Leadway Assurance Company Limited, one of the leading risks underwriting groups in the country, said it has started reviewing its policies strategies to boosting its retail insurance business.
The firm explained that the new focus, which it said was in line with its medium term strategic plan, has seen the company recruiting and training Independent Business Associates (IBA) to carry on its retail insurance business in different territory.
The Head of Retail (General Business Commercial) in the company, Mr. Tunji Amokade, who confirmed this in a statement, said it was part of the firm’s concerted efforts towards entrepreneurial engagement, insurance penetration and awareness in the country.
Leadway Assurance, according to him, would take advantage of the huge potential in the insurance market to invite entrepreneurial members of the public to join its retail commercial team via a platform known as “The Opportunity”
He noted that with insurance penetration in Nigeria at less than 1 per cent, especially for retail business, Leadway recognised the huge potential in the retail insurance segment and planned to work with over 1,000 associates within the next few months to grow its market share.
Amokade explained that recruits, with or without prior experience, would be trained to become certified Independent Business Associates (IBAs), over the next year.
The IBAs would receive training on practical insurance, sales leadership, personal effectiveness in the classroom and on-the-job throughout their career, he added.
“This is being done in collaboration with BPMSE Consulting to accelerate acceptability and growth through the distribution of best-for-value retail insurance solutions for the individual and SMEs,” the head of retail said.
He said the firm would host three open house events, the first having held at the National Theatre Iganmu two months and another session holding in Lagos this week and encouraged interested people to enrol for the programme.
The open house events, according to Amokade, would hold in other parts of the country including Abuja, Ibadan, Port Harcourt, Enugu and Kano to present “The Opportunity” to Nigerians resident in these locations in future.