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Insurance coy recommits to financial inclusion, deeper insurance penetration

Written by silvernewsng

A NON-BANKING financial services provider, Enterprise Life Nigeria on Tuesday reiterated its commitment to drive digitised solutions to deepen insurance penetration and promote financial inclusion.
The Chief Executive Officer, Enterprise Life, Ms Funmi Omo, said at a media parley in Lagos that despite the critical need for insurance, the adoption rate was still very low.

Omo said that the insurance adoption rate in Nigeria was as low as one per cent and could be better by leveraging on technology.
“Following the successful launch of AdvantageConnect, our digital insurance channel built on geo-technology, Enterprise Life has continued to cater to the evolving needs of its customers.

“Despite the critical need for insurance, adoption rates among the population, particularly the youth, remain low due to misconceptions and lack of awareness.
“A recent UNDP report states that less than two percent of Nigerians have any form of insurance with slow innovation in the sector,’’ Omo said.
According to her, AdvantageConnect bridges this gap by connecting users to professional life planners for financial planning, advisory and tailored insurance solutions.

The chief executive also announced the expansion of its operations with the opening of two new branches in Abuja and Port Harcourt.
She said that this expansion marked a significant step in the company’s mission to deepen insurance penetration across the country, making tailored insurance services more accessible to a broader demographic.

According to her, these initiatives emphasise the importance of insurance as an integral part of financial planning and security, fostering a culture of financial literacy and responsibility among Nigerian youths.
Omo added that the company’s expansion into these regions would hopefully be a step towards transforming the insurance landscape in Nigeria.
She said that there were a lot of conversations about financial inclusion, however, people remained unaware that inclusion was incomplete without the adoption of insurance to protect against risk.

“Enterprise Life will provide adequate knowledge, tools, and dedicated life-planners, whose primary role is to assess the individual lifestyles of its clientele to develop tailored insurance solutions.
“With this expansion, we hope insurance will be more accessible and inclusive, fostering a new generation of financial literates who view insurance as an essential component of financial planning,” Omo said.
She said that Enterprise Life was also launching educational programmes targeted at the younger generation.

The chief executive said that Enterprise Life’s educational efforts would include financial literacy workshops across educational institutions.
Omo said these workshops aimed at demystifying insurance, highlighting its benefits and empowering the youths to make informed financial decisions.
She said that it was also starting a series on social media to provide engaging and informative content to promote financial literacy and encourage insurance adoption among young Nigerians.

According to her, its aim of creating employment opportunities and enhancing financial literacy is to stimulate local economies and youth development.
‘’With over three years operating in Nigeria, these new branches will play a crucial role in fostering a financially literate and prepared generation, ultimately driving Nigeria’s economic growth,’’ Omo said. (NAN)

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