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Universal Insurance Joins Crusade To Increase Insurance Penetration

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As part of efforts to contribute its quota to increasing the level of insurance penetration in Nigeria, Universal Insurance Plc
ľ recently opened three strategic branche
The company’s Managing Director, Dr. Ben Ujoatuonu stated this at the Annual General Meeting of Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos recently. The event was sponsored by Universal Insurance Plc.

He explained that the Company was carrying out an expansion programme and in the course of that expansion, the Company received approval from its primary regulator, the National Insurance Commission, NAICOM, to open three new branch offices in Apapa and Lekki in Lagos as well as Kano in Kano State.

He stated that these branch offices had been been opened and were now operational.

He further explained that the Company was also trying to identify other areas of the country to set up more branches in order to maintain a strategic presence as part of its growth strategy.

Dr. Ujoatuonu revealed that Universal Insurance was ranked among the top 15 insurance companies in the country by the Nigerian Exchange Limited, NGX.

“Recently, there was an analysis of 15 top insurance companies in the stock market in terms of their performance last year and their growth rate. Universal made it to number 12 and what is very significant is that Universal had the highest percentage of growth with 58 per cent growth.”

In terms of product development, Dr. Ujoatuonu recalled that since he took over the reigns of the Company as the Managing Director, his Management team has been able to come up with a whole lot of new products and the Company now has a very robust retail line of business and products.

“In this month of July, we are flagging off the Universal Insurance Network Marketing model which we have designed to sell our products starting with personal accident insurance and this comes with an incentive for people who introduce others to the network. We are also launching our Mobile App which is already on the Google Play Store, through which people can access our products. We are not resting on our oars, we have a lot in our kitty which we are still developing.

”While stating that its branch network is strategic, he said: “If you have a critical look at our branch network, you will see that the bulk of our presence is down east. It is a strategic move aimed at ensuring that the Company maintains its historical clientele base.

“There is no state in the southeast where we don’t have a presence. In some states we have two branches, in Abia State for instance, we have two branches, in Anambra we have two branches and in all other south-eastern states we have two branches. We have created a regional hub in that south-south also; the essence is to ensure that we have a strong grip of our origin so to say, in terms of driving our business. What we are also doing is trying to penetrate other areas and markets. We have a very strong focus on looking at the northern zone of the country and we have started making inroads with our presence in Abuja and Kano with more branches soon to be established up north.”

Dr. Ujoatuonu noted that Universal Insurance is collaborating with the Enugu Chamber of Commerce, Industry, Mines and Agriculture, ECCIMA, in trying to see how they can penetrate all the industries within the southeast.

“The last Enugu Trade Fair was sponsored by Universal Insurance. This is part of our strategy in entrenching ourselves in the south east and we are not going to relent in doing that. The businesses are coming and we hope to grow them better because there are still tremendous opportunities there, notwithstanding the obvious challenges that are facing the economy of the southeast.

“The economy is so bad but we invested heavily in the retail line of business and of a truth, despite what we are having, our retail line of business is growing, and growing very well and that was what informed the network marketing model that we created. The network marketing is done in such a way that even as a customer or policy holder that is buying insurance, as you buy and introduce people, you earn incentives for the introduction. So you are not just buying the cover, you also make money from buying the cover. We devised it as a strategy to penetrate the market even now in this hard economic situation, so that people can earn money from their insurance purchase,” he added.

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SanlamAllianz Organises Roadshow To Deepen Insurance Awareness

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By Sola Alabadan

SanlamAllianz, formed from the merger of Allianz and Sanlam, will begin 12-city nationwide roadshow on June 23, following the brand’s recent official introduction to the Nigerian market.
The campaign, which will take place in Lagos, Ibadan, Akure, Warri, Port Harcourt, Uyo, Onitsha, Enugu, Owerri, Kano, Jos, and Abuja, is part of the company’s strategic effort to deepen customer engagement, and raise awareness about the brand and insurance.
It is also intended to demonstrate the company’s commitment to making wealth creation and financial protection capabilities more accessible to individuals and businesses in the country.
Speaking on this initiative, Tunde Mimiko, MD/CEO of SanlamAllianz Life Insurance, said: “This nationwide campaign signals the scale of our ambition and the depth of our commitment to the Nigerian market. At the heart of insurance is trust, and trust begins with presence. Reaching customers where they are is fundamental to how we are building SanlamAllianz.
“This roadshow is a strategic move to bridge the gap between perception and reality, allowing us to engage directly with our customers and Nigerians in general, challenge long-held misconceptions, and position insurance as a practical tool for thriving in financial confidence, building resilience and long-term financial security.”
As part of the roadshow, SanlamAllianz will hold customer engagement forums in each of the 12 cities. The in-person sessions allow customers to interact directly with the company’s leadership and frontline teams. The forums aim to reconnect with customers under the unified brand and reaffirm its long-term commitment to the local market.
“Insurance only becomes relevant when it is understood, trusted, and connected to the realities people face,” said Yomi Onifade, MD/CEO of SanlamAllianz General Insurance.
“These forums are our way of reintroducing SanlamAllianz not just as a merged entity, but as a unified brand committed to showing up for Nigerians. We are creating a platform for real conversations — to listen, address concerns, and deepen understanding. This is how SanlamAllianz intends to lead, by listening actively, showing up with solutions, and shaping a future where insurance is truly embedded in the fabric of everyday Nigerian life,” he added.
By adopting a city-by-city physical rollout, SanlamAllianz Nigeria is positioning itself as one of the few players actively investing in deeper grassroots engagement toward deepening insurance penetration in Nigeria.

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NAICOM, OHCSF Move To Ensure Workers Benefit From Group Life Assurance

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By Sola Alabadan

In order to equip civil servants with knowledge and tools to effectively manage and benefit from the Group Life Assurance Policy, the National Insurance Commission (NAICOM) and the Office of the Head of the Civil Service of the Federation (OHCSF) recently organised a capacity-building workshop on the compulsory insurance policy in Abuja.

Section 9(3) of the Pension Reform Act 2014 mandates employers to maintain a Group Life Assurance policy for their employees, with a benefit of at least three times the employee’s annual total emolument.

The workshop brought together stakeholders from government ministries, departments, and agencies to enhance understanding and implementation of the policy.

In her opening remarks, Mrs. Didi Esther Walson-Jack, Head of the Civil Service of the Federation, represented by Mrs. Oyekunle Patience, emphasised the importance of insurance in safeguarding public servants’ welfare and ensuring financial security for their families. She commended President Bola Tinubu for renewing the annuity policy and applauded NAICOM for initiating the training.

The Commissioner for Insurance, Mr. Olusegun Omosehin, represented by Mr. Ekerete Ola Gam-Ikon, Deputy Commissioner for Finance and Administration, expressed appreciation for the collaboration and assured participants of NAICOM’s commitment to transparency and accountability in policy implementation.

The workshop aimed to equip civil servants with knowledge and tools to effectively manage and benefit from the Group Life Assurance Policy, a critical component of the Federal Government’s welfare package.
The event marked a significant step in strengthening life insurance policy implementation across the federal civil service, reinforcing the government’s dedication to employee well-being.

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PenCom Mandates Newspaper Owners To Pay N720m Pension Debt

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The Director General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, has raised alarm over widespread non-compliance with the Pension Reform Act (PRA) 2014 by media organisations in Nigeria, revealing that newspaper owners owe journalists over N720 million unpaid pension contributions.
Speaking during a courtesy visit to the President of the Newspaper Proprietors’ Association of Nigeria (NPAN), Mr. Kabiru Yusuf, in Abuja recently , Ms. Oloworaran described the findings as “very troubling” and called for urgent collaboration between PenCom and newspaper proprietors to enforce compliance across the sector.
PenCom acknowledged the deep value of the role of the media in shaping public discourse, and said it is disheartening that many organisations within the media are failing to meet a fundamental obligation to their employees.
The Director General said PRA 2014 mandates all employers to remit pension contributions for their employees monthly, within seven days of salary payment.
However, she said PenCom’s investigations show that many newspaper houses have ignored this obligation, with arrears totalling over N720 milliiaon.
Ms. Oloworaran informed NPAN that PenCom is not seeking to penalise erring organisations at this stage, but prefers a collaborative approach to achieving sector-wide compliance.
She added that PenCom has been engaging employers across industries and recently held discussions with the Nigerian Press Council (NPC) to drive awareness and compliance in newspaper organisations,.
While noting the overall poor compliance within the industry, the DG singled out Daily Trust for commendation, describing the paper as a “leading example” for consistently meeting its pension obligations since 2015.
Responding, NPAN President, Kabiru Yusuf, acknowledged the pension compliance issues in newspaper organisations in Nigeria, but urged PenCom to understand the dire financial situation of the media industry.
NPAN President said the reality is that many newspapers in Nigeria are struggling to even pay staff salaries, let alone pension contributions, adding that only a few are managing to stay afloat, and even among them, there is often reluctance to part with money for statutory payments like tax and pensions.
He welcomed PenCom’s engagement efforts and proposed a broader industry dialogue through the Nigerian Press Organisation (NPO), a coalition that includes NPAN, the Nigerian Guild of Editors (NGE), and the Nigeria Union of Journalists (NUJ). Yusuf suggested that PenCom participate in an expanded meeting of stakeholders in Lagos this year, where the challenges of compliance and potential solutions can be jointly addressed.
Ms. Oloworaran agreed to the proposal, expressing hope that such a forum would serve as a meaningful step toward sustainable pension reform compliance in the media.
“We are not focused on being punitive because the law allows us to sanction. That is not what we are looking at. I believe we can work together to get all these media houses to make the necessary contributions towards the financial security of their workers,” the DG said.
The meeting marked a renewed effort by PenCom to hold employers in the media sector accountable and compliant with the PRA 2014.

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