How To Grow Nigeria’s Insurance Industry-Stanbic IBTC Insurance Boss

Akinjide Orimolade,the  Chief Executive Officer of Stanbic IBTC Insurance,has emphasized the need for operators to partner with telecommunication companies in order to improve on the present low level of insurance penetration in the country.

Orimolade, who gave the advice  at a press conference to  introduce his new licensed company, Stanbic IBTC Insurance,noted that there are  less than 10 per cent of the population have insurance cover in Nigeria.

He expressed optimism that there are huge  opportunities in Nigerian insurance market, just  as he advised the National Insurance Commission (NAICOM) to collaborate with service providers in the use of technology in insurance product distribution.

According to him,more small and medium enterprises (SMEs) are seeking out insurance solutions, which  was a clear indicator of room for growth in the industry.

“The industry will develop as there will be an increasing need for business owners to prioritise insurance to protect their properties and lives,” Orimolade added

He expressed the  the need to innovate and evolve to meet the changing needs of the insurance ecosystem, adding that this is where Stanbic IBTC Insurance comes in.

“The birth of Stanbic IBTC Insurance can be described as meeting a pressing need at the right time. The journey of a thousand miles, they say, begins with a single step and for us, several giant strides have been made.We are positive that this venture will bring smiles to the faces of our customers,” Orimolade stated.

He said the Stanbic IBTC insurance was established to expand the group’s ever-growing bouquet of financial services available to the public.

“The addition of the insurance subsidiary followed regulatory approvals as well as the issuance of a license from the NAICOM which granted the new entity the right to commence its business operations,” he added.

He explained that the new business would continue in the vision and tradition of the Group through the provision of innovative and customer-friendly insurance products.

He added:“Stanbic IBTC Insurance has developed a variety of simple Life insurance products that will address the unique insurance needs of its customers.It will also facilitate long-term insurance for individuals by offering them innovative and seamless insurance solutions that can be accessed electronically with ease.

“This means that consumers will be able to purchase insurance products, make timely claims submissions quickly and efficiently from wherever they are,” he added.