NAICOM strategises to deepen market penetration

THE National Insurance Commission (NAICOM) has expressed readiness to encourage partnership and alliances in the insurance industry to deepen insurance penetration in all sectors of the economy.

The Commissioner for Insurance, represented by Deputy Director, Corporate Strategy, Oniwinde Babajide, at the launching of the partnership between Mutual Benefits Assurance Plc and Truckmaster-Hyundai N2 billion easy lease auto finance facility in Lagos, said the commission will not hesitate to approve genuine partnership and alliances in all sectors of the economy that will help to deepen insurance penetration.

He congratulated the management of Mutual Benefits for being at the forefront of taking advantage of the Market Development Initiatives (MDRI) initiated by the commission to drive penetration in the country. He assured policyholders that insurance companies operating in the country are strong and credible to meet genuine obligations to customers.

The Managing Director, Mutual Benefits (General), Segun Omosehin, in his remarks said that it was another exciting moment for the company in the continuous drive of MDRI initiatives to deepen penetration in all sectors of the economy.

According to him “Today we are launching our partnership with Truckmasters-Hyundai in a N2 billion auto lease finance facility where the company has taken the lead in alignment with NAICOM initiatives which has enabled us to go into partnership in different sectors of the economy to deepen penetration in the country.

A management staff of Truckmasters-Hyundai, Tony Arenyeka, in his remarks at the launching said “Nigerian consumers can now acquire their cars in 48 hours through the easy lease vehicle financing facility put together through a partnership between our company and Mutual Benefits Assurance on the full range of Hyundai and Nissan vehicles.

According to him, “Truckmasters and Mutual Benefits strongly believe jointly in the ability of this well thought out programme to improve the wellbeing of Nigerians though a convenient acquisition of new vehicles.”