Industrial and General Insurance Plc has revealed that it plans to invest in technology to increase its share of the retail insurance market in the country.
This was the conclusion at the end of its Annual General Meeting which was held in Abuja recently.
In remarks to shareholders, the newly appointed Managing Director/Chief Executive Officer, Akinlolu Akinyele, pledged an “unrelenting commitment” to IGI’s turnaround.
He unveiled plans to focus on Nigeria’s underserved retail insurance market by investing in technology and innovative products tailored to individuals and small businesses.
Akinyele said, “Our strategy is simple; we want to focus on retail because insurance penetration is very low in Nigeria, which means the opportunities are huge. We will invest in technology to allow customers to purchase insurance digitally and receive valuable support services.”
In addition to the retail focus, IGI plans to prioritise settling outstanding claims and rebuilding public confidence through consistent claims payments following verification of authenticity and correctness.
the firm said that it had paid over N500m in the first two months of the year as claims.
Meanwhile, the AGM approved the appointments of HRM Ahmed Nuhu Bamalli as Board Chairman, Akinyele as Managing Director/CEO and four other new directors including Mr Kabir Ayinde Tukur, Oriyomi Ayeola, Sadiq Kaita and Mrs Olubukola Akomolafe, while Augustine Olorunsola and Gaffar Animashawun were re-elected to the board.
The shareholders also approved the previously authorised sale of 9.8 billion units of unissued shares representing 40.7 per cent of share capital to an investor group led by Coopvest Limited. The proceeds will support IGI’s transformation efforts.
Despite the company’s past struggles, the new management has expressed optimistism about the future of the company.
“There are very interesting days ahead for our company,” Akinyele told shareholders at the AGM. “We plan to grow this business back – not just to the top in Nigeria but to the top in Africa.”
Industrial and General Insurance Plc founded in 1991, specialises in providing comprehensive life, general to individual and corporate clients. The company was the first private Nigerian insurer to achieve N1bn in premium income four years after its establishment.
IGI has operations in Uganda, Rwanda, and The Gambia.
