‘Retailing can boost insurance penetration’ | Dailytrust

‘Retailing can boost insurance penetration’

The managing director/chief executive officer of Universal Insurance Plc, Mr Ben Ujoatuonu, has said the retailing model is key to deepening insurance penetration in Nigeria.

Mr Ujoatuonu, who spoke while marking the company’s 60th anniversary, said, “We have also developed and gotten approval from the National Insurance Commission (NAICOM) for eight retail products we are rolling out to the market.

Some new ones are also with the NAICOM for approval, and some new ones are being developed.

“With some of these products we will begin to partner with our friends, brokers and agents to see how we can work with your network to drive these products to our mutual clients,” he said.

On the anniversary of the firm, he said prompt claims payment had been the most important culture that has kept the company strong.

“For the past 60 years, we have been consistent in keeping our words by creating value and meeting claims of our teeming customers. I assure you that we will continue and not rest in our plans to satisfy our numerous customers,’’ he added.

He said with an asset base of over N11 billion and a shareholders’ fund of over N8bn, the company was ready to satisfy the needs of its customers.