Mutual Benefits Assurance to Witness Enhanced Service Delivery – Ogunbiyi

Akin Ogunbiyi, Group Managing Director of Mutual Benefits Assurance, has assured that the company has put enough measures in place to ensure the successful implementation of the Market Development and Restructuring Initiative (MDRI)
According to him, the National Insurance Commission (NAICOM) has done a commendable work, by way of the MDRI, which is expected to help the industry, through guidelines, statutory provision and legal backing and by way of entrenching compulsory insurances.’
Ogunbiyi, who said this during an annual thanksgiving service, added that Mutual Benefits Assurance has gone a long way, adding that very soon, the company will witness enhanced service delivery, brought about by the major additions to the company’s branches. These additions also include its increased profitability and greater contributions to the industry at large.
The Group Managing Director explained that “Mutual Benefits group is now like a conglomerate, because we now have 11 companies within the group.” He said that these are investments that the company made about four years ago, adding that it has now “passed the stage of evolution, we are fast developing.”
He advised that insurers should see to it that the MDRI was successful, warning that if it fails, they cannot turn around and ‘blame the commission for not meeting the target.’ He added that the industry ‘can even do more than the target, if we utilise these opportunities because we have the population in our advantage.’
Ogunbiyi however lamented that despite that insurance in Nigeria is as old as a century; there was still a yarning gap between the insurer and the insured. He noted that this gap hovers around 96 per cent, a situation, he described to mean that the industry has only been able to sell just about 750,000 policies, in spite of the huge potentials.