Enterprise Life Assurance Company Limited, a new entrant into Nigeria’s burgeoning insurance sector, has commenced business operations in the country.
Launched on Monday, March 1, 2021, the company with its head office in South West Ikoyi, Lagos, was granted an operating licence in 2020 by the Nigerian National Insurance Commission (NAICOM) after it met the minimum stated capital requirement of N8 billion in February 2020.
After weeks of introducing the brand through teasers around its promise of “a new life is coming”, the brand says it is officially ready to serve the Nigerian market.
Funmilayo Abimbola Omo, the company’s managing director, in her opening speech at the launch, said the brand was based on the concept of ‘The Thoroughbred’, “which is a horse of outstanding pedigree with an inherent disposition to be the best”.
“As Nigerian thoroughbreds, excellence is in our DNA. It is our pedigree, and our roots are entrenched deep in the core values to which we speak,” Omo said.
Femi Ogundeji, executive director, Technical, assured that the insurance solutions such as Family Care Plan, Income Protection Plan, Lifetime Needs Plan and Educare Plan being offered by the company were developed in response to extensive research conducted on the peculiar needs of the Nigerian market. These solutions are needed by Nigeria’s over 200 million population.
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“We are approaching this market with customer-friendly products designed to meet various needs of our prospective customers and are assuring them of outstanding service. Our life planners have been trained as entrepreneurs to deliver excellent services and provide tailor-made solutions for our customers,” Ogundeji said.
In his keynote address, Keli Gadzekpo, the Group’s chief executive officer, described the start of operations in Nigeria as a dream come true and thanked all who had made it possible, including NAICOM.
“We are not in business merely to pay for funerals or to finance education; any insurance company can do that. We are here to provide an advantage. And because everyone desires an advantage in life, there will always be room for us to grow and be relevant as a business,” Gadzekpo said.
He assured that the Enterprise Life brand would make a positive impact in the industry by ensuring that many more Nigerians benefit from the protection offered by life insurance.
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