NSIA Insurance appoints new chairman, deepens foothold with retail market penetration
By Zion Rufus
Major player in Nigeria’s insurance space, NSIA Insurance has announced the appointment of a new chairman and the expansion of its footprint to the retail market.
The newly appointed chairman, Dr. Adesegun Akin-Olugbade who was a non-Executive Director and former Chairman of the Governance Committee of Ecobank Transnational Inc has served for over three decades in the legal profession and financial services sector for leading commercial law firms and multilateral financial institutions. He recently retired as Executive Director (Chief Operating Officer), General Counsel, and Corporate Secretary of Africa Finance Corporation (AFC).
Commenting on his appointment while expressing his gratitude during a press conference which held at the NSIA Insurance head office in Lagos, Olugbade shared: “I joined the board of NSIA in March and I was recently appointed as the chairperson of the board of directors. I have always been associated with pan African institutions so this is just a continuation of my passion for assisting pan African institutions in their developments.”
Congratulating the new chairman, the outgoing chairman, NSIA Insurance and renowned pastor, Ituah Ighodalo reiterated his confidence in the competence of the new chairman as well as the MD/CEO. He noted that the company can confidently look forward to great accomplishments as the teamwork hand in hand going forward.
Ituah said: “It’s the end of a season and the beginning of a new season as we celebrate this transition which has taken place at our company. NSIA has very strong rules, character, culture, and very strong background, and we would like to consider ourselves as one of the best, keenest, as well as one of the most focused insurance companies in Nigeria; and we are growing steadily with a clear vision of the role that we want to play in the market.”
In a bid to expand its foothold, NSIA Insurance has also announced plans to take insurance to the retail market.
MD/CEO NSIA Insurance, Ebelechukwu Nwachukwu who made this disclosure while addressing the press noted that the objective of the company is to continue to grow to fulfill the mission and vision of the founding fathers of the company.
In her words: “Being a member of a group that has companies across Africa, our major objective is to make sure that at all times Nigeria specifically stands out among the 12 countries where NSIA Insurance and NSIA Bank operates. Over the last 4 years we have seen cumulative gross premium income growth of over 90% and a cumulative profit growth of 50%. So we are currently developing a couple of alternative channels, e-channels, simple products with differentiated pricing to help us achieve this uplifting.”
“We also want to position NSIA in a way that we continue to stand out in terms of service delivery, even though we are already well known for how we deliver quality services to customers. We subject ourselves to being audited on an annual basis, that’s why we have the highest known certification to make sure that our standards are upheld constantly. we are also working to be one of the best insurance providers In the market; we want to give differentiated products as we make sure that our products reach the retail space and continue to generate great value and profit for the share holders,” Nwachukwu further stated.
NSIA Insurance Limited (Nigeria) is part of NSIA Participations, which is currently present in 12 African countries; Benin, Cameroon, Congo, Côte d’Ivoire, Gabon, Ghana, Guinea, Guinea Bissau, Mali, Nigeria, Senegal and Togo.
The company offers a wide range of insurance services at competitive rates to meet the changing financial, investment, and lifestyle needs of its corporate, commercial, and individual customers.
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