Market targets increased access to close consumer gap
Nigerians irrespective of their area of business or profession now have the opportunity to experience protection from risks that confronts their day to day activities as well as encounter with the environment, with new insurance products that meets specific needs and conditions.
This appetite though long overdue is beginning to come in the nation’s insurance industry with more products entering the market, that not only closes the yawning gap for solutions but also positions the industry for enhanced penetration and increased access.
This revolution which has commenced in the last few years is in line with the industry’s Market Development and Restructuring Initiative of the National Insurance Commission (NAICOM) targeted at increasing market penetration and sectors contribution to the country’s GDP.
This was the motivation for Mutual Benefits Assurance plc in coming up with a set of 36 new products cutting across life and general business that would help motor dealers; event centres; advertising agencies; hair salon; law firms; accounting firms; hotels; hospitals; fast food; Nollywood; churches; mosque; laundry & dry cleaning as well as sales shops manage their risks.
There is also Politicians Comprehensive Insurance, which according to Mutual Benefits become more compelling this time as politicians engage in a lot of activities in preparation for 2015 general elections.
Others products in the range include the Celebrity Life Insurance Policy; Lady Life insurance, Mutual Benefits Schools Fees Guaranteed Scheme; Pilgrims Welfare Insurance Policy; Juvenile Life Insurance policy among many others.
Akin Ogunbiyi, group managing director, Mutual Benefits Group, joined by the board and top management of the company during the media presentation of the products in Lagos said this is a major milestone in the history of the Nigerian insurance industry.
Ogunbiyi said the major problem of insurance in Nigeria is accessibility, stating that the Company was going to use its multiple platforms to take advantage of the growing economy to maximise its benefits, while touching the life of Nigerians both rich and poor.
“These products have been designed to meet the immediate demands of the consumers because it must address the consumer’s specific need for him to be interested in it. The products must also be affordable so that it will be accommodated within the share of the consumer’s income,” Ogunbiyi noted.
According to him, the Company is engaging and empowering various sectors of the economy, micro business including micro finance sector, transporters so that insurance can make sense to them.
The GMD also disclosed that Mutual Benefits currently has a workforce of over 7 million including marketers and agency network nationwide, with 60 operational office outlets and planning to increase it 200 offices before the end of 2016.
“We are creating employment, we are empowering Nigeria. We may not have become number one in terms of premium size, we are number one in terms of relevance to social and economic development of the country, Ogunibiyi stated.
Mutual Benefits Assurance recently established office in Niger Republic, Liberia and Cameroon and according to the Company would continue in that line.
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