Mutual Benefits Assurance draws five years road map for growth

Mutual Benefits Assurance Plc says it’s beginning another phase in its history with a new five years road map that would not only position the Company for growth but redefine its operations for efficiency and value creation for all stakeholders.

To achieve this, the firm recently engaged KPMG consulting firm to look at the opportunities and challenges facing the insurance business and come up with strategies for improved service delivery.

Segun Omosehin, new managing director of the Company said part of the repositioning targets include market penetration, consumer service, operational efficiency and effectiveness, as well as people and culture

“Beginning from 2017, we shall invest in new technologies, integrated customer service as well as human capital development with the right skills to deliver value, Omosehin said during the December Edition of the Nigerian Council of Registered Insurance Brokers (NCRIB) held in Lagos.

Omosehin said its plan is to invest more in technology to develop innovative customer- centric products that will meet the need of its current and potential customers, thereby increasing its market share.

He added that it has upgraded its customer care unit with its technology driven Mutual Care to serve its customers better, adding that a team of dedicated professionals are on hand to provide seamless service to its esteemed clients.

Omosehin stated that the Company has continued to meet its obligation, and has paid out as at end of 30th November 2016 claims of N1.56 billion in non life business, about N1.1billion for life for death benefits in addition to about N10.6billion paid out as maturities/ surrender under its investment/ deposit administration portfolio by its life company.

He noted that in the last 20years the companies have continually demonstrated its commitment to honouring its obligation by consistently improving its claims administration processes and procedures.

He said” as an organisation, we are resolute in our determination to take insurance to the grass root. This we have continually demonstrated by broaden our agency network. We shall be ready to partner with any broker that has interest in the area of grassroots development of insurance.

With total asset base of N46billion, he said they remain one of the few value adding underwriters in Nigeria and West Africa with full fledged subsidiaries in Liberia and Niger Republic.

 

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