Mutual Benefits pledges to retail strategy for market penetration

Underwriting firm, Mutual Benefits Assurance Plc says it remains committed to its retail strategy in the efforts to deepen penetration and grow its market share in the country’s risk management industry.

The company sharing its retail strategy story during a media training organised by journalists covering insurance in Nigeria says its landmarked record in the retail segment of the market excites it.

Femi Asenuga, managing director/CEO of the company said the theme of the one-day training: ‘Winning With Retail Products’ captures its strategy of deepening penetration in Africa’s most populous nation.

Asenuga said, “Mutual Benefits right from inception has been at the forefront of championing the campaign of deepening insurance penetration in Nigeria with retail products.”

According to him, ‘when we started, we did not start as many of our peers did in the market, because at the time we started, the practice then was companies to align or establish a relationship with the brokers because brokers, for so long, have been in control of the big-ticket insurance account in the country.

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The MD who described as abnormal the huge population of the country with low insurance penetration said “At the time Mutual Benefits started, we reckoned with the major challenge the insurance industry was having at that time, and that was identifying retail insurance penetration as a strategy for differentiating ourselves from other players in the market,’’ he explained.

“This was made possible because we had to do a widespread amount of research, looking at what was absent in the market at that time, and our focus was mainly on the unserved segment of the market. This led us into coming up with a whole lot of products that are interesting, relevant and the rightful products aimed at meeting the needs of the customers in the space”.

Biyi Ashiru-Mobolaji, executive director, Operations said ‘’Mutual Benefits was the first insurance company in the market that introduced a product that was selling at a very low price of N50 and the product was called ‘Green Shield,’’’ he stated.

Speaking further, Asenuga said, the company has made its mark in the market, ‘’no doubt and you can see this with the kind of marketing team Mutual Benefits pride itself with. Today we have the largest retail marketing team.’’

He said ‘’today Mutual Benefits is a preferred destination when you are looking for capable hands in retail insurance development and today our people are everywhere in the market being in charge of retail outlets of various insurance companies.’’

“As journalists, we urge you to go out there and educate the people about the values and benefits of insurance for their individual lives and the development of the national economy. Tell people about us, what we do, and how they can benefit from our products and services,” Biyi said.