Mutual Benefit introduces 36 insurance products



As part of measures to position  itself as number  one insurance company  in the country, in terms of quality service delivery, Mutual Benefit has launched 36 new retail insurance products into the financial market.
The company, which generate over N1 billion monthly from micro insurance said it has received  approval of National Insurance Commission (NAICOM), the industry regulator to unveil  the products into the insurance market
The company said it will open 200 branch offices across the country by the end of 2016 to drive the products adding that it has employed and trained staff and marketing agents who will do just to the products.

Speaking in Lagos at  the official unveiling of the products, the Group Managing Director, Mutual Benefit, Mr Akin Ogunbiyi said  that the introduction of the products by the firm was in line with its quest to make insurance products and services available and accessible by all and sundry, aimed at bridging insurance penetration gap currently being witness in the country.
He said that  the products which cover general business, life and other premium products remained unique in the history of other insurance products ever introduced into the insurance market because of their features of identification, affordability and proximity.

Ogunbiyi noted that the products were tailored to meet the needs of the people, to be available at their door steps especially those in the remote villages, even as they were designed in an affordable manner without the products losing their value.
He noted that poverty, ignorance marginalisation among others have made insurance business the most abandoned among other services thus making its contribution to the nations GDP still at abysmally less than 0.6 per cent.
He said that Nigeria, the giant of Africa and 26th in world economy with population at the excess of 160 million need to have insurance as the propeller
of its economy just as it is obtainable in the other developed countries of the world.

Ogunbiyi further  that non accessibility of insurance products, dearth of products that have ability to meet the needs of the people, non availability of affordable products among others have over the years been bane of the business adding that such development informed Mutual Benefit resolve to come up with the products.

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