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Tag: FBNInsurance

  • FBNInsurance stimulates sales with Ember Championships

    TO motivate outstanding staff and increase performance in terms of policy uptake, sales persistency and new business, FBNInsurance has rewarded winners in her annual MD/CEO Ember Championship.

    In a statement by Elizabeth Agugoh, Head, Marketing and Corporate Communications, the MD/CEO Ember Championships was designed to push new premiums and increase persistency between September and December every year.

    She said: “We know how hard it is to get people to buy insurance, especially as the year ends. So to encourage sales and get new businesses, this competition was set up to reward the Sales Area that meets certain sales criteria during this period.

    “At the award presentation, the Benin Sales Area won the best performing Area for the period under review. The winning area was given a cash reward for its effort. Enugu and Aba Areas came second and third respectively.”

    Managing Director, FBNInsurance, Val Ojumah praised the winning area and charged them to do more so as to retain the trophy next year.

    He promised to continue to give them adequate support to ensure they meet their sales target.

    FBNInsurance operates a robust retail structure of over 2,000 retail agents operating out of 42 sales outlets nationwide.

     

  • FBNInsurance: Fastest growing firm

    FBNInsurance: Fastest growing firm

    • Pays claims promptly

    That FBNInsurance is the fastest-growing insurance company in Nigeria is not in doubt. This much has been confirmed by available indices in the industry.

    Established in September 2010 with 14 staff members, many expected it to do well. Despite of the prevalent apathy towards insurance, industry watchers felt that as a scion of the country’s hugely successful financial services powerhouse, FBNHoldings, they would benefit from the parent company’s time- tested formula for success.

    For over a century, FBNHoldings, through FirstBank, has been a major player in the financial services industry. With investments in banking, asset management, pension funds, among others, FBNHoldings bestrides the financial landscape.

    However, no sooner had it started business than the management of FBNInsurance realised that success does not come on the basis of a great heritage. Getting business was a challenge. The famed apathy of the insuring public apart, the pioneer teams at the company were entering a territory angels feared to tread.

    To endear itself to the target audience, the management of the company had to dig in really deep and carve a niche for itself. The pioneer staff members worked days on end to ensure the business survived infancy. Today, their hardwork has paid off.

    While many have praised Val Ojumah, the company’s Managing Director since inception, for his glowing leadership qualities, the man himself is quick to put the adulations at the feet of those who he believes deserves it: the Board, Management and staff. “We have been able to achieve so much in so short a period because we have been blessed with visionary and relentless Boards at various times, and a selfless members of staff since inception,” he says.

    Indeed, Ojumah has overseen a management team that has steered the ship of the young company to heights established players can only dream of.

    Within its first three years of operation, the company bought over a general insurance firm, Oasis Insurance, and rebranded it FBN General Insurance, a subsidiary of FBNInsurance, and overturned the acquired company’s loss position in the first year of operation and has subsequently maintained FBN General Insurance’s growth momentum.

    With regards to its financial performance, FBNInsurance has continued on an upward swing that impresses even the most cynical financial analysts. In 2016, the company made N9.9billion and declared a profit after tax of N2.23bilion while total assets stood at a whooping N29.5billion. In a country gradually easing out of a recession and with a low insurance penetration, the figures are a wonder.

    It is easy to see the basis of this success: a strong retail presence. With over 2,000 financial advisors combing the nooks and crannies of the country selling insurance, little wonder that an approximate 70 per cent of the company’s total income in the past year comes from the retail team. This is a solid endorsement of the trust the people have in the brand.

    Indeed, the company has not only won the peoples’ trust, it has also garnered many accolades from other stakeholders along the way. In 2013, the company won Sanlam Emerging Markets (SEM) Cup of Nations award in the Rising Star category based on high premium posted.

    According to the competition rules, “the SEM Cup of Nations is designed to motivate the staff members of the various country operations to overachieve and exceed the set targets/budgets, to deliver sustainable growth over the previous year’s results, and to foster a spirit of competition between the various businesses in the Sanlam Emerging Markets (SEM) cluster.”

    The company would repeat the feat in 2016, making it a double in three years. Also, thrice over the past four years, FBNInsurance has been awarded the best life insurance company in Nigeria by the prestigious World Finance Awards.

    But is FBNInsurance all about growing her customer base, making profits and delivering on set targets? Elizabeth Agugoh, Head of the company’s Marketing and Corporate Communications department, disagrees.

    “We are a peoples’ company committed to doing business by all ethical means while also impacting on our host communities through our corporate responsibility and sustainability exertions,” she said.

    Over the years, she revealed, the company has made significant impacts in education, health and community development. Some of these include the donation of a brand new dialysis machine to a Lagos General Hospital in 2015; providing screening and  immunisation for Breast and Cervical cancer for 750 girls and women in collaboration with a local Rotary Club; supporting Jakins NGO in providing back-to-school kits for vulnerable and disadvantaged students; providing scholarships to 250 indigent students of a rural community in Southsouth Nigeria so they could enjoy uninterrupted education; sinking of a borehole at Umuahia amongst others.

    For a company that has grown its own reputation away from its founders, it is delightful to note that FBNInsurance is not resting on its oars. With 136 permanent staff, 74 temporary officers and over 2000 retail agents across 42 sales outlets pan Nigeria on its books, the company has truly come of age. “We will continue to deepen our retail footprints until every insurable Nigerian has an FBNInsurance policy,” Ojumah added.

  • FBNInsurance gets global award

    FBNInsurance has again won the coveted World Finance Global Insurance Award as the Best Life Insurance Company in Nigeria in 2017.

    In a statement, the Head, Marketing and Corporate Communications, FBNInsurance, Elizabeth Agugoh, said the organisers  acknowledged the influence of new technology and changing global economic outlook on  insurance.

    She stated that the organisers lauded  the winners for their resilience in weathering the various challenges.

    She said: “The World Finance Global Insurance awards aim to celebrate those that have stood out as clear industry leaders over the course of 2017 by remaining agile even in the face of rapid change.

    “For us at FBNInsurance, we  attribute the win to the company’s continuous commitment to providing responsive insurance to every Nigerian. In our seven years of operation, we have been able to carve a niche for ourselves by continuously engaging the consumer through our retail drive thereby gaining trust and traction in the market. We are happy to have won this award yet again; we will not rest on our oars even as we set our sights on more successes.

    “The World Finance was established in 2007 and has celebrated achievement, innovation and brilliance in Business through their annual awards. It will be recalled that FBNInsurance won the Best Life Insurance Company in Nigeria at the 2014 and 2016 editions of the awards. The 2017 win is the third time the company will be so honoured with the global accolade.’’

    Also, in line with Corporate Responsibility and Sustainability (CSR)  initiatives, FBNInsurance and FBN General Insurance, have donated various items to two care homes – the Down Syndrome Foundation and Heritage Homes.

    The companies donated various food items, toys and beverages to Heritage Homes, while they made a cash donation to the management of Down Syndrome Foundation.

    Most of the items donated were raised through the companies’ yearly Staff Gift drive, an in-house scheme that encourages staff members of both companies to donate various items to a common cause.

    At the presentation, the Chief Human Resources Officer, FBNInsurance, Mr. Emeka Dibia, conveyed the insurers’ goodwill to both organisations. He appreciated their efforts towards making the society better.

    He charged them not to relent on the good they are doing and also restated the commitment of the FBNInsurance Group to the cause of both the orphanage and the Foundation.

     

  • FBNInsurance, Ojumah bag Sanlam awards

    FBNInsurance Limited, a member of the FBNHoldings Company, associated with Sanlam Group SA, has been adjudged the winner of the Sanlam Emerging Markets (SEM) Cup of Nations.

    In the same vein, its Managing Director/Chief Executive Officer, Val Ojumah, won the coveted Sanlam Group CEO Award.

    Marketing and Corporate Communications Manager, FBNInsurance, Elizabeth Agugoh, who made this known to reporters in Lagos, said the announcements were made at the 2017 Sanlam Group Chief Executive Award, which held at the firm’s Senior Leadership Conference in Cape Town, South Africa.

    “According to the competition rules, the SEM Cup of Nations is designed to motivate the staff of the various country operations to over achieve and exceed the set targets and budgets, and deliver sustainable growth over the previous year’s results. It is also to foster a spirit of competition between the various businesses in the Sanlam Emerging Markets (SEM) cluster.

    “In his congratulatory message to the winners of this year’s awards, Group CEO, Sanlam Emerging Markets, Ian Kirk,  praised Ojumah’s leadership, vision, commitment and sheer hard work that have been instrumental in taking FBNInsurance to great heights,” she said.

    He further reiterated the pride of place of FBNInsurance within the Sanlam family. “There are 200,000 policies on the books, making it the third biggest individual life book in SEM Africa after Namibia, 270,000 and Botswana 315,000.

    “The company now has more than 2000 agents with one of the highest productivity rates in SEM. Over and above all this, FBNInsurance also makes a significant contribution to SEM’s value of new business (VNB). Incorporated seven years ago, FBNInsurance has defied the odds to become one of the leading life insurers in Nigeria by consistently delivering on its strategic objectives and offering responsive insurance products to the Nigerian market. The Sanlam Group is one of the largest financial services conglomerates in Africa,” he added.

  • FBNInsurance Brokers appoints Ibidapo CEO

    FBNInsurance Brokers appoints Ibidapo CEO

    FBNInsurance Brokers, an FBNHoldings company, has  appointed Mr. Olumide Ibidapo as its new Managing Director and Chief Executive Officer.

    In a statement signed by the Head Corporate affairs of the FBN Insurance, Elizabeth Agugoh, Ibidapo started his career with IBN/Marsh Brokers in 1990 and rose through the ranks before joining FBNInsurance Brokers in 2006.

    Following FBNInsurance’s acquisition of Oasis Insurance, Ibidapo was appointed Head, Technical of the new company, FBN General Insurance.

    Under his management, the company established itself as a growing force in the general insurance terrain in Nigeria.

    Ibidapo holds a Bachelor in Sociology from the University of Ibadan and a Masters in Business Administration from Ladoke Akintola University of Technology, Ogbomosho.

    With over 25 years experience in Insurance and Risk Management, Ibidapo has established a reputation as a professional in commercial insurance programme structuring, special risks portfolio handling and claims management.

    Ibidapo is an Associate of the Chartered Insurance Institute of Nigeria (CIIN). He is widely travelled and happily married with children.

  • FBNInsurance assures support to policy holders

    FBNInsurance Limited, has reassured subscribers to its  Guaranteed Lifetime Retirement Income Plan (GLRIP), it remain true to them, especially in retirement.

    In a statement by its Head, Annuity/Actuarial Services, Adeola Adekunle, the firm expressed delight that the customers found the company a trusted ally in their annuity.

    He said: “Scores of annuitants, who subscribe to FBNInsurance’s Guaranteed Lifetime Retirement Income Plan, have expressed satisfaction with the services coming from the life insurance company.

    “In this era of harsh economic realities that have drastically reduced the earnings of the average Nigerian, finding a company that makes one’s investment worthwhile is enough cheer. For the retiree whose steady salary is everything, FBNInsurance is a fresh breath of air,”he said.

    An annuitant who did not want his name in print who retired from the Nigerian Customs Services, said what he loved about FBNInsurance, was the  good service rendered by its members of staff.

    “I introduced some of my friends to FBNInsurance annuity and we are all enjoying the service. As a pensioner, FBNInsurance gives me peace of mind with prompt annuity payment and they are always available to attend to us. I will continue to introduce more retirees,”he said.

    Another retiree said: “As a retiree, I am saying this with so much joy in my heart that their member of staff gave me V.I.P treatment. I will choose your company over any other company  any time.”

    Incorporated seven years ago, FBNInsurance Limited boasts a thriving annuity sales team operating out of the company’s Head Office in Marina.

  • ‘FBNInsurance committed to better service delivery’

    DESPITE its over 2,000-man strong retail team, FBNInsurance Limited is increasing its investment in retailing to reach every part of the country, the Managing Director, Val Ojumah, has said.

    Ojumah, who spoke at the company’s headquarters in Lagos, said this was part of the company’s strategic plans for the year.

    He said the firm’s commitment to take insurance to the nooks and crannies of the country indicated its willingness to go the extra mile in providing affordable and responsive insurance to the hitherto uninsured.

    He said: “Our strong presence in the retail space cannot be disputed. In spite of the number of insurance companies in Nigeria, we are yet to scratch the surface in terms of the potential of the market.

    “As a company, we are looking to consolidate our retail presence, improve on our delivery time and achieve a most effective process for our key functions and deliveries.’’

    On the company’s performance in the outgone year, he recalled it was a tough year, one in which inflation figures maintained double digits.

    “Various reports have indicated an increase in claims settlement across the industry and massive job losses due to the economic meltdown, which further put a strain on industry. It is a tough time to do business in Nigeria. However, at FBNInsurance, we have kept to our philosophy of doing what we say. We think highly of our customers; come what may, we will always put them first.”

    Head of Marketing and Corporate Communications, Elizabeth Agugoh, noted that the company in  just six years of incorporation consistently delivered outstanding performance even in light of dwindling economic fortunes of the past two years.

    This has been attributed to a strong heritage and an unwavering commitment to the provision of innovative, affordable and accessible insurance packages, she added.

    FBNInsurance Limited, an FBNHoldings company, is associated with the Sanlam Group South Africa.

  • FBNInsurance provides N14.5m life cover for reporters

    As part of its Corporate Responsibility and Sustainability (CR&S) drive, FBNInsurance Limited has provided a Group Family Shield cover valued at N14.5million for insurance journalists, Managing Director, FBNInsurance Limited, Val Ojumah has said.

    He made this known during official presentation of the policy certificate to the reporters in Lagos.

    Ojumah said the reporters are major stakeholder to the development of the company and insurance industry at large.

    He said: “For us, our stakeholders, both internal and external, are major drivers of the success of our business. Providing the journalists with a Group Family Shield cover is our way of showing them how much we value and appreciate what they do.

    “This document exemplifies the fact that should the unforeseen happen, FBNInsurance would stand by you. Please consider this as our commitment to the ideals and values that journalists stand for,”he added.

    The cover provides support in the case of permanent disability or death. Available to all categories of association, group or society, the cover seeks to foster unity within a group while ensuring every member is protected from stated uncertainties in the course of their daily tasks.

    With a large retail network of about 2,000 retail sales agents operating from 28 sales outlets and three branch offices nationwide, FBNInsurance is devoted to exploiting the vast uninsured public with a view to bringing affordable insurance to everyone.

    Last week, FBNInsurance Group consisting of sister insurance companies, FBNInsurance Limited and FBN General Insurance Limited donated to Down Syndrome Foundation also as part of its CS&R vision.

  • FBNInsurance Group donates to Down Syndrome Foundation

    Sister insurance companies, FBNInsurance Limited and FBN General Insurance Limited, has donated some items to the Down Syndrome Foundation as part of their Corporate Social Responsibilty (CSR), Managing Director, FBN General, Bode Opadokun, has said.

    He made this known at the resource centre of the Foundation in Lagos, saying the companies were committed to the general upliftment of the society.

    According to him, the companies donated various food items, toys, beverages and some cash to the management of the Foundation.

    He added that the items were largely raised through the companies’ annual Staff Gift drive, an in-house scheme that encourages members of staff of both companies to donate various items to a common cause.

    While receiving the combined team of both companies, the Foundation’s Administrative Manager, Muyiwa Majekodunmi, thanked the companies for the gesture and used the opportunity to enlighten the team about Down Syndrome.

    He said: “Down Syndrome is just a freak of nature; it’s a chromosomal defect. Each cell contains 21 chromosomes, but for Down Syndrome patients, somewhere along the line during conception, an additional chromosome pops up thus causing the condition.

    “These are wonderful kids and the reason why we exist is to act as an advocacy group for them and ensure that they become useful to themselves and the society. We are like that bridge between them and the society.”

    Opadokun charged the management to keep up the good work.

    “We know something great is happening here and as companies committed to the general upliftment of the society, we will always do our bit to encourage and support the continuous success of the Foundation,” he said.

    FBNInsurance Limited and FBN General Insurance Limited are both members of FBNHoldings associated with the Sanlam Group.

  • FBNInsurance gets World Global Finance award

    For the second time in three years, fast-growing life insurer, by World Finance, organisers of the prestigious World Finance Global Insurance Awards has announced FBNInsurance Limited, as the Best Life Insurance Company in Nigeria.

    In a statement by the Head, Marketing and Corporate Communications, FBNInsurance, Elizabeth Agugoh said the recipients of this year’s World Finance Global Insurance Awards are made up of the most impressive names in the business, and as governments around the world attempt to stimulate their economies through fiscal reform.

    She said according to the organisers, they pay tribute to the insurance firms doing their bit to restore order. “The organiser’s judging panel boasts of over 230 years of financial and business journalism, supported by a research team that works round the clock to ensure our award winners are the most deserving in their sector.

    “They credited the awards to FBNInsurance commitment to a well-defined, people-focused corporate strategy. As a local player with continental affiliations, we understand the mindset of the average Nigerian towards insurance. This is why we have employed the most effective strategy to cut through the bias and apathy holding back the market to become one of the nation’s most trusted insurers. We are delighted to win this award again; it shows we are doing many things right.

    “It will be recalled that FBNInsurance won the Best Life Insurance Company in Nigeria accolade at the 2014 edition of the awards. Earlier this year, the company was named the Insurance Company of the Year by inspenonline, an online insurance and pension news platform,” she said.