NAICOM Commends Mutual Benefit for Insurance Penetration Drive

Ebere Nwoji

Insurance industry regulator, National Insurance Commission (NAICOM), has commended Mutual Benefits Assurance Plc, for its vigorous pursuit of insurance penetration through promotion of retail insurance business nationwide.

NAICOM said retail insurance is the only way to go in the struggle to deepen insurance penetration as he described the retail market segment as the sustainable power of insurance business.

The Commissioner for Insurance, Sunday Thomas, who gave the commendations in Lagos when he visited one of the retail outlets of the underwriting firm located at Challenge Bus Stop, Mushin, Lagos, noted that the underwriting firm has chosen the right path as retail remains the sustaining force for insurance.

“I am very excited with what I am seeing here. This is because retail business is what will sustain insurance business. It is amazing seeing what you have here,” he stated.

He noted that President Muhammadu Buhari, was desirous of pulling over 100 million Nigerians out of poverty, adding that the insurance industry would lead the way through firms like Mutual Benefits Assurance that have given many people opportunities to better their lives.

Thomas, implored employees of the firm who were all delighted to see him, to sustain their contributions to the insurance sector and by extension the economy, stressing that the people is what makes Mutual Benefits Assurance unique, and not the offices and buildings.

Managing Director, Mutual Benefits Assurance Plc, Femi Asenuga, who was excited for the visit, appreciated the Commissioner for his leadership style, which he said has brought relative peace to the industry.

He noted that with the structures being put in place by the commissioner, Mutual Benefits Assurance and other underwriters are better equipped to thrive and soar to lofty heights.

He said the company has a motivated workforce, adding that with the commitments being exhibited by the employees, the company has gained national popularity as it is well received in every parts of the country.

Asenuga, maintained that the firm would continue to sustain its leadership role in retail marketing, adding that the firm would continue to open new grounds for insurance growth in the country.

Managing Director/Chief Executive Officer! Mutual Benefits Life
Assurance Limited, Ademola Ifagbayi, said the visit of the commissioner heralds a new beginning in the company, adding that the endorsement received from the commissioner acts as a moral booster to the management and staff who are ever prepared to do more.

He assured the commissioner that the company would continue to operate in line with regulatory principles, whilst doing more to provide best insurance products and services to the citizenry.

He assured the team that they were in the right job and thanked them for carrying the image of insurance.