Bankers, financial leaders join insurance business

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The Chairman, Mutual Benefits Assurance Plc, Dr. Akin Ogunbiyi, has said that many bankers and leaders in the financial sector are joining the insurance industry.

Ogunbiyi said this while speaking in Lagos, on the theme, ‘Sustaining growth through diversification of the Nigerian economy; has the Nigerian insurance industry been able to make contributions to this effort?’

He said, “Whether the Nigerian insurance industry can complete the financial loop. Well, the result of that short lecture today is that most retired and even practising leaders of Nigerian banking industry have found their way, one way or the other, to the insurance industry.”

The Mutual Benefits boss also said the firm unveiled befitting franchise offices to support retired military personnel as well as experienced bankers, businessmen and other professionals.

According to him, genuine efforts to turn around the economic fortunes in a sustainable manner must factor in the promotion and support of the Nigerian insurance industry in order to utilise its investment funds.

He said, “Insurance is the cheapest, most valuable and scientific way of indemnifying risks at the individual as well as corporate levels.”

He noted that every individual and organisation had something to insure, stating that the industry had been striving over the years to create an opportunity for everyone or productive unit, regardless of income or asset status, to utilise the benefits of insurance.

“Our vision, which has been propelled by innovation, has been to get Nigerians to hook-up to different tailor-made insurance,” he said.

Ogunbiyi mentioned some of the roles that Mutual Benefits has played in the economy, which made it to receive the global recognition as Africa’s innovative company of the year, in Tunis, Tunisia, two years ago, based on its efforts in making insurance policies relevant to everyday living.

He said that Mutual Benefits developed 50 new products alongside demographic, trade groups and risks peculiar to each segment; opened 200 business outlets across Nigeria; employed over 2,000 graduates to manage and operate its transportation business in Lagos State (and a few other states) in order to create value and empower fellow citizens; Supplied over 400 members of the Airport Car Hire Association of Nigeria with Toyota Camry cars and created a scheme for Abattoir Workers Union.


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