FBN Insurance would use penny insurance products to increase insurance penetration which is relatively low in Nigeria, Managing Director, FBNInsurance, Mr Valentine Ojumah has said.
Ojumah, who made this known at a media parley organised by the firm to celebrate its Fifth anniversary, at the company’s head office in Lagos, said this would ensure that more Nigerians embrace insurance in the country.
He expressed the underwriting firm’s commitment to deepen insurance penetration in the country through microinsurance.
According to him, the underwriting firm has recognised the need to use penny insurance products to increase insurance adoption adding that the firm has insurance products as low as N2000.
He said: “FBNInsurance is committed to deepen insurance penetration in the country through microinsurance. From day one, we recognised that a large proportion of our population don’t buy insurance. So, we have come up with what we called penny products, that enables the ordinary person to buy insurance at just N2,000.
“We are one of the few insurers that have keen interest in the retail insurance. We were into microinsurance even before the regulator came up with micro insurance policy. As a company, we recognised the importance of microinsurance to this economy.
“This is why we went into mobile insurance, which remains the easiest means to sell insurance to the low income Nigerians, who may not be able to buy the comprehensive insurance cover. There are more than 100 million mobile lines in Nigeria. So, the easiest way to reach out to them is through mobile insurance, because this product fits a large proportion of the populace. This is a growth area that we are very interested in.”
He said the fifth anniversary celebration of his firm was not just another anniversary but an opportunity for the company to reward its pioneer staff, engage with stakeholders and give back to the society, which, he acknowledged, had been the backbone of the business.
He said without their customers, dedicated staff and a solid ownership, they will not be where they are today.
“In five years, we have made giant strides. It’s time to blow our trumpet and let our people know how far we have come. We have not arrived; we still have a long way to go. We will use this opportunity to establish a concrete framework for the next couple of years.”
“As part of the anniversary activities, the company donated a Dialysis machine to Gbagada General Hospital, which, until now, had just one functional machine. Visits are also planned to Old Peoples’ and Motherless Babies Homes.
FBNInsurance which was incorporated as a business in September 2010, hitherto known as FBN Life Assurance, recently acquired a 100 per cent shares in Oasis Insurance, a general insurance company, in its quest to deliver life and general businesses.
The company now has over 30 retail outlets and prides itself on a rich heritage of performance and longevity due to her association with FBN Holdings and the Sanlam Group, South Africa.