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Mutual Benefits harps on devt of retail insurance business

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Managing Director and Chief Executive Officer of Mutual Benefits Assurance Plc Mr  Femi Asenuga has reiterated the determination of Mutual Benefits Assurance to continue on the path of product innovation and personalized services as part of strategies geared towards achieving  deeper market penetration

Mr Asenuga said that the resolve of Mutual Benefits Assurance  to concentrate efforts on developing the retail market through personal line insurance products  from the inception of the company has proved to be a very rewarding adventure against the backdrop of the expertise which the company has acquired over the years.

Speaking at a training programme organized  by Mutual Benefits Assurance Plc for financial journalists, Mr Asenuga revealed that it was a conscious decision of the founding directors of the company to concentrate efforts and resources on the retail end of the market as a strategy to entrenching insurance culture in the populace. He expressed satisfaction at what Mutual Benefits Has accomplished in the insurance industry where the company has emerged as one of the strongest brands as it commands large followership among the patrons of insurance services and products in Nigeria.

“Mutual Benefits Assurance Plc has been in the forefront of efforts at deepening the market. Mutual Benefits started as a big player in retail business. The company conducted research which revealed the need to serve the underserved hence the multiplicity of retail products by the company. Our former staffs who have joined other companies are the ones now  helping them to develop the retail market. I challenge the industry to continue to invest in research and sharing of knowledge”, he said.

The one day training programme which participants were largely drawn from the members of insurance and pension correspondents held at the Mutual Benefits Assurance Plc Training School located  at its head office on Ikorodu Road , Lagos.

In her keynote address to the participants on the role of insurance in economic development, a director of Mutual Benefits Assurance Ms Kadaria Ahmed noted the key roles of insurance as mobilizer of investible funds which comes along the line of the industry’s traditional roles of providing safety and security, financial and economic stability as well as acting as agent of development along the lines of infrastructure and project financing.

“Insurance has a strong impact on the economic development of any nation. It contributes greatly to the Gross Domestic Product (GDP). Insurance should be encouraged through the continuous sensitization of the people”, she emphasized.

Ms Ahmed who is the Chief Executive Officer of Radio Now challenged the federal government to continue to put in place policies and programmes capable of aiding the growth and development of the insurance sector in view of the strategic roles expected of the industry.

According to her, the institutionalizing of wrong polices and programmes can hamper the development of the sector. She however urged insurance practitioners in the country to intensify their lobby and interactions with government as to be able to influence decisions in the interest of the industry.

Facilitators at the training programme which include Joseph Oladokun, Gabriel  Gbadebor, Biyi Ashiru-Mobolaji and Ellen Offo grilled participants on the principles and practice of insurance with particular emphasis on the operational terms and factors which influence decisions of insurance companies in the acceptance of business, their pricing and claims payment processing and payments. There was a consensus on the need for both the insurance companies and their clients to observe such fundamental principles of insurance as the application of utmost good faith which allows for full disclosure.


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