For huge insurance penetration to take place in the country, there must be a wholistic focus on the retail business.
Insurance companies, have, over the years, focused more on the corporate businesses, thereby, paying little or no attention to retail businesses.
This was disclosed by the management of Mutual Benefits Assurance Plc when the new executive members of the National Association of Insurance and Pension Correspondents (NAIPCO) paid them a courtesy visit at the insurer’s headquarters on Ikorodu Road, Lagos.
The managing director/chief executive officer, Femi Asenuga, noted that the insurance penetration rate is still an eyesore when compared to the huge population the country is blessed, believing that, it is high time underwriters began to focus more on grassroots through retail insurance businesses.
He stated that, a huge underbanked and unbanked Nigerians exist in the informal sector which insurance firms can leverage on to bring them into the financial service space.
To this end, he said this has been the ultimate goal of Mutual Benefits right from inception, a development that has made the firm a reference point for investors and stakeholders in the area of micro insurance.
According to him, “ we are restless when it comes to insuring the underserved and unserved Nigerians with financial solutions in the area of risk business in the country.
“We have become a reference point in retail business in the country and we are a reference point for investors.”
On product development, he said: “we are restless when it comes to product development. Years ago, we got approval for 36 products; this has never been done by any company in Nigeria.”
He assured that the company is not tired because there are still much to be covered.