An underwriting firm in the insurance sector, Universal Insurance Plc, has revealed plans to embark on nationwide industry expansion to increase penetration in the country.
Speaking at the yearly general meeting of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos, the Managing Director of the insurer, Dr. Ben Ujoatuonu said the organisation is carrying out an expansion programme with approval received from the National Insurance Commission (NAICOM), to insure products to the doorsteps of the masses by opening three new branch offices in Lagos and Kano States.
Ujoatuonu said, while the branch offices are now in operation, the company has also moved to identify other areas in the country to set up more branches to maintain a strategic presence as part of its growth strategy.
Ujoatuonu further disclosed that the company has established its presence in the Southeast and South-south region of the country while focusing on penetrating the northern zone with its presence in Abuja and Kano.
Also speaking on the terms of product development in the industry, Ujoatuonu recalled that since he took over the reins of the company as the Managing Director, his management team has been able to come up with new robust retail lines of business and products.
He said the company would this month flag off the Universal Insurance Network Marketing model it has designed to sell products starting with personal accident insurance, which comes with an incentive for people who introduce others to the network. He said the company is also launching a mobile application, which is already on the Google Play Store, through which people can access its products.
Also speaking, the Deputy General Manager, Business Development of the firm, Tunji Oyebayo, said that the underwriter is collaborating with the Enugu Chamber of Commerce, Industry, Mines, and Agriculture (ECCIMA), to penetrate all the industries within the southeast.
