Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings Plc, a member of Standard Bank Group has commenced operation in Nigeria, thereby adding to its ever-growing bouquet of financial services available to the public.
The addition of the insurance subsidiary followed regulatory approvals as well as the issuance of a license from the National Insurance Commission (NAICOM) which granted the new entity the right to commence its business operations.
Speaking at the launch of the new business, Akinjide Orimolade, chief executive, Stanbic IBTC Insurance stated that the new business will continue in the vision and tradition of the Group through the provision of innovative and customer-friendly insurance products.
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Stanbic IBTC Insurance has developed a variety of simple Life insurance products that will address the unique insurance needs of its customers. It will also facilitate long-term insurance for individuals by offering them innovative and seamless insurance solutions that can be accessed electronically with ease. This means that consumers will be able to purchase insurance products, make timely claims submissions quickly and efficiently from wherever they are.
While commending the government and industry regulator – NAICOM, on the great achievements made in the insurance industry, Orimolade highlighted some improvements that would aid industry growth and enhance customer experience. At the top of the list would be for the National Insurance Commission to continue to collaborate with service providers to encourage the use of technology in delivering seamless insurance solutions to everyone.
He also spoke on the low level of insurance penetration in the Nigerian market. He emphasised that there are bountiful opportunities to grow the Nigerian insurance market since less than 10 percent of the Nigerian populace are currently insured, not to mention that more and more Small and Medium Enterprises (SMEs) are now seeking out insurance solutions. This is a clear indicator of room for growth in the industry.
It will also be ideal for insurance to partner with Telcos to improve the lives of customers.
“The industry will develop as there will be an increasing need for business owners to prioritise insurance to protect their properties and lives,” Orimolade stated. He further highlighted the need to innovate and evolve to meet the changing needs of the insurance ecosystem and this is where Stanbic IBTC Insurance comes in.
“The birth of Stanbic IBTC Insurance can be described as meeting a pressing need at the right time. The journey of a thousand miles, they say, begins with a single step and for us, several giant strides have been made. We are positive that this venture will bring smiles to the faces of our customers”, the Stanbic IBTC Insurance chief executive added.
