Enterprise Life, an insurance company launched AdvantageConnect, a digital application that is poised to revolutionise insurance and financial planning in Nigeria. Olorunde Sunday Thomas, Commissioner for Insurance during his speech at the launching of AdvantageConnect emphasised the digital prowess of the app asserting that its introduction aligns seamlessly with the industry’s goal of reaching the N1 trillion insurance premium milestone by the close of 2023.
Commissioner Thomas expressed confidence that these advancements position the industry to achieve its sector’s strategic objectives for the year.
At the end of 2022 the gross written premium of the Nigerian Insurance market stood at N733 billion with the market expected to achieve a compound annual growth rate of more than 10 percent during 2023-2027.
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Speaking with BusinessDay at FourPoints by Sheraton in Lagos, where the event was held, he said, “we are very optimistic about hitting N1 trillion at the end of this year. Last year it’s over N700 billion, two years ago we were at N500 billion so this year we are optimistic of hitting N1 trillion. With initiatives like AdvantageConnect, we will cross the N1 trillion mark and one can only imagine what is achievable.
AdvantageConnect is an application that connects individuals with a life planner that will provide tailored life insurance solutions that are specific to the individual’s needs.
Speaking about the need for a life planner and the uniqueness of AdvantageConnect, Funmi Omo, Chief Executive Officer of Enterprise Life, said “Life is full of uncertainties that have been aggravated by changing economic realities. We realised that many people see insurance as an afterthought, but we believe everyone should plan their lives to buy assurance amid life’s uncertainties. We have launched this product to connect people to a life planner next door that will be available as a reliable partner. AdvantageConnect gives you the advantage”.
A unique feature of the AdvantagesConnect app is the seamlessness in connecting with a life planner, who will seek to understand the specific needs of the customer and create a tailored life insurance solution for the customer.
During a hands-on session, an attendee, having downloaded the app, was instructed to contact their assigned life planner. Subsequently, a life planner at the event outlined the post-connection procedures, including scheduling meetings, either in person or virtually, consulting sessions, and handling payments through the app.
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Keli Gadzekpo the Group Chairman, Enterprise Group said the team has been birthing this idea for three years. He said it’s an initiative that will increase insurance penetration by making it more accessible to their customers. He said the growth in revenue of over N1 billion in the past year is a reflection of the relevance to their customers.
