Aiming to reshape the insurance and financial planning sector in Nigeria, Enterprise Life recently launched AdvantageConnect, a commendable financial solution.
The ceremony witnessed the presence of key figures in the industry, including Olorundare Sunday Thomas, the Commissioner for Insurance.
The Commissioner took the opportunity to address the pressing issues within the insurance sector and shed light on the role of insurance in achieving the ambitious economic vision set by President Asiwaju Bola Ahmed Tinubu.
“One of the things that seem to be lacking in the insurance sector is having to case that needing awareness to give to the people the value that we sell. We are not selling cost, we are selling value, and that is what I think the AdvantageConnect is doing,” Commissioner Thomas emphasised during the launch. He noted the importance of creating awareness about the value proposition of insurance products, especially in a market that may not fully grasp the significance of risk mitigation and financial planning.
The Commissioner expressed his optimism about the newly launched AdvantageConnect aligning with the sector’s plans, particularly in reaching the N1 trillion insurance premium mark this year. He highlighted the comprehensive approach of the product, from conceptualisation to customer maintenance, claims processing, and post-claims services. “Looking at it from the conceptualisation of the product to the maintenance of the consumers, to delivery in terms of claims and even after claims, I think it’s just ideal for our time,” he remarked.
The Commissioner for Insurance went on to emphasise the need for the insurance industry to align with national economic programs. He pointed out that President Tinubu’s vision of achieving a $1 trillion economy within the next seven years requires a collective effort. “We must key into the National program. The regime of his excellence, Mr. President Asiwaju Bola Ahmed Tinubu has a vision of an economy of $1 trillion within the next 7 years. What is the place of insurance in this vision?” The Commissioner questioned. He sees insurance playing a key role in positioning the economy and mitigating risks.
“I believe that launching a product like this is going to place us in a good state to be able to position ourselves and derisk the economy,” Thomas affirmed. He expressed his commitment to supporting initiatives that contribute to the growth of the insurance sector, stating, “It is important for us that we begin to drive this as many initiatives of this nature that I will have the advantage to approve, I will not waste any time to give the needed advantage for you to ride, and we will support you all the way.”
In the context of servicing consumers, he highlighted the importance of delivering value through various insurance products. “It is important that we service the consumers, we must deliver goods and services to these consumers, it is important that we service these consumers. Let them know the value that we are delivering via the different products that we are giving,” he emphasised.