Underwriting firm, Mutual Benefits Assurance Plc has boosted its regional operations with franchising in the South-West part of the country.
The strategy, which targets to deepen penetration, will increase access to the Company’s products and services to larger population of consumers in that area of the country.
Mutual Benefits has long developed strong desire to deepen penetration among retail consumers, which experts have said hold the potential for insurance growth in Nigeria.
Femi Asenuga, managing director, Mutual Benefits Assurance speaking at its Ibadan, the Oyo State Capital Corporate office ‘Mutual House’ said this is part of efforts at developing the insurance business and also to create value for customers by taking insurance to their door stops.
“The role we all have to play is to be ambassadors of Mutual Benefits. A franchise is a well-known strategy world over and the way Mutual Benefits practices franchise is tied to value for all stakeholders, he said.
Asenuga said that the firm was working with stakeholders to increase awareness and take its message to the grassroots.
He pointed out that in developed economies, insurance firms owned banks, but regretted that this was not the situation in Nigeria, promising to continue to drive initiatives and strategies that will make insurance an acceptable means of financial planning by majority of the population.
He further disclosed that the firm will provide stakeholders with the technological platforms and supports to make them excel as members of the Mutual Benefits family.
Adewale Raji, group managing director of Odua Group, in his address, advised stakeholders to be committed and showcase good character and integrity.
“The Odua Investment is owned by the six South-West governments and it is in our interest when economic, businesses and investment spreads across the South-West states. This is an opportunity for us to strengthen insurance penetration within the South-West states. This is why Odua investment is interested in a venture like this because it is helping the economic development of the South-West.”
“Beneficiaries are privileged to be associating with a credible brand and it is important they equip themselves with the right knowledge and competencies to relate with the public. In so doing, they should align with the values coming from this brand to increase their economic enterprise for the benefits of our people, he noted.
Ademola Ifagbayi, managing director of Mutual Benefits Life Assurance Ltd, during the closing remark, appreciated the stakeholders and urged them to take advantage of the franchise.
A franchise (or franchising) is a method of distributing products or services involving a franchisor, who establishes the brand’s trademark or trade name and a business system, and a franchisee, who pays a royalty and often an initial fee for the right to do business under the franchisor’s name and system.
Franchising is based on a marketing concept which can be adopted by an organization as a strategy for business expansion.
