FBNInsurance enter into a Strategic Collaboration

On November 1st, 2017, the parties launched ‘Servier Insurance’, a loyalty product which will provide Life and Health insurance cover to all Servier customers in Nigeria. While customers purchase medication, they will now be required to register the drugs to activate the insurance cover for free.

Speaking on the occasion, Ayoola Dominic, Director of Operations, Middle East and Africa (MEA) Division – Servier International, stated: “Servier is on an aggressive growth trajectory in Nigeria, and we feel this is the right time for us to collaborate with MicroEnsure to provide high quality medical services to low-income earners in the country. We approached MicroEnsure because we believe that the organization is in a good position to help us achieve this objective. Servier and MicroEnsure share a common objective of understanding needs of unserved low and middle income segment of society. We are excited about this partnership and look forward to a fruitful partnership with MicroEnsure.”

The parties have proven ability to bring new products to the market, tailored to meet the needs of mass-market consumers at the best prices available. FBN Insurance indicated that they are confident that the partnership with Servier and MicroEnsure will be a successful one.

Adeola Akinyode, Account Executive – MicroEnsure West Africa Limited commented that “MicroEnsure is honored to partner with Servier as they continue their expansion drive, and appreciate the partnership as another step towards the goal of enhancing financial inclusion in Nigeria”.

Servier Nigeria Pharmaceuticals is the No. 1 independent French pharmaceutical company and the 2nd largest French Pharma Company in the world with over 21,200 employees with 3,000 in Research and Development, preparing the drugs of the future.

In 2015, 27% of Servier’s turnover (4.0 billion euros) was invested in Research and Development. Servier is present in 148 countries over 5 continents with 92% of Servier’s medicines being prescribed outside France.

MicroEnsure West Africa Limited is a wholly owned subsidiary of MicroEnsure Holdings, UK, the world’s first and largest organization whose exclusive focus is to address the mass market’s need to mitigate risk. MicroEnsure currently serves over 60 million customers across a number of emerging markets in Africa and Asia, 80% of whom have never before been insured. MicroEnsure performs a number of roles which can vary from country-to-country according to the needs of partners but not limited to product design, distribu- tion under innovative process and an efficient back-office function for small ticket insurance products.

FBNInsurance Limited, Nigeria is a subsidiary of FBN Holdings Plc., and a limited liability company licensed to underwrite life and non-life insurance, and provide financial services to corporate and retail customers in Nigeria.