The managing director of First Bank Nigeria, FBNInsurance Tunde Mimiko has disclosed that the company is poised to raise the number of its policyholders to one million within a year.
The plan, the insurance firm’s chief executive said is in line with the ongoing effort to deepen insurance penetration in the country.
As part of the plan, Mimiko stated that the company will employ the number of its insurance agents to 5,000 from 3,000 by the end of 2022.
A herculean task indeed, considering the number of competing insurance companies in the country, and the attitude of many Nigerians toward insurance.
The company has in its kitty close to 400,000 policy holders according to checks by the magazine.
But considering its track record as one of Nigeria’s frontline insurance companies, the company’s plan to penetrate the sector more, analysts in the sector say is achievable.
Mimiko said, “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.”
“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.”
His management, Mimimo said will improve staff welfare and be customers’ focused.
“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,” he said.
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