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African Alliance targets premium growth via strategic expansion

Foremost underwriting firm, African Alliance Insurance Plc, is aiming to boost its premium through strategic expansion across market-friendly locations.

 

The projection, which is to grow the premium by over 50 per cent by year end, has seen the management taking the initial step of opening a branch in Abeokuta, Ogun State.

 

Disclosing this to members of the Nigerian Council of Registered Insurance Brokers (NCRIB), Abuja Council Area, at its Members’ Evening held in Abuja, the Managing Director and Chief Executive Officer, Mrs. Joyce Ojemudia, said the firm had grown its market share by 23 per cent year-onyear.

 

The growth is higher than the industry average of 18 per cent. On the company’s unaudited report for the second quarter of 2021, she said the firm’s Gross Premium Income rose by 66 per cent yoy from N1.8 billion to N3.05 billion, adding that it had paid 29 per cent more claims yoy from N2.43 billion to N3.12 billion.

 

She described the performance as “an obvious testament to our on-going commitment to paying genuine claims as due.”

 

She said all efforts were backed by a robust reinsurance treaty with top reinsurers in the business which she said has helped “us spread our risks and also aided our capacity to take in more risks at any point in time.”

 

On market expansion, she told the brokers that the firm has recently opened a branch office in Abeokuta, noting    one of the firm’s strategic goals for 2021 is to grow our premium income via deliberate market expansion and identifying regions that have good prospects for life insurance.

 

She said: “This Abeokuta branch -and the others soon to be opened- brings us closer to realising those goals.

This further demonstrates our growing retail strength and I must quickly say this would be the first new branch the company will open in recent years. Over the next few weeks, we are opening another in Akure, Ilorin and another in the South East as soon as we conclude our feasibility. studies.”

 

She also briefed the brokers on the other developments in the company including the strides so far recorded in the past one year, and the company’s plans going forward.

 

According to her, “as a life insurer of repute with a continuous quest for customer satisfaction, we are currently working on an array of products as demanded by the market. First, our Esusu plus is being revamped in response to our customers’ yearnings.

 

“Then we have concluded work on our innovative Term Assurance plan, a product sure to excite the market for its short term focus and value addition. These products are outcomes of a customer survey and therefore address their needs whilst ensuring viable benefits for all and sundry.

 

“It is clear the direction every forward-thinking organisation must go: increased digital footprint. We are easily one of the most active insurers across the major social media platforms including Facebook, Instagram, LinkedIn and, until recently, Twitter.

 

“In addition, we have set up a self-service policy takeup platform specifically for brokers as it concerns our Term Assurance product. Call it a do-it-yourself portal, the portal is customised for all brokers to buy end-toend without the need for any intervention from us, the insurer.

 

This is one of the ways we are embedding technology in the way we work just so we can achieve more quickly and do more faster.”

 

On capacity development she pointed out that for four generations of staff, African Alliance had led in producing first-class human capital across departments and business lines.

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