By Yemis Izuora-Lagos
The management of FBN Insurance Limited has counselled that insurance is only key instrument to reposition individuals and businesses should any unfortunate situation arose.
The company said insurance should be embraced by high net-worth individuals, the political class, schools, religious organisations, professional bodies to sustain themselves when the unexpected occur.
Speaking on the benefits of insurance, the company’s Managing Director, Valentine Ojumah, said the FBN Insurance’s strategy is hinged on deepening its footprints in the retail insurance space and expansion into the non-life insurance segment.
He said the company is particularly concerned about what happens after death and the continuity of the living standards of a family when the bread winner is gone especially as the death of the bread winner has brought about a total decline in the living standards of the dependants in many homes.
According to him, We are carving a niche in the retail insurance market through the provision of best-in-class, innovative and solution-driven products that create value for all stakeholders and despite the many challenges brimming in the macro environment and the unique demands of doing business in today’s evolving economy, we will continue to stay true to our aspiration as bastions of stability delivering Gold Service standards and fit- for-purpose offerings that will address every Nigerian’s insurance needs.
He further said that the organisation’s existing products, which include group and individual policies, are designed to accommodate differing consumer needs, stressing that these products are in consonance with the company’s commitment to deepen market penetration by providing low cost insurance products through multiple distribution channels that would benefit the mass market in Nigeria.
Ojumah maintained that “we conduct regular extensive market research that guides our business strategy and policy direction. This provides distilled insights from macroeconomic and industry trends, helps estimate the size of emerging opportunities and understand customer buying patterns and motivations; our customer centricity influences our approach to innovative product development and drives tailoring services to the key customer segments.”
In line with the firm’s expansions strategy, he also informed that FBN Insurance is finalising the acquisition of a general insurance licence so as to provide insurance services such as household, motor, marine, oil and gas.