By Dipo Olowookere
In order to deepen its presence in the retail segment and boost its market share, African Alliance Insurance Plc has opened a new branch in Abeokuta, the Ogun State capital.
The Managing Director/Chief Executive Officer of African Alliance, Mrs Joyce Ojemudia, disclosed that the foremost life insurer opened the new branch, located at Suite 006, Providence Mall, near OOPL, Abiola Way, Abeokuta, Ogun State, in order to get closer to its target market and drive insurance penetration, which has always been a major problem in the sector in Nigeria.
She said no underwriting company can joke with the retail end of the market as it would propel the organisation to achieving its goal.
“We often say life insurance, especially in this part of the world, is not bought but sold; therefore, we cannot but ensure we remain in close contact with our target markets to drive penetration.
“Indeed, as you may know, one of our strategic goals for 2021 is to grow our premium income via deliberate market expansion and identifying regions that have good prospects for life insurance.
“This Abeokuta branch -and the others soon to be opened- brings us closer to realizing those goals. As a heritage company ourselves, we at African Alliance are proud to reestablish our roots at the famous heritage city of Abeokuta, by adding life-changing financial value to the city and environs while taking advantage of the proximity to Lagos to grow the market exponentially,” the insurance expert said.
She further added that the opening of new branches is going to help the brand’s ongoing digital adoption and further grow its market share.
“Our digital adoption is in top gear, by the time we synchronise physical branches with our ever-growing digital platforms, we would have delivered on our mandate to bring life insurance not just closer to the consumers but also expand our potential for growth,” Mrs Ojemudia, an accomplished insurance sales expert and risk manager, said.
In his comments, the Brand, Media and Communications Manager of African Alliance, Mr Bankole Banjo, noted that, “The proximity of Ogun State to Lagos usually gave a false sense of possible appropriation by Lagos sales teams.
“However, anyone who understands both terrains would easily acknowledge that is not exactly a sustainable arrangement.
“For us, therefore, we know Abeokuta is a market deserving attention and by opening this office, we have identified with our market’s yearnings for an insurer that identifies with them and can create products for them whilst being available next door for time-to-time engagement.
“We are looking forward to driving change and making a positive influence in the life insurance business and in Abeokuta.”
Widely recognized as the most experienced and strongest specialist life assurance company in Nigeria, African Alliance boasts 18 branches in the country and continues to expand. It is set to host the body of brokers in Abuja in the coming days while plans are underway to open more branches across the country.
Adedapo Adesanya