FBNIB introduces digital brokering platform to deepen insurance

As part of measures to boost insurance penetration in the country, FBN Insurance Brokers (FBNIB) has launched the First Cover, a digital brokering platform aimed at deepening insurance penetration in the country.

Speaking at the end-of-year party and launch of First Cover, the Managing Director of FBN Insurance Brokers, Olumide Ibidapo noted that despite the economic headwinds that prevailed in the country in 2023, the company had been able to not only break-even but also surpass the financial performance of the year 2022.
Despite economic challenges in 2023, the company showcased robust financial performance, surpassing the achievements of 2022 Ibidapo highlighted the dedication of the team and support from clients and stakeholders, emphasizing the company’s positive trajectory.

Speaking on the First Cover, he said the offering would revolutionise the insurance landscape in the country.

He explained that the product, which had been in the pipeline, was conceived out of the desire to make insurance easily accessible to potential policy payers.
He noted that the offering, which is accessible online, puts an array of insurance products ranging from property to car insurance in the hands of anyone from the comfort of wherever they are.

On his part, Head of Strategy at FBN Insurance Brokers, Olawale Michael, who spoke on the First cover said considering that the insurance penetration in the country is less than one percent, the company had birthed the idea for the product in 2021.

He stated that the Nigerian insurance space is brimming with untapped potential, with not more than three million Nigerians shielded by any form of insurance, adding that First Cover presents an opportunity and makes insurance accessible to all.

“Originally envisioned as a web aggregator or insurance marketplace, the idea swiftly metamorphosed into something far grander – a full-fledged digital booking platform. This digital brokering platform is a game-changer, seamlessly facilitating end-to-end digital processing of retail insurance needs. First Cover doesn’t just provide insurance; it revolutionises the entire experience, placing the power in the hands of users at their fingertips, allowing them to browse, compare, and purchase top-tier insurance solutions from the comfort of their homes, offices, or wherever life takes them.

“First Cover introduces an array of products including Auto Insurance, Health Insurance, Householders Insurance, and Travel Insurance. Our platform empowers users to effortlessly log their claims, ensuring a rapid and efficient resolution tailored to their convenience,” he said.