Retail Insurance Key To Advancing Penetration In Nigeria- Mutual Benefits

Mutual Benefits Says Retail Market Is The Wetland For Insurance Penetration  – Business Post

Yemisi Izuora

The Managing Director, Mutual Assurance Benefits, Mr Femi Asenuga, has identified retail insurance as a strategy for penetration into the market.

Asenuga said that the insurance company had the largest retail marketing team with specialised products, addressing the needs of various segments in the market.

The Managing Director, in a keynote remark at a one-day training organised by the firm for insurance and pension media practitioners in Lagos with the theme: “Winning With Retail Products’’, said, “Our target is on the unserved and underserved in the market and we have been able to provide products that meet and satisfy their needs over the years, ” he said.

According to him, the underwriting firm is providing the products and policies at a very accessible and affordable rate.

Also, speaking, Ms Kadaria Ahmed, Non-Executive Director, Mutual Benefits Assurance Plc, observed that accessibility to insurance and its products are key to the nation’s economic growth.

By providing security and safety, she described insurance as key driver of any economy especially Nigeria where economic growth is still moving at a snail pace.

She pointed out that insurance was instrumental to economic growth as it provides safety and security while equally serving as a financial responder and risk mitigator.

Ahmed, who is also the Chief Executive Officer, Radio Now, said that in ensuring financial and economic stability, insurers served as capital protectors, instrument of social policies, capital infusers, and sustainers of the supply chain, adding that insurance ensures economic development through infrastructure development, community building, credit facilitation, and promotion of innovation.

According to her, the contribution of insurance to the country’s Gross Domestic Product (GDP) and promotion of entrepreneurial activities was highly impactful, stating, “Without the guarantee of insurance, most businesses will not be able to operate and construction projects which foster infrastructural development will not go forward.

‘’Creativity and innovation will be hindered as people/ businesses will not be willing to take risk, explore other areas of expansion, and break from the old ways of doing things,’’ .

She notes that reports on the industry should go beyond products and event, but also making people really understand the significance of insurance.

“Insurance activities in the country should be encouraged through continuous sensitisation of the public on the benefits of insurance” she said and charged governments at all levels to provide an enabling environment that encouraged insurance business to thrive.

She called for policies around risk management to help build trust of citizens on insurance and also attract investors to the industry.

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