Stanbic IBTC Insurance Limited, one of the latest entrants into the Country’s insurance industry has promised to make access to insurance seamless, where life insurance can be purchased through mobile App.
The insurance company said also that it will deliver on the Group’s vision to be the leading end-to-end financial solutions provider in Nigeria through innovative and customer-focused people.
“Our customers can now consolidate their financial liabilities even better by purchasing life insurance through Stanbic IBTC Insurance Limited, Jide Orimolade, chief executive said.
Orimolade who spoke during an interview with Business Day said access to insurance will be even more seamless as customers will soon be able to directly purchase life insurance products from the Super App – the Stanbic IBTC Mobile App.
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“We will be providing an end-to-end solution for buying life insurance products and claim payment on all our products. We are developing simple products that meet the needs of consumers.”
He said in conjunction with other stakeholders, Stanbic IBTC Insurance Limited will continue to push for the relevance of the insurance industry in the financial sector and engage in advocacy to encourage the youths to embrace the insurance business.
On what he expects from the government, Orimolade said “we will be grateful if the consolidated insurance bill is passed into law this year. The government can also encourage the populace to obtain insurance cover for natural disasters and other incidences such as a fire.”
Government buildings should be insured against the risk of fire and special perils which will further encourage uptake of compulsory insurances like group life, public buildings, buildings during construction with professional indemnity, he said.
The regulator is doing a lot, and we hope that they will continue to collaborate with service providers to fast-track the use of technology in delivering more seamless solutions to clients.
What does the emergence of Stanbic IBTC Insurance Limited offer the insurance industry; Orimolade said “easy access to simple, and in some cases, bespoke life insurance solutions. Customers wi l l have the ability to purchase life insurance from their mobile devices, and when needed, make claims submissions on their life policies easily.”
On the opportunities to grow the insurance industry, Orimolade stated that there are many opportunities to grow the market as less than 10 percent of the population are currently insured.
“The pension industry has AUM above 11trillion naira. These contributors will retire, and when they do, they can buy annuities if they prefer not to continue with programme withdrawal.”
“Also, as more SMEs are registered, the industry will develop. There will be an increasing need for business owners to prioritise insurance to protect their properties and lives.”
