Emmanuel Mokobi is the chief executive officer of Prudential Africa. In this interview with Josephine Okojie, he spoke on the recent agreement to acquire the remaining shares of Prudential Zenith Life Insurance Limited (PZL), its joint venture in Nigeria. He elaborates on the strategic rationale behind this move, outlining Prudential’s enduring commitment to the Nigerian market and its broader vision for expanding its presence within the African insurance landscape.
Prudential’s acquisition of the remaining 49 percent shares of Prudential Zenith Life Insurance is a significant move for your Africa operations. Could you elaborate on the strategic rationale behind this acquisition, particularly in terms of your organisation’s long-term commitment to the Nigerian market and the broader African insurance landscape?
This acquisition marks a pivotal milestone in our journey to deepen our footprint in Africa, particularly in Nigeria —a market we view as having immense growth potential.
This decision reflects our commitment to not just participate in but to actively shape the evolution of the life insurance sector in Africa’s largest economy. Nigeria’s life insurance market is the fifth largest on the continent, yet with less than 0.2 percent of GDP spent on insurance, the opportunity to grow is profound.
Our goal is clear: we are here to stay, invest, and grow in Nigeria and across Africa. We see Africa as a cornerstone of our growth strategy, and this acquisition reinforces our confidence in the opportunities Nigeria presents. For Prudential, Africa is a critical part of our growth strategy, and we remain focused on deploying capital where we see the greatest potential.
Given that Prudential now has full ownership of Prudential Zenith Life Insurance, how will the company’s relationship with Zenith Bank evolve? Will the two companies continue to collaborate closely?
Our relationship with Zenith Bank remains a cornerstone of our success in Nigeria. While Prudential now holds full ownership of Prudential Zenith Life, the bancassurance partnership with Zenith Bank will continue to be a key component of our distribution strategy.
Zenith Bank’s extensive network and deep customer relationships provide an invaluable distribution platform for our insurance products.
As we look to scale our operations and reach more customers across Nigeria and Ghana, we will continue to work with Zenith Bank to offer innovative and accessible insurance solutions that meet the diverse needs of their customer base.
Read also: Digital Transformation in a Dynamic Insurance Industry
The African insurance market is both promising and complex. With this acquisition, what specific growth levers do you see for Prudential in Nigeria and the broader continent?
We see several growth levers in the African market, starting with the vast under-penetration of insurance across the continent. In Nigeria, our focus will be on expanding our reach through multi-channel distribution, particularly enhancing our digital and mobile platforms to reach underserved and remote populations.
We are also committed to innovating in product development and creating solutions that address the specific financial and health needs of Nigerian families and businesses.
In addition, our experience with health insurance products positions us well to address the growing demand for healthcare solutions in Nigeria and across Africa. The integration of technology will play a crucial role in ensuring that we deliver fast, affordable, and accessible insurance products.
Across the continent, we are looking at opportunities to scale our presence in key markets through strategic investments and partnerships. As Africa continues to urbanize and its middle class expands, we are confident that Prudential’s diversified offerings and customer-centric approach will enable us to be a market leader in the region’s insurance landscape.
As your organisation strengthens its position in Nigeria, what are the key milestones you aim to achieve in the next three to five years? How will success be measured as Prudential Zenith moves forward under full Prudential ownership?
In the next three to five years, Prudential aims to significantly grow its market share in Nigeria by expanding both our customer base and distribution networks. Key milestones include deepening our presence in key urban and rural markets, improving digital and agency channels, and enhancing our product portfolio with more tailored insurance solutions that address local needs. Success will be measured by the growth in life insurance penetration, currently less than 0.2 percent of GDP.
We aim to drive higher penetration through strategic partnerships and enhanced customer education and accessibility of our products.
What specific strategies do you have in place to engage agents effectively?
Prudential’s agency distribution model is a core of our business strategy, particularly in markets like Nigeria, where face-to-face interactions significantly influence customer trust and decision-making.
Our agency network, which has proven to be a robust and flexible framework across Asia and other regions, has been instrumental in expanding our reach and enhancing our customer engagement.
In Nigeria, our extensive network of over 12,000 agents plays a vital role in providing personalised service to clients. To effectively leverage this model, we focus on three key strategies: recruitment, training, and retention.
First, we are building a diverse and talented pool of agents who are passionate about helping clients achieve their financial goals. Once recruited, our agents undergo a comprehensive training program tailored to local market needs, including ongoing training to enhance their product knowledge and selling skills. We prioritise licensing agents quickly to ensure they are well equipped to serve customers effectively.
We then provide continuous support and recognise their achievements through structured career development programs. Furthermore, we adapt our agency model to suit Nigeria’s unique market conditions, ensuring a flexible and effective approach. By focusing on agent productivity and engagement, we can improve customer satisfaction. Ultimately, our agency distribution model is designed not only to expand our reach but also to build lasting relationships with our customers, ensuring they receive tailored financial solutions that meet their specific needs.
In Nigeria’s highly competitive insurance market, how does your organisation balance the need for affordable insurance products with the imperative of maintaining profitability? Additionally, how is the company addressing critical issues like claim processing delays, which can create significant anxiety for clients/customers?
In a cost-conscious market like Nigeria, affordability is paramount. However, our approach is to offer products that are accessible without compromising on value. Through operational efficiencies and digital transformation, we can deliver competitively priced products that provide the needed value to our stakeholders.
Addressing critical issues like claim processing delays is a top priority for us. We have implemented advanced digital solutions to streamline our claims process, making it more transparent and efficient. This includes the use of mobile applications and online platforms that allow clients to track their claims in real time.
By enhancing communication and reducing turnaround times, we aim to alleviate any concerns our clients may have regarding claims. Our goal is to build trust and confidence in our services, ensuring that our clients feel supported throughout their insurance journey.
What are your investment plans in local talent development and capacity building within Nigeria’s insurance workforce?
With Prudential’s full ownership of the business in Nigeria, our strategy for investing in local talent development is both comprehensive and central to our growth vision. We recognise the distinctive nature of Nigeria’s insurance landscape and the need for tailored approaches.
To enhance the capacity of Nigeria’s insurance workforce, we are strengthening our training programs and mentorship initiatives aimed at upskilling employees at all levels. By fostering an environment where our local talent can thrive and offering them professional and personal development opportunities, we will not only elevate the capabilities of our workforce but also contribute significantly to the broader growth of Nigeria’s insurance sector.
Looking ahead, what do you envision as the next big transformation in the African insurance industry, and how is Prudential positioning itself to lead in that future?
The next big transformation in Africa’s insurance industry will likely be driven by digitalization, product innovation, and financial inclusion. At Prudential, we are positioning ourselves to lead this transformation by investing in technology that enhances customer experience, improves operational efficiency, and drives financial inclusion.
We also see significant potential in health insurance and hybrid products that combine life and health coverage, addressing a critical gap in many African markets.
Prudential’s long-term commitment is to be at the forefront of these innovations, delivering solutions that cater to the unique needs of the African consumer and supporting the growth of the industry across the continent. These strategies reflect Prudential’s vision of becoming a trusted partner in protecting and empowering individuals and families across Nigeria and Africa.
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