Mutual Benefits Strategises for More Contribution to GDP

Mutual Benefit Assurance Plc at the weekend said it has positioned itself in a more unique and dynamic way that will enable it contribute positively to the Gross Domestic Product (GDP) of the economy.
The company said it will achieve this by progressively evolving business activities and strategic partnerships around unique insurance services to touch all facets of the economy.

Group Managing Director of the company, Mr. Akin Ogunbiyi disclosed this at the company’s stakeholders engagement meeting held in Lagos.
He said: “We touch all facets of the economies of our catchment countries, in our genuine desire to alleviate poverty.”
Ogunbiyi said the company will continue to create wealth and value to all its stakeholders going forward adding that the company has put in place a sound risk mitigation strategy, increased its businesses and reduced debt.
According to him, Mutual Benefit remains a strong, well capitalised and profitable leading brand in the Nigerian insurance industry and is well positioned to contribute meaningfully to the national economy.
He said Mutual Benefit has successfully carved a niche for itself in its ability to secure patronage of tailor-made insurance products by making customers feel genuinely impacted on and looked-after in what they are offered as value-additions.
“We make them feel good about our value-offerings, about the process, and the Mutual Benefits Brand”, he added.
Also speaking at the event, Managing Director of Mutual Benefit Plc, Mr. Segun Omesehin said that the company’s innovative activities are driven across seven key platforms namely; widening or deepening access to relevant insurance products, awareness of the value-delivering benefits of these products through knowledge and patronage, evolving innovative and new distribution channels, working with the Mutual Benefits Microfinance Bank to identify appropriate bancassurance businesses, micro-insurance and takaful insurance (islamic compliant insurance), as well as promoting insurance generating investments and strategic partnerships.
Omesehin said that the two cardinal objectives of Mutual Benefits are to bring tailor-made value-adding insurance services to the door-step of citizens and at the same time promote a new era of using retail outlets to deliver insurance services to every nook and cranny.
Omesehin said: “Mutual Benefits Assurance Plc, a Nigerian company with full-fledged but affiliate companies in Liberia and Niger Republic, is one of the big players in the African insurance market. An enhanced private-sector initiative, Mutual, thrives on impacting positively on all facets of the economy and the various income brackets through value-addition with tailor-made insurance products as the unique offerings.”
Omesehin stated that the kernel of Mutual Benefit’s impressive growth is strict adherence to the company’s core values as well as its pride on unrepentant sticklers for leadership, professionalism, knowledge, continuous training and ethical practice.
According to him, as a result of the recapitalisation exercise of 2006/2007, Mutual Benefits came up with the what it tagged “Wind of Change”, which is the company’s terms of engagement with stakeholders in fostering insurance as a vital financial instrument for national development through repositioning and deliberate change in strategy; clear and compelling brand promise; superior and memorable services; clear, as well as competitive differentiation.
He said signposts of some of the company’s successes include, products availability disclosing that the company recently designed as many as 102 products with 36 of them already approved by NAICOM in a scoop in 2104.
He also pointed out the company’s accessibility adding that it opened 70 new offices in rural/remote locations in the country.
Omesehin also pointed at the affordability of the company’s product as well as its employment generation capacity as glaring signposts pointing out that it currently has over 7,000 agents under its service.
Other signposts of the company pointed out by Omesehin include empowerment noting that it is into strategic alliances, cooperative cells; poverty alleviation; income at the bottom of the pyramid as well as extensive involvement with the informal sector in the area of consumer awareness; communication; rapport building; networking as well as positive attitude through professionalism.
Source: Thisday