Our vision is to take insurance to every household – Adeduro

Management of Anchor Insurance plc says her vision to drive a partnership project with agents is to ensure that insurance gets to every household in Nigeria.

The Company, which currently has in its register 300 direct agents and over 600 sub-agents outside its books, said the partnership goes beyond selling products, but has built in them to see the future and create value in the economy.

“Our vision is to see that we sell insurance to every household in Nigeria and if you are looking at the number of household in Nigeria, you will see that the potential is huge.  “So far, we have seen that this is growth area for insurance in Nigeria and without retail insurance, we cannot really reach the people.”

Mayowa Adeduro, managing director/CEO, Anchor Insurance Company Limited who spoke at the sideline of the firm’s 2016 New Year get-together party with agents and staff, noted that if a single telecom Company can have over a 100 million in its subscriber base, nothing stops an insurance company from having 5000 policyholder.

Mayowa who rewarded some of the agents for high performance observed that they have contributed reasonably to the Company’s growth. Agents are already doing about 23 percent of our gross premium while in terms bottom line, they may be doing above 40 percent. That is profitability, because they are bringing business that is really enduring, that we can retain, that we can sustain and we can see the future, Adeduro stated.

“This is the vision we have in Anchor insurance away from oil and gas business. Yes we are still in the business of oil and gas no doubt but a situation where you do a business and 70 per cent of that business goes to foreign reinsurance is no business. We are thinking of a business you will do in Nigeria and retain in Nigeria and contribute to our bottom line”, he said.

He said that if the retail business is taken seriously by insurance industry, the industry should be able to create jobs for Nigerians by empowering the youths through product innovations. These products he said will help to alleviate the suffering of the people in the grassroots and thereby creating jobs for unemployed Nigerians.

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