BY NKECHI NAECHE—–FBNInsurance Limited has won the 2018 Insurance Company of the year award at the 4th African Insurance Awards in recognition of its aggressive strategy to develop the retail life market in Nigeria.
The award instituted by Africa Reinsurance Corporation (Africa Re) was presented to FBN Insurance at the 45th African Insurance Organisation [AIO] Conference & General Assembly held in Accra Ghana.
According to the judged between 2014 and 2017 achieved an average growth of 57, 36 of premium income, 58,6% of net profit and 43% of shareholders ‘fund. For a relatively new company as FBN, the panel of judges considered those figures as exceptional performance especially in a country where insurance level is less than 1%.
The company’s aggressive strategy to develop the retail life market led to the opening of 2000 distribution agents; the pioneering role in the use of mobile phone to bring insurance products to the lowest class of citizens in Nigeria has led FBN Insurance Nigeria to achieve 70% of its revenue from retail life market.
Despite being approximately four years old in the insurance industry as at 2014, FBN Insurance Nigeria had become a top five life insurer (having risen from the 27th position as at 2010).
The Innovation of the Year award went to Kenya-based Jubilee Insurance for its Julie technology platform, which was designed to improve its service to clients.
While the CEO of the Year was named as Richard Lowe, CEO of Activa Insurance, who the judges said was a stalwart of the insurance industry across Africa.