In a bid to enlarge their market shares, FBNInsurance Limited and FBN General Insurance have developed customised and affordable products that are targeted at the top, middle and lower classes of the society.
Speaking on the products unveiled at the 2016 Media Product Fair, in Lagos, the Retail Distribution, FBNI, Kelvis Eikponobhoa, said, to enable families meet funeral expenses of their members, FBN insurance extended family support plan is a product for immediate and extended family which provides financial assistance in the unfortunate event of the loss of a family member, spouse, parents and extended family.
Meanwhile, FBN flexible education plan is an endowment plan designed to help concerned parents plan for the future education of their kids whether they are alive or not. It is to ensure that education, which is a burden of most families in Nigeria, is absolutely taken care of. The product gives individuals an opportunity to secure the future of their children and wards.
On his part, the Managing Director/Chief Executive Officer, FBNInsurance Limited, Val Ojumah, said: “We have remained steadfast in our quest to provide Nigerians with innovative products and services that will add value to their daily living, adding that the only reason this company has been set up is because we want to change the landscape of the industry.”
According to him, “we are the only insurance company in this market that cannot be owned by individuals of families; we are the only insurance company in the market that cannot be managed by owners but managed by professionals.
He also stated “it is important for us to get it right all the time because that is what actually guarantees our job, insisting that when insurance company says something, they should do it based on our slogan which says: ‘we do what we say’”.
Speaking further, he said “One of the main competitive tools used in the industry today is pricing, many insurance company prefer to take less in order to sell their products. We don’t do that, instead we sell our name, our brand and what we stand for, we also sell the collective life of everybody and they are backing us.”
Also, the Managing Director/Chief Executive Officer, FBN General Insurance, Bode Opadokun, expressed concern on how insurance has been misinterpreted as a gamble sector.
He explained that insurance is not designed and never intended to be a form of gamble, rather insurance is tailored towards managing the risk that every individual and corporate organisations are exposed to.
“We are not saying that we are going to make money through insurance, but rather we are going to be a guarantee to be in a financial position that we have occupied prior to current to any of unfortunate incidents. They are two parallel line, it is not a kind of industry or sector that we can compare to each other,” he stated.