Nigeria’s insurance market boasts huge potential, but it is difficult to unlock because of the lack of trust between customers and insurance providers. FBNInsurance believes technology is about to change this. With a young population and a rapidly growing middle class, Africa presents huge opportunities to insurers. But so far, this potential has been relatively untapped. In 2016, the whole continent of Africa represented only 1.5 percent of the global insurance market. The insurance penetration rate is particularly low in Nigeria. There are a number of reasons for this, but perhaps one of the most significant is a lack of trust in insurance providers. Many people in Nigeria still struggle to believe that their claims will be paid quickly, fairly and accurately. FBNInsurance believes the way to warm Nigerians to the concept of insurance is to build trust and enhance transparency through digital innovation. World Finance...Read more

       

In view of the outbreak of the COVID-19 outbreak globally, most companies are adapting to the new norms of working and seeking alternative ways of reaching their customers. FBNInsurance Limited, a foremost insurance company in Nigeria and a member of the Sanlam Group, has adequately provisioned for this new norm by upgrading its digital capabilities and platforms to adequately serve its customers, especially its payment channels.   Various payment channels have been introduced to its esteemed customers to ensure premium payments are made with ease and on time so that customers continue to enjoy the benefits of the various insurance policies held.   In a briefing with pressmen, Val Ojumah, Managing Director and CEO of FBNInsurance outlined some of the payment channels available to customers: FBNInsurance Customer and Financial Advisor (FA) Apps, E-Insurance on their website, POS at their Aba, Onitsha, Warri and Ikeja Retail...Read more

FBNInsurance together with its subsidiary, FBN General Insurance and its new owners, the Sanlam Group, hosted its Brokers in a virtual Brokers Forum recently, pledging to provide excellent services to its teeming clients. The Forum was aimed at welcoming the Brokers to the Sanlam family while providing an overview of the Groups operations and reassuring the Brokers of a seamless transition with the new ownership. The Forum was well attended by over 30 top ranking Brokers of FBNInsurance and FBN General Insurance as well as the Executive members of both businesses and the Sanlam Group. Speaking at the Forum, the Chief Executive Officer of the Sanlam Emerging Markets (SEM), Mr. Heinie Werth, stated that the core strategy of the Sanlam Group is to be one of the leading pan-african financial service providers. “With a business presence in 33 countries in Africa, we want to be the preferred service provider across the continent when it comes to pr...Read more

2019 Sanlam Awards for Excellence in Financial Journalism: 2 Nigerian Journalists emerge 1st and 2nd runner ups   Sanlam Group, owners of FBNInsurance Limited recently held its 2019 Sanlam Awards for Excellence in Financial Journalism at a socially distanced gala event in South Africa recently.   Two Nigerian Journalists from BusinessDay newspapers: Caleb Ojewale and Isaac Anyaogo emerged the 1st and 2nd runner ups respectively. Omar Mohammed of Reuters News, Kenya also emerged as 2ndrunner up with Isaac.   Amid stiff competition, Claire Bisseker was named the Sanlam Financial Journalist of the Year 2019 for her outstanding analysis of South Africa’s complex economy. Bisseker who also won the Economy category award, is a regular contender in the competition. She has won the financial journalist of the year award in 2013 and as a joint winner in 2014.   The Sanlam Financi...Read more

At FBNInsurance, prompt settlement of customer’s claims is key to the success of their business; this has also continually boost customers’ confidence and trust in the company. The 2018 Most Profitable Life Insurance Company in Nigeria, FBNInsurance Limited, paid the sum of N9.92bn claims in 2019 as against N4.31bn in 2018. According to the Managing Director/Chief Executive Officer of FBNInsurance, Mr. Val Ojumah, “As a responsive and reliable insurer that keeps its promises, we promptly paid claims to our clients to the tune of N9.92bn which is a 130% increase from N4.31bn paid in 2018. Our strategy remains providing financial security for our esteemed customers and as always, we will not fail to exceed our customers’ and stakeholders’ expectations.” Commenting on the company’s commitment to customers’ satisfaction at the 5th Customer Forum organised by the insurer in Uyo, a customer who...Read more

Nigeria’s insurance market boasts huge potential, but it is difficult to unlock because of the lack of trust between customers and insurance providers. FBNInsurance believes technology is about to change this. With a young population and a rapidly growing middle class, Africa presents huge opportunities to insurers. But so far, this potential has been relatively untapped. In 2016, the whole continent of Africa represented only 1.5 percent of the global insurance market. The insurance penetration rate is particularly low in Nigeria. There are a number of reasons for this, but perhaps one of the most significant is a lack of trust in insurance providers. Many people in Nigeria still struggle to believe that their claims will be paid quickly, fairly and accurately. FBNInsurance believes the way to warm Nigerians to the concept of insurance is to build trust and enhance transparency through digital innovation. World Finance...Read more

FBNInsurance Limited has displayed resilience in its business strategy despite the negative impact of the coronavirus pandemic on the Nigerian economy. The company recently paid the sum of N4.4 billion in claims to its customers in the first half of the year 2020. This represents a 26.7% increase year-on-year when compared to N3.4 billion paid during the same period in 2019. While briefing news men at the company’s Lagos head office, the Managing Director/Chief Executive Officer of FBNInsurance, Mr. Val Ojumah disclosed that prompt settlement of customers claims is one of the underpinning business successes of the insurer as it strives to continually boost customers’ confidence and trust during the 10 years of the company’s existence. According to Mr. Ojumah, “As a responsive and reliable insurer, we have -during this turbulent time- kept our promise to our customers by paying claims promptly. Our focus remains to provide fi...Read more