer base and, as a consequence, positioning FBN Life as a market leader in retail insurance in the country”, Val Ojumah, managing director/CEO of the insurance company, said in Lagos.

“FBN Life is exploring more distribution partnerships to facilitate wider coverage for customers at their preferred points of sale. “We are at the moment engaging multiple partners including Micro-finance banks, Mobile Network Operators and other commercial banks, in order to expand our coverage beyond the FBN reach”.

We are building the biggest retail Insurance Company in Nigeria, by developing alternative channels and delivering innovative products to the customer to make insurance products accessible across all market segments and across distribution channels, Ojumah noted.

Today, the Company has three of its retail products that can be accessed in any of the First Bank Branches or FBN Life offices nationwide.

The products include the First Life Benefit Plan with an affordable premium of N45 monthly with alife cover of up to N100, 000.00; First Life Plus Benefit Plan, which goes with a monthly premium of N1, 040.00 and gives the insured a N100, 000.00 health insurance, N250, 000.00life cover as well as N100, 000 burial expenses benefit and the First Family Shield which attracts an annual premium of N2, 000 and gives the insured a N250, 000 death or permanent disability benefit.

According to the CEO, these products have been jointly designed by FBN Life and FirstBank of Nigeria and are distributed through the Bank.

This platform, Ojumah stated,provides the bank’s customers a range of financial products from a single point of contact, convenient access to hassle free and seamless insurance and lower premiums as a benefit of being First Bank customers.