Asenuga: Identification of Retail Insurance Distinguishes Mutual from Others

The Managing Director Mutual Benefit Insurance Plc, Femi Asenuga, has said that initial identification of retail insurance market as against struggle for corporate and government business stood the company out among its contemporaries.

Asenuga stated this at a training programme organised by Mutual Benefit Insurance for members of National Association of Insurance and Pension Correspondents (NAIPCO) in Lagos and said that early discovery of retail insurance market served as a strategy for the company to differentiate itself from other players in the market.

“This was made possible because we had to do a widespread of research, looking at what was absent in the market at that time, and our focus was mainly on served and the unserved segment of the market, and this led us into coming up with a whole lots of products – interesting, relevance and the rightful products aimed at meeting the needs of the unserved segment of the market.

He said Mutual Benefits was the first insurance company in the market that introduced a product that was selling at a very low price of N50 and the product was called ‘Green Shield.

Asenuga said the company has made its mark in the market, adding that this could be seen from the kind of marketing team it prides itself in.

“Today we have the largest retail marketing team. Today Mutual Benefits is a preferred destination when you are looking for capable hands in retail insurance development and today our people are everywhere in the market being in charge of retail outlets of various insurance companies,” he said.

Asenuga said the training programme was one of the ways of trying to show appreciation for the supports NAIPCO members gave to his company.

While soliciting for the continued cooperation from the Association and sustenance of the programme, he said the training was meant for knowledge sharing.

Also speaking, Executive Director, Operations, Biyi Ashiru-Mobolaji urged NAIPCO members to make conscious efforts in creating the needed awareness that will engender insurance growth in Nigeria.

“As journalists, we urge you to go out there and educate the people about the values and benefits of insurance for their individual lives and the development of the national economy. Tell people about us, what we do, and how they can benefit from our products and services,” Biyi said.