Stanbic IBTC has established an insurance subsidiary, Stanbic IBTC Insurance after the National Insurance Commission (NAICOM) issued the lender regulatory approvals and license.
The insurance company would focus on life insurance products in a Nigerian market with low insurance penetration, hoping to change the narrative.
Less than 10 percent of Nigerian population is currently insured, but the Chief Executive of Stanbic IBTC Insurance, Akinjide Orimolade is hopeful the industry would develop as more business owners would prioritise insurance to protect their properties and lives.
Orimolade, while highlighting the need to innovate and evolve to meet the changing needs of the insurance ecosystem said this is where Stanbic IBTC Insurance comes in.
“The birth of Stanbic IBTC Insurance can be described as meeting a pressing need at the right time. The journey of a thousand miles, they say, begins with a single step and for us, several giant strides have been made. We are positive that this venture will bring smiles to the faces of our customers.” Orimolade said.
The company further stated that, “Stanbic IBTC Insurance has developed a variety of simple Life insurance products that will address the unique insurance needs of its customers.
“It will also facilitate long-term insurance for individuals by offering them innovative and seamless insurance solutions that can be accessed electronically with ease. This means that consumers will be able to purchase insurance products, make timely claims submissions quickly and efficiently from wherever they are.”
Orimolade said to deepen insurance in Nigeria, there would be need to partner with telecommunications companies.