Speaking at the launch of the new business, Akinjide
Orimolade, Chief Executive, Stanbic IBTC Insurance stated that the new business
will 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.
While commending the government and industry regulator –
NAICOM, on the great achievements made in the insurance industry, Mr. Orimolade
highlighted some improvements that would aid industry growth and enhance
customer experience. At the top of the list would be for the National Insurance
Commission to continue to collaborate with service providers to encourage the
use of technology in delivering seamless insurance solutions to everyone.
The Chief Executive also spoke on the low level of insurance
penetration in the Nigerian market. He emphasised that there are bountiful
opportunities to grow the Nigerian insurance market since less than 10 per cent
of the Nigerian populace are currently insured, not to mention that more and
more Small and Medium Enterprises (SMEs) are now seeking out insurance
solutions. This is a clear indicator of room for growth in the industry. It
will also be ideal for insurance to partner with Telcos to improve on the lives
of customers.
“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 and 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”; the Stanbic IBTC Insurance Chief Executive added.
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