Insurance firms are attracting marketers from the other segments of the financial service sector, especially the banks, with promises of huge rewards for those who are able to meet their premium targets.
Some of the incentives being dangled before the bank workers are jeeps and brand new cars, according to investigations by our correspondent.
The underwriters are introducing some innovative products and utilising experienced marketers, especially from the banking sector, to achieve a similar growth trajectory.
It was gathered that the underwriters were rewarding highly performing marketers more than their regular employees with gifts, cash prizes and all expenses paid trips to foreign destinations.
The insurance companies give the marketers specific premium targets; and in addition to the commission they receive on policies sold, they also get car gifts, among others.
A former Head, Association of Registered Insurance Agents of Nigeria, Mr. Kingsley Obuvie, runing an insurance agency network, told our correspondent that he had been able to meet his premium target and had been rewarded with a brand new car.
Obuvie said many retrenched bank workers had joined his insurance marketing team.
According to him, the expenses of marketing may be high in the first year but if the marketers are well trained, they will be able to meet their targets and it will become profitable later.
“Insurance marketing is very attractive; insurance companies give out cars to agents who meet their targets,” he said.
Mutual Benefits Assurance Plc has the tradition of giving out cars to its best marketers. In recent years, it had given out seven cars, with marketers getting three last year.
The Group Managing Director, Mutual Benefits Assurance, Mr. Akin Ogunbiyi, said the firm had employed and trained many professionals from different segments of the economy, including banking, as agents to market its products to members of the public.
He said the company presently had over 7,000 insurance agents marketing its policies and had been able to get regulatory approval for 102 different products.
“We have the agency managers; we have the senior risk advisors, who are status agents; and we have franchise dealers that we will support to run the Mutual offices,” he said.
Last year, AIICO Insurance Plc gave out four brand new cars to its best agency marketers.
The Managing Director, AIICO Insurance, Mr. Edwin Egbiti, said the company had been giving out brand new cars and other gifts as well as all expenses paid foreign trips to its best agency networks.
However, he noted that no marketer was able to meet the premium target to qualify to win a Prado jeep provided by the company.
The Managing Director and Chief Executive Officer, African Alliance Insurance Plc, Mr. Alphonse Okpor, said last year, the company gave out four brand new cars and valuable gifts to its agents, adding that so far this year, only one person had won the star prize of a brand new car, while other valuable gifts and cash prizes of N1m and above were given to marketers who distinguished themselves.
Okpor said the company recorded over N10bn premium last year, adding that this was made possible through the efforts of the agency system and marketing team.