Mutual Benefits pledges better customer service in 2017

The Management of Mutual Benefits Assurance Plc has promised its customers of effective and efficient service delivery next year.

Speaking at the December 2016 Nigerian Council of Registered Insurance Brokers (NCRIB) members’ evening, in Lagos, the Managing Director/CEO, Mutual Benefits Assurance Plc, Segun Omosehin, said effective customer service delivery is one of the company’s four key areas of focus in 2017 and beyond.

According to him, the other plans of the company include: deepening market penetration and customer acquisition; transforming people and culture; and driving operational effectiveness.

He said: “A few months back we engaged KPMG to channel a new focus for our organisation in the next five years, which is aimed at repositioning the company for future opportunities and challenges in the industry.”

Speaking further, he added that Mutual Benefits has authorised share capital of N5 billion, paid up share capital of N4 billion, total asset base in excess of N46 billion, and shareholders’ funds of over N7 billion.

“Consistently, Mutual has remained one of the few value adding underwriters in the insurance industry in Nigeria, and within the West African Sub-region with full-fledged subsidiaries in Liberia and Niger Republic.

“Over the years, we have continually demonstrated our commitment to honouring our obligations by consistently improving our claims administration processes and procedures. As at 31st November, 2016, we paid claims in excess of N1.5 billion (Non-life); about N1 billion for life (death claims); in addition to about N10.6 billion paid out as maturities/surrender under investment/deposit administration portfolio by our life company,” Omosehin said.

He noted that the firm is resolute in its determination to take insurance to the grassroots. “This, we have continually demonstrated by broadening our agency network. We shall be ready to partner with any broker that has interest in the area of grassroots development of insurance.

Also, the President of NCRIB, which regulates all practising Insurance Brokers in Nigeria, Kayode Okunoren, said insurance brokers need to be creative and adhere to high ethical practice to stay afloat amid economic recession.

According to him, brokers must continually seek for ways to add value to their clients and covenant their services.

He said insurance generally tend to suffer in this clime during economic downturn, as many individuals and even corporate institutions still ignorantly hold the views that insurance should be consigned to the rung of necessities list, which is ill-informed.

He, however, added that insurance should be a major consideration at this time, given the difficulty or reduction of replacement capability in the event of a loss. I think we should all as professionals know this fact and take it as a marketing campaign to reaffirm the belief of clients in insurance at this time.