By Yemisi Izuora-Lagos
Mutual Benefits
The Mutual Benefits Assurance Plc has taken a bold step to control retail insurance market in Nigeria anticipating to earn one billion naira monthly from the initiative.
The company today inaugurated the first ever insurance franchise to drive the initiative.
In an interview with Oriental News Nigeria, at the unveiling of the facility in Lagos, Ademola Ifagbayi, general manager retail of Mutual Benefits said the company is targeting a minimum of N1billion which will translate to N12billion premium per annum.
Ifagbayi also said the initiative will create 50,000 jobs across the country.
In his address at the occassion, managing director and chief executive of the company Mr. Akin Ogunbiyi said the company now places emphasis on retail insurance as a way of growing its business and provide insurance cover to the rural communities
“Conventional insurance has not taken the industry anywhere, over ninety years of insurance in Nigeria, the industry has targeted the elites but with about 170 million people if we concentrate energy on retail market we will certainly grow above what we contribute to the GDP” Ogunbiyi explained.
He regretted that despite the size of the population, less that 1% of Nigeria’s adult population has one form of insurance or the other while the sector contributes 0.5% to the GDP.
He called on other companies to emulate the Mutual Benefits and design affordable and accessible products for the rural populace.
Ogunbiyi revealed that his company offers insurance that is as low as N10 and N50 for the benefit of low income segment of the society.