The Managing Director, FBN Life Assurance Limited, Mr. Val Ojumah, has said the company has commenced using the platform of Airtel Telecommunication to distribute its new product, Padi4life, to the insuring public.
He said during a press briefing in Lagos that the deal between FBN Life Assurance and Airtel would redefine insurance distribution and retail marketing in Nigeria by taking it to the mass market.
According to him, FBN Life has evolved a simple, convenient and affordable way to access life insurance daily through the mobile phone, an innovation which gives credence to National Insurance Commission's Market Development and Restructuring Initiatives.
"Padi4life is a life protection plan available to registered Airtel subscribers upon payment of a daily premium of N20. It provides all Airtel subscribers the opportunity to take daily insurance cover for as low as N20 for permanent disability or death to the tune of N500,000 for one Airtel line, and N1m for two lines," Ojumah said.
The managing director explained that FBN Life designed the product in partnership with Airtel Nigeria for exclusive distribution to registered subscribers on the network.
He noted that FBN Life was the first insurance company in the country to evolve this type of innovative and revolutionary method of selling life insurance protection and supported strongly by its ownership strength of FBN Holdings Plc and the Sanlam Group of South Africa, whose combined wealth of experience and expansive network, gave it an advantage to provide consumer friendly and affordable insurance products.
"The strategic objective, in consonance with our mandate, is to efficiently deploy inexpensive and simple insurance protection products across channels and market segments; this is in line with our vision to build the biggest retail insurance business in Nigeria," Ojumah said.
For this reason, he said, FBN Life was pursuing strategic opportunities in partnership with other financial service businesses and mobile network operators on key initiatives to increase penetration and distribution of its products.
