Prestige Assurance targets bigger market share in new expansion

 

Underwriting firm, Prestige Assurance plc is targeting a bigger market share in the Nigerian insurance market following a strategic move that saw the Company opening its first branch office after 21 years of operation in Nigeria.

Prestige Assurance is a subsidiary of New India Assurance Company Limited, Mumbai India a whole government owned leading insurance company in India.

The Company which opened its Obakaran Ikeja, branch office weekend said it poised to take advantage of the opportunities this location offers being the manufacturing hub of Lagos State.

Hassan T. Usman, chairman of the Company said opening of the Ikeja Branch is a strategic intent to further position the Company to get closer to the nation’s manufacturing hub. “We intend to take advantage of opportunities that this branch offers to increase our market share”.

Usman said 2016 looks great for the Company irrespective of challenges and predictions which is not very favourable to the economy, stating that it has the right human capital to drive the company’s growth.

Balla Swamy, managing director of the Company said the branch in Ikeja coming 21 years after it started operation was strategic in its quest to deepen penetration and get closer to its clients and partners.

“Our broker partners have regularly requested we have branches outside our head office, and that is what we have done to meet their expectations and for better relationship”

Swamy noted that Prestige was not established to service the Indian market in Nigeria as many people have believed, but established for Nigerian market to help deepen penetration for the overall growth of the economy.

“What we have brought into the market as a subsidiary of New India is our experience and skills, which should benefit the market and grow its reach.”

According to Swamy, the Company has come up with new products including health insurance and travel medical insurance cover to help deepen the market, assuring that it will formally be lunched as soon as regulatory approvals are secured.

On service delivery, the CEO noted that its services are automated resulting to high level efficiency in relationship with customers.

 

Modestus Anaesoronye