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Business News of Tuesday, 20 September 2022

Source: guardian.ng

FBNInsurance targets one million policyholders in one year

FBNInsurance Limited FBNInsurance Limited

With the adoption of new technology to deploy insurance products, FBNInsurance Limited has revealed plans to deepen industry penetration by adding one million policyholders next year.

This was the position of the new Managing Director of the firm, Tunde Mimiko, at a media briefing in Lagos on how to engage Nigerians at the grassroots to accept insurance.

He said there was a need to see information and communication technology (ICT) as the driver of insurance growth.

According to him, despite the slow insurance acceptance, there is hope that penetration and premium payment will rise as the industry will beginns to do well.

He explained that the organisation remained committed to its vision and shared values with innovative ideas on how to move the company forward, while ensuring the implementation of all measures and strategies to drive growth.

Mimiko said over 3,000 insurance agents were driving its business at the grassroots to redefine the insurance business, especially, through retail. He added that it was planning to grow its insurance agents to 5,000 before year-end.

He maintained that having more agents would improve insurance penetration and awareness, adding that the company will use technology to bring the millennia into the insurance basket and that the underwriter had about 400,000 policyholders.

“This is not about promises; we have the personnel to achieve this. We are going to use an agency system to penetrate the nooks and crannies of the country while we will rely heavily on technology to capture the millennia.

“We want to grow the personal line through the agency platform. Currently, we have over 3,000 agents but we are on an expansion drive to take it to 5,000 by year-end,” he submitted.