Stanbic IBTC launches own insurance subsidiary
Stanbic IBTC Holding Plc., a member of Standard Bank Group has expanded the scope of its operation in the financial services industry with the launch wholly-owned insurance subsidiary focusing on life insurance.
This came following approval and license issuance by the National Insurance Commission (NAICOM) which granted the new insurance group the right to commence business operations.
Akinjide Orimolade, chief executive, Stanbic IBTC Insurance, while speaking at the launch of the business stated that the new insurance provider will continue in line with the vision and tradition of the Group through the provision of innovative and customer-friendly insurance products.
“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,” he said.
Similarly Orimolade highlighted improvements that would facilitate industry growth and enhance customer experience whilst also commending the government and industry regulator on the achieved milestone in the insurance industry.
He said, “At the top of the list would be for the National Insurance Commission to continue to collaborate with service providers to encourage the use of technology in delivering seamless insurance solutions to everyone.”
On the low level of insurance penetration in the Nigerian market, Orimolade noted that the few Nigerian populace currently insured serves as opportunities to grow the Nigerian insurance market. Also, he added that the Small and Medium Enterprises (SMEs) could help improve insurance as the majority are now seeking out insurance solutions.
“This is a clear indicator of room for growth in the industry. It will also be ideal for insurance to partner with Telcos to improve on the lives of customers. The industry will develop as there will be an increasing need for business owners to prioritize insurance to protect their properties and lives,” Orimolade stated.
In furtherance to this, he highlighted the need to innovate and evolve to meet the changing needs of the insurance ecosystem, saying “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,” the Stanbic IBTC Insurance Chief Executive added.