ARM Life opens shop to tap Nigeria’s huge insurance potential

By: Modestus Anaesoronye

With the successful acquisition of 52.2 percent equity stake in CrystaLife Assurance Plc by Asset & Resources Management Company Ltd (ARM) and the company having recently obtained the approval of the National Insurance Commission (NAICOM), ARM Life is set to tap from the nation’s huge insurance potential.

With the new name, ARM Life and new state of the art corporate head office in the heart of Victoria Island, the company is armed with high quality human capital and huge wealth of experience to deliver excellent and superior insurance services in the country.

The inclusion of a life insurance business in ARM’s stable further strengthens the Group’s ability to meet financial requirements and needs of its market through the provision of sound financial planning advice and services; and risk management through its life insurance subsidiary, ARM Life, the Company said.

Since its acquisition in 2012, ARM Life has been going through restructuring and is now poised to deliver innovative products and services tailored to the needs of individuals as well as corporations, Owolabi Salami, the company’s chief operating officer said. "The management team has been strengthened to include individuals with management and insurance experiences". Its partnership with Leapfrog Financial Inclusion Fund, a private equity investor with extensive experience in life assurance across Africa increases the depth of the company and its ability to support its vision "to be the leading provider of protection and wealth creation solutions in Nigeria, he stated.

Speaking at a parley with insurance brokers held at the Company’s head office in Lagos, Salami promised open door policy and strong partnership with brokers as necessary to develop the insurance sector and offer insurance consumers qualitative service. "We need this collaboration and assurance of exceptional service delivery to the insured community, and that is the only way we can all grow the market that we can be proud of," Salami told the gathering.

"ARM Life’s focus on living benefits will provide a stronger value proposition that promotes individual financial security throughout a person’s life." Tegu Ogunjimi, managing director of the Company in his presentation stated that ARM bought significant shareholding in CrystaLife with a view to combining its success in asset management with a successful life business and consequently delivering better quality of financial and risk management offering to clients.

"As part of a strong Group such as ARM, we will leverage on the resources and the strength of the Group to deliver quality service to you, our clients," he said.

"Over the last eight months and in the effort to continue to meet and exceed your expectations, we have reviewed our operations, enhanced our product offering and strengthened our management team. Simply put, we have focused on building an exceptional service delivery platform to serve you better."

BusinessDay