Exactly one year after establishment of its franchise manager scheme with the focus of expanding accessibility of insurance across the population, Mutual Benefits Assurance plc says the strategy has succeeded in increasing its penetration as well as increase consumer value.
According to Mutual Benefits, 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.
Demola Fagbayi, general manager, Mutual Retail who made the disclosure during an event to mark the one year establishment of the franchise unit, said 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 opportunity to the teeming population of unemployed youths and matured citizens, designed and developed alternative distribution channels and leveraged on the National Insurance Commission’s (NAICOM’s) Market Development and Restructuring Initiatives (MDR).”
Fagbayi observed that with over 40 outlets and 700 retail marketers nationwide, Mutual has taken insurance business crusade to the grassroots hereby creating , massive employment opportunities and financially empowered several thousands of our 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 employ 250, 000 franchises and retail marketers by year 2020.
Inaugurated a year ago, the Company has 316 franchisees and employed 250,000 franchise and retail marketers by the year 2020.
Shola Ajidagba, Mutual Benefits Franchise coordinator speaking on behalf of the other franchisee said it’s been a wonderful experience marketing insurance, while nothing 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.
MODESTUS ANAESORONYE
