Mayowa Adeduro: Retail insurance is solution to unemployment

Anchor Insurance Plc has said that its agents have contributed about 23 per cent to its gross premium income in 2015. The Managing Director/CEO of the Company, Mayowa Adeduro dis-closed this during the company’s New Year/ get together party to appreciate its agents and staff that have contributed immensely to the growth of the company in 2015 held today in Lagos, that 40 per cent contribution to their bottom line in terms of profitability
were made possible by agents attached to the company.
According to him retail business is a big area of growth in Nigeria, because the insurance industry is sure of the population, adding that without retail insurance the industry cannot really reach the people at the grassroots.
He said that” if just a single telecommunication company has over hundred million Nigerians in their platform why can’t any insurance company be proud of having five million Nigeria as registered policy holders.“This is the vision we have in Anchor insurance away from oil and gas business. Yes we are still in the business of oil and gas no doubt but a situation where you do a business and 70 per cent of that business goes to foreign re-insurance is no business. We are thinking of a business you will do in Nigeria and retain in Nigeria and contribute to our bottomline,” he said.
On how they have been able to sustain the agents, he said that they have been able to build partnership with the agents letting them see the company as their own company, noting that they have sustained a long-time relationship that goes beyond being an agent but partners in the business of retail.
On agency network, the Anchor boss said that the company has agency network of over 300 spread across the country, adding that some of the agents also have sub agents who work for them but noting that the company only relates with principal agents.
He said that if the retail business is taken seriously by insurance industry, the industry should be able to create jobs for Nigerians by empowering the youths through product innovations. These products he said will help to alleviate the suffering of the people in the grassroot and thereby creating jobs for unemployed Nigerians.


Source: Daily Times