Mutual Benefits Assurance plc has signed a Memorandum of Understanding (MoU) with members of the Finance Correspondents Association of Nigeria (FICAN) for a Group Personal Accident insurance cover. This cover which became effective January 1, 2014 covers medical, permanent disability and Death resulting from accident. The policy which is renewable annually and covering initial 72 members of the Association, according to industry players provides a moral boost for journalist considering the critical nature of their job and profession.
Some of the journalist who commented on the insurance cover noted that it was overdue, giving the nature of their job and regular exposure to road and air accidents. Segun Omesehin, managing director, Mutual Benefits Assurance stated that company is not keen about making money in this kind of relationship, particularly with journalist but that of adding value to the society.
Omesehin stated that the Mutual Benefits Group had long decided to create a niche for itself in the retail-end of the market, and so has gone into several relationships that would not only create value for the individual beneficiaries but the society at large. Some of the relationships he hinted include with Airport Car Higher Association where Mutual Benefits provides Brand New Camry’s for Airports taxis; there is NURTW, market women associations among others. Akin Ogunbiyi, group managing director, Mutual Benefits Group said the for coming to insure with Mutual Benefits, FICAN members are in for service, value creation, quality relationship.
“We are top among the insurance companies in Nigeria offering service at the grassroots, and today we have 7,000 Agents, 59 branches nationwide, Ogunbiyi said. Mutual benefits in the last four years have been able to issue over 500,000 policies and the new goal of the company is ‘impacting development and growth to the Nigeria economy through creating dynamism, partnership and of course empowerment of the individual citizens, Ogunbiyi stated. “It is through this we have been able to actually meet the objective of creating value and empowering the masses.
It is a success story today in Lagos state. I remember that some time ago we approached a group of people selling jotters. They agreed to deal with us and we put them in cooperative units.” “We empowered as well as encouraged them. Today they are accessing up to N10 million from our micro finance bank and they are paying back. The same applies to those selling textbooks and pure water. This is what we have done to use insurance to create value.” Ogunbiyi pointed that here is something we call ACHAN, which is, Airport Car Hire Association of Nigeria.
When you see those Camry cars in all the functional airports in Nigeria, Mutual Benefits has over 400 of them. For every empowerment that we did, insurance was attached to it. For the Camry cars, we are taking group life insurance on the association. If not for our initiative, such premium wouldn’t have come to the industry. Again for the cars, many of them would have opted for third party insurance, but we made it part of the package that they have to do comprehensive insurance, the GMD said