Allianz Nigeria is laying the fort to lift the spirit in new and emerging businesses in Nigeria which it believes holds the ace for accelerating the insurance business space and in a more sustained strategy, fuel the engine for penetration.
The company said its coming into this dimension on the strength of its brand, reputation and capacity. Rallying the position of the company to place the new spirit in the market is the trio of managing director/chief executive director, Adeolu Adewumi-Zer; chief underwriting officer, Samuel Ohonusi and Kanma Ekpe. marketing, reputation & transformation, today at Welcome Centre, International Airport Road, Lagos, where National Association of Insurance and Pension Correspondents held its annual general meeting.
The company said all plans are set for the long haul stay in Nigeria, while some of these plans are already streaming with results, other plans are awaiting regulatory approval and others are in the works. The emerging new business grounds are trade insurance for manufacturers ease of credit, cyber insurance. These are areas that are largely clear of insurance service.
Allianz Nigeria said it has been positioned to retain big ticket businesses that are currently ceded to foreign insurance market. The company’s management team said its edge include up to date N18bn capital and expertise, these accomplishments they stated, sets it apart.
Maintaining that its focus in Nigeria is to be the top insurer in the market, the Allianz team said they are committed to bring a large proportion of the nation’s population into the middle class which is the engine of economic growth and development and the main hub for insurance services.
While the company will flow with the tide on the generic products where the rest of the market players draw their premium income, Allianz said it has gone further into retail products which it regards as the future of the market; but they also admit its not going to be easy to break into the market but are confident its possible drawing from the experience of other markets especially Kenya where it has recorded commendable success. Another impetus for success in Nigeria they assert, is the pool of available collaboration that could be switched on.