'Nigerians ll soon embrace life insurance like telecommunications'

Chuks Udo Okonta

With the efforts being put in place by underwriters, the public will soon embrace life insurance products like the telecommunications which was years back patronised by few Nigerians, Inspen can reveal.

Managing Director Crystalife Assurance Plc, Mrs Seyi Ifaturoti, who confirmed this said: "It is my belief that life insurance would be appreciated just as the telecommunications, which many people in the past did not believe would be embraced by the number we have today."

She noted that the company now has a basket of products ranging from education, health, pilgrimage policy, mortgage policies, credit life and more. All designed to improve lives.

"We believe that addressing the needs of people would enable us to draw them to embrace our business. We have been trying to talk to people, engage in pool marketing which we believe that sooner than later, we should be able to attain the desired level of penetration. It is our key objective to deepen the penetration of individual life business. We have given ourselves targets on how to achieve our set objectives."

She said the operators would continue to educate the public on the need for insurance, for as soon as people begin to embrace it, it would have multiplying effects.

Ifaturoti said the market opportunity for insurance in Nigeria has grown rapidly, requiring businesses to rethink product design, pricing, and distribution strategies to effectively reach the increasing pool of potential customers.

On the the recent investment into the company by LeapFrog, a leading emerging markets fund investor, she said, the firm's extensive experience in building insurers in emerging markets will help CrystaLife seize the moment and stimulates significant growth in both value and reach.