Mutual Benefit Assurance plc Staffs
Mutual Benefit Assurance plc, which last year pioneered insurance distribution franchising scheme in the country recently, took account of the exercise and said it has successfully increased its product penetration and consumer value benefits.
The company, which was the first to uphold the insurance regulator’s micro insurance initiative from the onset said its focus in the franchising scheme is to expand accessibility of insurance across the population.
It said the scheme brought together matured men and women, who are majorly retired top executive in different sectors of the economy and have been empowered to interface and present insurance to the general public.
Speaking on the achievements recorded by the company in the scheme, General Manager, Mutual Retail, Demola Fagbayi said at an event to mark the one year establishment of the franchise unit that it was envisioned to create a strategic unit of elite professionals in a conducive environment that will add value to the business of insurance.
He said the experience in one year has been quite encouraging, as beyond deepening penetration, the group has added reasonably to the premium income of the company.
“Mutual, as a deliberate strategy to deepen insurance penetration in Nigeria, has created employment opportunities to the teeming population of unemployed youths and matured citizens, design and develop alternative distribution channels leveraging on the National Insurance Commission’s (NAICOM’s) Market Development and Restructuring Initiative (MDR).”
Fagbayi observed that with over 40 outlets and 700 retail marketers nationwide, Mutual Benefit has taken insurance business crusade to the grassroots thereby creating massive employment opportunities and financially empowered several thousands of its stakeholders.
The long term vision of the company through the scheme he noted, is to open at one mutual office in all the local government headquarters in Nigeria and employ250, 000 franchisees and retail marketers by the year 2020.
Inaugurated a year ago, the Company has 316 franchisees and employed 250,000 franchise and retail marketers by the year 2020.
Mutual Benefits Franchise coordinator, Shola Ajidagba speaking on behalf of the other franchisee said it has been a wonderful experience marketing insurance, noting that the potential of the market is really good.
By our acceptance of this engagement being that we are largely non insurance professionals, we have help to build public confidence and through our relationship with the public insurance will witness tremendous changes, Ajidagba stated.