FBN Insurance Brokers Launches First Cover, Target N1.2bn Profit

As part of measures to boost insurance penetration in the country, FBN Insurance Brokers (FBNIB) has launched the First Cover, a digital brokering platform aimed at deepening insurance penetration in the country, even as it recorded over N1.2 billion in profits in 2023.

Speaking at the end of year party and launch of First Cover, the managing director of FBN Insurance Brokers, Olumide Ibidapo noted that despite the economic headwinds that prevailed in the country in 2023, the company had been able to not only break even but also surpass the performance of the year 2022.

According to him, as against the N1 billion which the company made in 2022, FBN Insurance Brokers profit for the year 2023 is above N1.2 billion. This he said was due to the commitment of the staff and support of the clients and stakeholders of the company, adding that the year had been an interesting one for the company.

Speaking on the First Cover, he said the offering will revolutionise the insurance landscape in the country. He explained that the product which had been in the pipeline was conceived out of the desire to make insurance easily accessible to potential policy payers.

Noting that the offering which is accessible online via web Oladapo explained to at First Cover puts an array of insurance products ranging from life to fire to car in the hands of anyone from the comfort of wherever they are.

On his part, Head of Strategy at FBN Insurance Brokers, Olawale Micheal, speaking on the First Cover said considering that the insurance penetration in the country is less than one percent, the company had birthed the idea for the product in 2021.

Stating that the Nigerian insurance space is brimming with untapped potentials, with not more than three million Nigerians shielded by any form of insurance, he said First Cover presents and opportunity and make insurance accessible to all.

“Originally envisioned as a web aggregator or insurance marketplace, the idea swiftly metamorphosed into something far grander – a full-fledged digital broking platform. This digital brokering platform is a game-changer, seamlessly facilitating end-to-end digital processing of retail insurance needs. First Cover doesn’t just provide insurance; it revolutionises the entire experience, placing the power in the hands of users at their fingertips, allowing them to browse, compare, and purchase top-tier insurance solutions from the comfort of their homes, offices, or wherever life takes them.

“First Cover introduces an array of products including Auto Insurance, Health Insurance, Householders Insurance, and Travel Insurance. Our platform empowers users to effortlessly log their claims, ensuring a rapid and efficient resolution tailored to their convenience.