Products of FBNInsurance Limited and FBNInsurance General Limited have been tailored to suit every household and business in the country, FBNInsurance Managing Director, Val Ojumah has said.
He made this known while unveiling their products at the Media Product Fair in Lagos. The managements of both firms took time to highlight the array of products to carter for risks faced by the public.
Ojumah, who said the FBNInsurance group has evolved, said FBN General and FBN Insurance brokers are subsidiaries of the group which is under First Bank holding company.
According to him, the coming of the firms into underwriting business has helped change the landscape of the insurance industry as they have continued to occupy more grounds at a time many of their peers are running around looking for investors to help shore up their capital.
He said they have over 100 year’s heritage each from First Bank Nigeria Plc and Sanlem Group, as investors in FBNInsurance seperate them from other insurance firms in the industry.
He said the firms’ claims payment records remain one of the best in the industry and that they work round the clock to ensure customers’ claims are attended to promptly.
He noted that the company’s products are affordable, adding that their rates are not the cheapest and are also not the most expensive.
He stressed that it is important for insurance companies to do adequate pricing so that they can meet pay claims.
He said: “It is important for insurance firms to do what they say. We are here to pay claims. We will not be the cheapest and certainly not the most expensive firm in terms of rate.
“One of the main competitive tools in the industry today is pricing. Many insurance companies are prepared to take next to nothing in order to sell their products. We will not do this because it is not healthy for us to do’’.
He said their life and general insurance firms connect in both formal and informal ways to share services to achieve one goal which is providing insurance services in a unique way to satisfy their clientele.
Managing Director of FBNInsurance General, Bode Opadokun said the company within the very short time of operations has transformed general insurance business through the array of products in its kitty.
Some life transforming products presently in the kitty of the General business include: Fire and special peril, motor insurance, plant and all risk policy, personal accident marine cargo and more.
FBNInsurance has flexible education plan, easy save plan, flexible saving plan, flexible cash flow plan, family income protection plan, extended family support plan, guarantee lifetime retirement income plan, annuity and many more, he said.
Opadohun added that —