Underwriter targets 50% market access through new offerings

To increase insurance penetration in the country, African Alliance Insurance Plc has initiated an innovative self-service portal to ease seamless transactions between insurers and brokers to target 50 per cent market growth before year-end.

The firm’s Brand, Media and Communications Manager, Bankole Banjo, who spoke on behalf of the Managing Director/Chief Executive Officer, Joyce Ojemudia, disclosed this at the Members’ Evening of the Nigerian Council of Registered Insurance Brokers (NCRIB), South-South Area Committee, held in Port Harcourt.

He said: “The self-service policy platform called Do-It-Yourself portal is customised for all brokers to buy end-to-end from the comfort of their offices. This is one of the ways we are embedding technology in our business just so we can achieve seamless service delivery and customer satisfaction while speeding up the underwriting process.”

Banjo reiterated the firm’s quest to achieve a minimum of 50 per cent growth in its market share by the end of the year.

“Progress is what we are all about and as the figures show, we are making loads of progress. In the same period, we paid N3.12bn in claims, a 29 per cent increase from the N2.43b we paid in the same period last year while our gross Premium income rose from N1.8b to N3.2B, representing a 66 per cent increase year on year. These figures are the reasons we have embarked on an aggressive market expansion campaign to consolidate our all-around progress across the board,” she said.

The Chairman, NCRIB South-South Area Committee, Joseph Olaniyan, commended the management of African Alliance Insurance for the giant strides it has made, especially in the last year.