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By Chiamaka Ajeamo
As part of efforts to boost insurance adoption level and offer more innovative products to Nigerians, Stanbic IBTC Holdings Plc, a member of Standard Bank Group, has unveiled an insurance subsidiary; Stanbic IBTC Insurance.
The addition of the insurance subsidiary followed regulatory approvals and the issuance of a license from the National Insurance Commission (NAICOM) which granted the new entity the right to commence business operations.
Speaking at the launch of the new business, the Chief Executive, Stanbic IBTC Insurance, Akinjide Orimolade, said the new business will continue in the vision and tradition of the Group through the provision of innovative and customer-friendly insurance products.
Orimolade said; “Stanbic IBTC Insurance has developed a variety of simple life insurance products that will address the unique insurance needs of its customers. It will also facilitate long-term insurance for individuals by offering them innovative and seamless insurance solutions that can be accessed electronically with ease. This means that consumers will be able to purchase insurance products, make timely claims submissions quickly and efficiently from wherever they are.”
While commending the government and industry regulator – NAICOM, on the achievements made in the industry, Orimolade highlighted some improvements that would aid industry growth and enhance customer experience.
“At the top of the list would be for the NAICOM to continue to collaborate with service providers to encourage the use of technology in delivering seamless insurance solutions to everyone.”
Commenting on the low level of insurance penetration in the Nigerian market, he emphasised that there are bountiful opportunities to grow the Nigerian insurance market since less than 10 per cent of the Nigerian populace are currently insured, not forgetting that several Small and Medium Enterprises (SMEs) are now seeking out insurance solutions.
Orimolade, noted that this presents room for growth in the industry adding that it will also be ideal for insurance to partner with telcos to improve the lives of customers.
“The industry will develop as there will be an increasing need for business owners to prioritise insurance to protect their properties and lives. Hence, there is need to innovate and evolve to meet the changing needs of the insurance ecosystem and this is where Stanbic IBTC Insurance comes in. The birth of Stanbic IBTC Insurance can be described as meeting a pressing need at the right time. The journey of a thousand miles, they say, begins with a single step and for us, several giant strides have been made. We are positive that this venture will bring smiles to the faces of our customers”, the Stanbic IBTC Insurance boss added.
