L-R: Joseph Oladokun, General Manager/Head Technical Department; Abisola Fadairo, Snr Manager; Biyi Ashiru-Mobolaji, Executive Director Operations; Managing Director/CEO Mutual Benefits Assurance Plc, Femi Asenuga, Ellen Offor, Head Corporate Communication and Gabriel Gbadebo, Assistant General Manager, at the event.

By Ngozi Onyeakusi —The Managing Director/Chief Executive Officer of Mutual Benefits Assurance, Femi Asenuga has described the firm as a preferred destination when it comes to retail insurance business in the Nigerian Insurance market.

Asenuga made the disclosure at a one-day training workshop with the theme “Winning With Retail Products,” organised by the company for members of the National Association of Insurance and Pension Correspondents (NAIPCO) in Lagos.

Cross section of members of NAIPCO and management team of Mutual benefits Assurance Plc at the event.

He noted that  the secret of  Mutual Benefit’s success and dominance in the retail segment of the nation’s insurance market lied in its strong and large marketing team .

‘’No doubt and you can see this with the kind of marketing team Mutual Benefits pride itself with. Today we have the largest retail marketing team.’’
Today Mutual Benefits is a  preferred destination when you are looking for capable hands in retail insurance development and today our people are everywhere in the market being in charge of retail outlets of various insurance companies”, he acclaimed.

He regretted insurance apathy in the country even with the huge population adding that Mutual Benefits identified major challenges in the industry and started designing retail products needed in the market in order to boost penetration.

“At the time Mutual Benefits started, we reckoned with the major challenge the insurance industry was having at that time, and that was identifying retail insurance penetration as strategy for differentiating ourselves from other players in the market.

‘’This was made possible because we had to do a widespread of research, looking at what was absent in the market at that time, and our focus was mainly on served and the unserved segment of the market, and this led us into coming up with a whole lots of products – interesting, relevance and the rightful products aims at meeting the needs of the unserved segment of the market

Mutual Benefits was the first insurance company in the market that introduced a product that was selling at a very low price of N50 and the product was called ‘Green Shield”, he stated.