Mutual Benefits Assurance Plc has established a South-West Region Franchise Operation in Ibadan, Oyo State to boost insurance adoption and market penetration.
The Managing Director, Femi Asenuga, said it is part of the efforts to develop the insurance business and create value. According to Asenuga, the gesture is to drive marketing of its products and create ambassadors in the region.
He stressed that in developed economies insurance firms owned banks but regretted that this was not the situation in Nigeria.
The Group Managing Director, Odua Group, Adewale Raji, who also spoke on operation unveiling advised stakeholders to be committed and show integrity in doing business.
“The Odua investment is owned by the six South-West governments and it is in interest when economic, businesses and investment spreads across the South-West states. This is an opportunity for us to strengthen insurance penetration within the South-West states. This is why Odua investment is interested in a venture like this because it is helping the economic development of the South-West.
“Beneficiaries are privileged to be associated with a credible brand and it is important they equip themselves with the right knowledge and competencies to relate with the public.
In doing so, they should brush on a value coming from this brand for them to increase their economic ethics and deepen their knowledge about insurance,” he said.