FBNInsurance Limited has disclosed ambitions to increase market penetration by acquiring one million policyholders next year by utilizing new technology to deploy insurance products.
At a media briefing on how to convince Nigerians at the local level to accept insurance, Tunde Mimiko, the company’s new managing director, took this stance.
Information and communication technology (ICT), according to him, must be seen as the development engine for the insurance industry.
He claims that despite the delayed adoption of insurance, there is hope that as the business starts to prosper, penetration and premium payment would increase.
Using creative ideas on how to advance the business while guaranteeing the implementation of all policies and plans to spur growth, he said the organization remained dedicated to its shared values and goal.
According to Mimiko, over 3,000 insurance agents are redefining the insurance industry at the local level, particularly through retail. Before the end of the year, the company intended to increase its number of insurance agents to 5,000.
The company will employ technology to bring the millennia into the insurance basket, he said, adding that the underwriter had roughly 400,000 policyholders. He continued to say that having more agents would boost insurance penetration and awareness.
“This is not about promises; we have the personnel to achieve this. We are going to use an agency system to penetrate the nooks and crannies of the country while we will rely heavily on technology to capture the millennia.
“We want to grow the personal line through the agency platform. Currently, we have over 3,000 agents but we are on an expansion drive to take it to 5,000 by year-end,” he submitted.