6 February 2013

Nigeria: Underwriters Strategise to Deepen Market Penetration

Despite the challenges of weak infrastructure, widespread insecurity, which has impacted negatively on economic activities of Nigeria, life assurance stakeholders have continued to sustain and strengthen their business to increase penetration.

Operators believe that apart from the fact that the untapped potentials in the life market are huge, a lot of Nigerians are beginning to see the positive benefits of life assurance as hedge against eventuality of sudden death.

According to practitioners, their enlightenment campaign and prompt claims payment have played a positive role, adding that the industry would continue to sustain and strengthen the system for the people to see the positive aspect of life assurance as security in providing for their love ones they have left behind in the event of sudden death of the bread winner.

For instance, the Group Managing Director, AIICO Insurance Plc, David Sobanjo, said his company will continue to sustain its leadership position in life business by deepening its market penetration through the tenacity of its trained field personnel and its unwavering commitment to excellent customer service.

On his part, the Group Managing Director, Mutual Benefits Assurance Plc, Akin Ogunbiyi said the company has evolved into a conglomerate of value-adding companies with diverse interest in other sectors of the Nigerian economy through investment, strategic alliances and partnership.

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