• Tuesday, March 05, 2024
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Mutual Benefits pushes penetration through wealth creation


Mutual Benefits Assurance plc said in its commitment to deepen insurance penetration, it would pursue alliances and partnerships that would empower and boost wealth creation for the citizens.

The company said its motive is to deepen insurance penetration by ensuring that all Nigerians by choice, not compulsion, buy insurance products and services.

Akin Ogunbiyi, group managing director of Mutual Benefits Assurance Plc said that the company will continue to create wealth and value to all its stakeholders going forward.

Ogunbiyi who stated this at the company’s stakeholders engagement meeting in Lagos noted that they had put in place a sound risk mitigation strategy, increased its businesses and reduced debt, adding that the company remains a strong, well capitalised and profitable leading brand in the Nigerian insurance industry.

Ogunbiyi said, “The unique and dynamic posture of Mutual Benefits Group is to directly impact on GDP by progressively evolving business activities and strategic partnerships around unique insurance services. We touch all facets of the economy, in our genuine desire to alleviate poverty.”
According to Ogunbiyi, Mutual has successfully carved a niche for itself in its ability to secure patronage of tailor-made insurance products by making customers feel genuinely impacted on and looked-after in what they are offered as value-additions. “We make them feel good about our value-offerings, about the process, and the Mutual Benefits Brand”, he added.

Speaking further, Segun Omosehin, managing director, Mutual Benefits General said that the company’s innovative activities are driven across seven key platforms namely; widening or deepening access to relevant insurance products, awareness of the value-delivering benefits of these products through knowledge and patronage, evolving innovative and new distribution channels, working with the Mutual Benefits Microfinance Bank to identify appropriate bancassurance businesses, micro-insurance and takaful insurance (islamic compliant insurance), as well as promoting insurance generating investments and strategic partnerships.

Omesehin said that the two cardinal objectives of Mutual Benefits are to bring tailor-made value-adding insurance services to the door-step of citizens and at the same time, promote a new era of using retail outlets to deliver insurance services to every nook and cranny.

Omesehin said, “Mutual Benefits Assurance plc, a Nigerian company with full-fledged but affiliate companies in Liberia and Niger Republic, is one of the big players in the African insurance market. An enhanced private-sector initiative, Mutual, thrives on impacting positively on all facets of the economy and the various income brackets through value-addition with tailor-made insurance products as the unique offerings.”

The Managing Director stated that the kernel of Mutual Benefits’ impressive growth is strict adherence to the company’s core values and they pride themselves as unrepentant sticklers for leadership, professionalism, knowledge, continuous training and ethical practice.

He said, “As a result of the recapitalisation exercise of 2006/2007, Mutual Benefits came up with the “Wind of Change”, our terms of engagement with stakeholders in fostering insurance as a vital financial instrument for national development through, repositioning and deliberate change in strategy; clear and compelling brand promise; superior and memorable services; clear, as well as competitive differentiation.

“Signposts of some of our successes include, products availability – 102 products: 36 approved by NAICOM in a scoop in 2104; accessibility – 70 new offices opened in rural/remote locations; products affordability; employment generation – over 7,000 agents; empowerment – strategic alliances, cooperative cells; poverty alleviation; income at the bottom of the pyramid – extensive involvement with the informal sector; consumer awareness; communication; rapport building; networking as well as positive attitude through professionalism.