By Ebere Nwoji
The Chief Executive Officer of Stanbic IBTC Insurance, Mr. Akinjide Orimolade, has advised the National Insurance Commission (NAICOM) to collaborate with service providers in the use of technology in insurance product distribution.
Orimolade, who gave the advice while introducing his newly licensed company, Stanbic IBTC Insurance to the media, noted that there are bountiful opportunities in Nigerian insurance market, even as he noted that less than 10 per cent of the population have insurance cover.
He noted that currently, more and more small and medium enterprises (SMEs) are seeking out insurance solutions, which he said was a clear indicator of room for growth in the industry.
He noted that to improve on the present low level of insurance penetration in the country, there was need for operators to partner with telcom companies.
“The industry will develop as there will be an increasing need for business owners to prioritise insurance to protect their properties and lives,” Orimolade stated.
He further highlighted 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 said the new business would continue in the vision and tradition of the Group through the provision of innovative and customer-friendly insurance products.
“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.