FBNInsurance targets one million policyholders, 5000-agents for growth

Determined to become the number one insurance company in Nigeria, FBNInsurnce is embarking on a new phase of growth with the target to hit one million policyholders and a 5,000-agency workforce in the next one year.

Tunde Mimiko, the new managing director/CEO of the company made the disclosure during his first media interaction with journalists in Lagos, after his resumption to lead the life insurance company about two weeks ago.

Mimiko said the focus of the new management is to become the number one insurance company in Nigeria, both in revenue and profitability, while ensuring that its customers continue to live in confidence, creating wealth for them and protecting their assets.

He said FBNInsurnce is focused on developing the retail space and concentrating more on personal-line insurance in its efforts to deepen the country’s insurance penetration.

According to him, the company currently has a little over 3,000 agents across the federation and has a plan to take the number beyond 5000 in the next one year.

In terms of insurance penetration, he said the company is at the forefront to ensure that the territories and areas that are underserved are covered through expansion of its frontiers to towns and cities across Nigeria.

“As I speak to you, my colleagues are embarking on a serious recruitment drive and training of new agents that we have on board. This we believe will engender more penetration, as we have done well over 400,000 clients in our books today and our intention is to grow it to a million in the next one year, Mimiko said.

“We also know that the area of opportunity remains those that are underserved and so we are using the digital platforms to ensure that we reach as much as possible. You will agree with me that the penetration level is quite low; contribution to GDP is less than 1percent. As an industry, we do believe that the more we reach out through awareness the more they are able to understand the value of insurance, and that will man better penetration”.

“So we will continue in our aggressive drive in reaching those that are currently underserved, as relates to insurance to ensure that insurance becomes a household thing in each and every location across the Federation,” he said.