Mutual Benefits Assurance Plc has gone into a franchising arrangement with the Odua Investment for insurance distribution in the south-west states.
The Odua investment is owned by the six south-west states.
The company in a bid to increase insurance participation by Nigerians in the region recently inaugurated its South-west Region Franchise Operation at Ibadan, Oyo State.
Speaking at the event, Mutual Benefit Assurance Managing Director, Femi Asenuga, said opening the office in Ibadan was part of its efforts at developing insurance business and creating value addition.
“The role we all have to play is to be ambassadors of Mutual Benefits.
He said in developed economies, insurance firms own banks, but regretted that this is not the situation in Nigeria.
He said the firm would provide stakeholders with the platform and support to make them excel as a member of the group.
“A franchise is a well-known word and the way Mutual Benefit practice franchise is in our normal style of creating and adding value,” he stated.
Also speaking, the Group Managing Director Odua Investment, Mr Adewale Raji, said the company is interested in seeing businesses and investment spread across the south-west states.
“This is an opportunity for us to strengthen insurance penetration within the south-west states. This is why Odua investment is interested in a venture like this because it is helping the economic development of the south-west.
“Beneficiaries are privileged to be associating with a credible brand and it is important they equip themselves with the right knowledge and competencies to relate with the public.
“In so doing, they should brush on a value coming from this brand for them to increase their economic ethics and deepen their knowledge about insurance,” he said.
The Managing Director of Mutual Benefits Life Assurance Ltd, Mr. Ademola Ifagbayi, urged stakeholders to take advantage of the franchise in a bid to increase insurance participation.