The gains of Insurance Agency System by Anchor Insurance Plc

Anchor Insurance Plc said its agents have contributed about 40 per cent to its gross premium income in 2015.

Managing Director/CEO of the Company, Mayowa  Adeduro, disclosed this during the company’s New Year party  organised to appreciate agents and staff that have contributed immensely to the growth of the company in 2015.

He said 40 per cent contribution to the company’s bottom line in terms of profitability was made possible by agents attached to the company.

Adeduro said retail business in Nigeria has big potential for growth in Nigeria due to huge population of the country.

He added the advent of telecommunication companies has boosted distribution of insurance among Nigerians at the gross root noting that there is hope for future growth of the industry through this way.

“If just a single telecommunication company has over hundred million Nigerians in its 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 reinsurance is no business. We are thinking of a business you will do in Nigeria and retain in Nigeria and contribute to our bottom line”, he said.

On how the company has been able to sustain its agents, the Anchor Insurance boss, said the company has been able to build partnership with the agents by letting them see the company as their own company, noting that the company has sustained a long-time relationship that goes beyond being an agent but partners in the business of retailing insurance.

On agency network, he 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 that the company only relates with principal agents.

He expressed optimism that if the retail business is taken seriously by insurance industry, the industry would be able to create jobs for Nigerians by empowering the youths through product innovations. These products, according to him, will help to alleviate the sufferings of the people in the grassroot and create jobs for unemployed Nigerians.


Source: Thisday