Insurance World

FBNinsurance Targets One Million Policyholders In One Year, To Grow Insurance Agents To 5,000

L-R: Thomas Meisinger, Chief Operating Officer, FBNInsurance Limited; Akudo Azu, Head, Marketing & Corporate Communications, FBNInsurance Limited; Tunde Mimiko, MD/CEO, FBNInsurance Limited; Odinakachi Umekwe, Executive Director, Retail Distribution, FBNInsurance Limited at the press conference held today in its office at the Victoria Island.

BY NKECHI NAECHE-ESEZOBOR–In a bid to deepen insurance penetration in the country, FBNInsurance Limited on Wednesday said it plans to increase the number of policyholders to one million within the next one year.

The Managing Director, Tunde Mimiko disclosed this during a press conference in Lagos, that currently the company has about 400,000 policyholders and plans to grow the number within the next one year.

“This is not about promises, we have the personnel to achieve this. We are going to use agency system to penetrate the nooks and crannies of the country while we will rely heavily on technology to capture the millennia.”

“We are expanding our Frontiers to quite a number of cities and towns that we are not presently, we believe that this will engender more penetration than what we have done.”

He noted that the  vision of the company is to be the leading Insurance company in the industry, “As you already know that we are one of the foremost if not the top retail life insurance provider, we want to remain foremost and we will continue to drive that ambition to be number one in the Nigeria insurance market not just in revenue but in profitability.”

“We will do this with the customers in mind which include our current and prospective customers to continue to live in confidence by creating more wealth for them and protecting their financial assets.”

“We have over 400,000 clients in our book today and our intention is to grow it to over a million in the next one year from now,” he said

He said the company would be instrumental to increase penetration, taking insurance to grassroots.

On how it plans to drive retail business at the grassroot, Mimiko said the company plans to increase number of agents from 3,000 to 5,000 before end of 2022.

He stated that the company intends to redefine insurance business, especially, through retail, hence, its planning to grow its insurance agents.

According to him having more agents who will be selling insurance products and services across the country will enhance insurance penetration and awareness, adding that the company would equally uses technology to capture the millennia onto insurance platform.

On digital transformation, he said to get to those that are underserved the company are also using a digital platform to ensure that they expand their reach as much as possible.

“Since I resumed as the MD/CEO, on the 1st of September which is 14 days before now, I have been engaging with different business leaders even majority of the stuff just to understand the areas we need to improve upon, one thing that is critical for us is to improve the customer experience of our clients out there, so we will be investing on technology to ensure that we improve in our services significantly so that our customers can have better experience.”

“We have projects in our digital transformation plan that we will also believe will expand our net towards bringing in those that are not in our customer’s profile right now”

We want to improve our customers experience by improving a lot in technology. We want to be number one insurance company in Nigeria in terms customer volume and profitability.

On employees welfare he reaffirmed that management will ensure that they are properly motivated to provide better services to their customers as we desire. ” These are the quick imperative in the next 90 days in the leadership team,” he said.


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