• Friday, June 14, 2024
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Anchor gets NAICOM approval to sell micro insurance, loss of employment policies

Anchor gets NAICOM approval to sell micro insurance, loss of employment policies

Underwriting firm, Anchor Insurance Company Limited has secured the approval of the National Insurance Commission (NAICOM) to sell micro insurance, loss of employment insurance policies.

This is in line with the company’s quest to deepen its penetration and take reasonable share retail segment of the market.

The new products to be driven by technology distribution channels would further boasts the landmark success being recorded by its agency network, which according to the company contributes one third of its total annual premium.

Mayowa Adeduro, managing director/CEO, speaking at the Company’s Agents New Year get-together in Lagos said with the two new products the agents now have the opportunity to earn more income for themselves.

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“You did it with motor third party policy, you can o it with this two policies and the sky is your limit,” Adeduro stated.

He noted that they are about six compulsory insurance in Nigeria which gives opportunities to agents to generate more money for themselves, company and the industry in general.

On performance of the company and agents in 2014, he said as at 2013 the company was less than 15 branches but as at December 2014 the company’s branch network has risen to 23.

The Anchor boss also said that agents’ contribution to the company’s income as at the end of December 2014 is 1/3 of its total premium, as against the 10 percent they contributed in 2013, adding that the contributions of the agents is significant to the company’s growth.

On human capital development, Adeduro pointed out that the company this January has shortlisted 10 of agents for special training and certificate within the country, this he said is aimed at developing the agents in the business of insurance.