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| Ifaturoti |
Chuks Udo
Okonta
Insurance
operators have been urged to turn the over 170 million population of the nation
into great business opportunities to enable their businesses grow.
The former
Managing Director CrystaLife Assurance Plc now ARM Life Plc, Mrs Seyi Ifaturoti, disclosed this at a forum organised by the Chartered
Insurance Institute of Nigeria (CIIN) in Lagos. She noted that Nigerian
Insurance operators have no business complaining of low premium if efforts are
made in taking advantage of the nation’s huge population.
She called on operators to be creative and begin
to do things in a new way, adding that the industry has the potentials to
generate over N1 trillion if available opportunities are harnessed.
Ifaturoti, had once predicted that Nigerians will soon embrace life
insurance products like the telecommunications if things are done properly.
She 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."
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.
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