FBNInsurance Limited says it plans to deploy 5,000 insurance agents to drive its retail business and enhance profitability.
The newly appointed Managing Director/Chief Executive Officer, Tunde Mimiko, said this during a recent press conference in Lagos.
He said the firm currently had over 3,000 insurance agents driving its business at the grassroots.
“We intend to redefine insurance business, especially, through retail; we are planning to grow our insurance agents to 5,000 before the end of the year,” he said.
He said having more agents, who would be selling insurance products and services across the country, would enhance insurance penetration and awareness, noting that the company would equally use technology to capture the millennials onto the insurance platform.
While disclosing that the firm currently had about 400,000 policyholders, he said FBNInsurance would grow this number to one million within the next one year.
He said, “This is not about promises; we have the personnel to achieve this. We are going to use the agency system to penetrate the nooks and crannies of the country while we will rely heavily on technology to capture the millennials.”
“We want to grow the personal line through the agency platform. Currently, we have over 3,000 agents but we are on expansion drive to take it to 5,000 by year end.”
With low insurance penetration in the country, Mimiko said, FBNIsurance would be instrumental in increasing penetration, taking insurance to the grassroots.
“We want to improve our customers’ experience by improving a lot in technology. We want to be the number one insurance company.”