Mutual Benefits Assurance to drive growth on new strategic plan

Mutual Benefits Assurance Plc said its growth plan in the next five years would be driven by its new strategic plan.

The five-year strategic plans the company said is aimed at making the company number one insurance company in Nigeria by 2021.

Akin Ogunbiyi, chairman of the Company speaking at the Company’s 21 Annual Thanksgiving held in Lagos said the company has engaged the service of KPMG to chart a new focus for the company

He said the company’s strategic aspiration is anchored on four goals namely: Be the fastest growing insurance company through innovation, be number one in customer service delivery, lead the industry in efficiency and lead the industry into profitability.

He however acknowledged that it is going to be tough no doubt but assured that with the trust in the knowledge, professionalism and dedication of its stakeholders and staff they will be able to realize their vision of taking the company to the top of the industry in a recessed economy.

He added that “this year must witness a remarkable shift in the way we do things. Our words and actions must be influenced by our strategic aspirations.” He called on all staffs to take ownership of his or her value adding role. “There must be transparency, open enhanced teamwork, trust, effective communication and dialogue, well intentioned and conscientious execution of roles and sharper clarity.

“Let us genuinely focus and be sincerely accountable in our individual but committed contribution to the results that will engender growth and profitability.”

As part of its strategic plan, Mutual Benefits plan to invest more in technology to develop innovative customer- centric products that will meet the need of its current and potential customers, thereby increasing its market share.

In 2016 it upgraded its customer care unit with its technology driven Mutual Care to serve its customers better, adding that a team of dedicated professionals are on hand to provide seamless service to its esteemed clients.

On claims payment, as at end of 30th November 2016 paid claims in excess of N1.5billion in non life business, about N1 billion for life (death claims), in addition to about N10.6 billion paid out as maturities/ surrender under its investment/ deposit administration portfolio by its life company.