FBN Insurance would use penny insurance products to increase its penetration which is relatively low in Nigeria, Managing Director, FBN Insurance, Mr. Valentine Ojumah, has said.
Ojumah, who made this known at a media parley organised by the firm to celebrate its fifth anniversary, at the company’s head office in Lagos, said this would ensure that more Nigerians embrace insurance in the country.
He expressed the underwriting firm’s commitment to deepen insurance penetration in the country through micro insurance.
According to him, the underwriting firm has recognised the need to use penny insurance products to increase insurance adoption, adding that the firm has insurance products as low as N2,000.
“FBN Insurance is committed to deepening insurance penetration in the country through micro insurance. From day one, we recognised that a large proportion of our population don’t buy insurance. So, we came up with what we called penny products, that enables the ordinary person to buy insurance at just N2,000.
“We are one of the few insurers that have keen interest in retail insurance. We were into micro insurance even before the regulator came up with the policy. As a company, we recognise the importance of micro insurance to this economy.
“This is why we went into mobile insurance, which remains the easiest means to sell insurance to low income Nigerians, who may not be able to buy the comprehensive insurance cover. There are more than 100 million mobile lines in Nigeria. So, the easiest way to reach out to them is through mobile insurance, because this product fits a large proportion of the populace. This is a growth area that we are very interested in.”
He said the fifth anniversary celebration was an opportunity for the company to reward its pioneer staff, engage with stakeholders and give back to the society, which, he acknowledged, had been the backbone of the business.
He said without their customers, dedicated staff and a solid ownership, they will not be where they are today.
“In five years, we have made giant strides. It is time to blow our trumpet and let our people know how far we have come. We have not arrived; we still have a long way to go. We will use this opportunity to establish a concrete framework for the next couple of years.
“As part of the anniversary activities, the company donated a dialysis machine to Gbagada General Hospital, which, until now, had just one functional machine. Visits are also planned to Old Peoples’ and Motherless Babies Homes.
FBN Insurance, which was incorporated as a business in September 2010, hitherto known as FBN Life Assurance, recently acquired 100 percent shares in Oasis Insurance, a general insurance company, in its quest to deliver life and general businesses.
The company now has over 30 retail outlets and prides itself on a rich heritage of performance and longevity due to its association with FBN Holdings and Sanlam Group, South Africa.

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