FBNInsurance targets 5,000 agents to boost retail business

By Chisom Nwatu

FBNInsurance Limited is planning to deploy 5,000 insurance agents to drive its retail business and enhance profitability, according to Tunde Mimiko, the company’s managing director/CEO.

Mimiko, who disclosed this during a recent press conference in Lagos, said the firm currently has over 3,000 insurance agents driving its business at the grassroots.

“We intend to redefine insurance business, especially through retail; we are planning to grow our insurance agents to 5,000 before year end,” the newly appointed MD/CEO said.

FBNInsurance is a Limited Liability Company licensed  to transact Life Insurance businesses. The company is a member of the Sanlam Group, a leading diversified, pan-African financial services group.

According to Mimiko, having more agents to sell insurance products and services across the country would enhance insurance penetration and awareness, noting that the company would equally use technology to capture the millennia onto the insurance platform.

He further disclosed that the firm currently has about 400,000 policyholders, while noting that FBNInsurance would grow this number to one million within the next one year.

“This is not about promises; we have the personnel to achieve this. We are going to use the agency system to penetrate the nooks and crannies of the country while we will rely heavily on technology to capture the millennia,” he said.

“We want to grow the personal line through the agency platform. Currently, we have over 3,000 agents but we are on expansion drive to take it to 5,000 by year end,” Mimiko added.

Speaking on the low insurance penetration in the country, he said FBNInsurance would be instrumental in increasing penetration, taking insurance to the grassroots.

“We want to improve our customers’ experience by improving a lot in technology. We want to be the number one insurance company,” the CEO stated.