FBN Insurance targets more low income earners to deepen penetration

FBN Insurance has expressed its commitment to further deepen insurance penetration in the country through provision of micro insurance to low income earners.

Speaking at a media parley organised by the firm to celebrate its 5th anniversary, at the company’s head office in Lagos, the Managing Director, FBN Insurance, Valentine Ojumah, said since inception, the underwriting firm has recognised the need to use penny insurance products to increase insurance adoption, especially with low income Nigerians.

According to him, “From day one, we recognised that a large proportion of our population don’t buy insurance. So, we have come up with what we call penny products that enables the ordinary person to buy insurance at just N2, 000.”

He stated that his firm was one of the few insurers that have keen interest in the retail insurance, saying, “We are into micro insurance even before the regulator came up with micro insurance policy. As a company, we recognised the importance of micro insurance to this economy.”

FBN Insurance equally went into mobile insurance, which remains the easiest means to sell insurance to the low income Nigerians who may not be able to buy the conventional insurance products.

“That was equally the motivating force for going into mobile insurance.  As you are very much aware, there are more than 100 million mobile lines in Nigeria. So, the easiest way to reach out to them is through mobile telephony because this product fits a large proportion of the populace. This is a growth area and an important area of insurance we are very much interested in.”

Ojumah earlier stated that the fifth anniversary celebration of his firm was not just another anniversary but an opportunity for the company to reward its pioneer staff, engage with stakeholders and give back to the society, which, he acknowledged, had been the backbone of the business.

He further added: “Without our customers, dedicated staff and a solid ownership, we won’t be here. In five years, we have made giant strides. It’s time to blow our trumpet and let our people know how far we’ve come. We have not arrived; we still have a long way to go. We will use this opportunity to establish a concrete framework for the next couple of years.”

As part of the anniversary activities, the company recently donated a Dialysis machine to Gbagada General Hospital, which, until now, had just one functional machine. Visits are also planned to Old Peoples’ and Motherless Babies Homes.

Incorporated as a business in September 2010, FBN Insurance, hitherto known as FBN Life Assurance, recently acquired a 100percent shares in Oasis Insurance, a general insurance company, in its quest to deliver life and general businesses.

The company now has over 30 retail outlets and prides itself on a rich heritage of performance and longevity due to her association with FBN Holdings and the Sanlam Group, South Africa.

Modestus Anaesoronye