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Chuks Udo Okonta
Worried by the financial losses incurred by the insurance sector due to inappropriate rating of retail business, the Chairman, Mutual Benefits Assurance Plc, Dr. Akin Ogunbiyi, has drummed the need for proper regulation of the business.
Ogunbiyi, at the Company’s 26th Annual Thanksgiving Ceremony in Lagos recently, noted that most insurers are not executing retail business the way it should be done.
According to him, the menace of underpricing is causing great financial hemorrhage to the sector, adding that retail business should be done in away that should add value to the sector.
He implored the National Insurance Commission (NAICOM) to salvage the situation by ensuring appropriate rate is charged on retail insurance products.
Speaking on the ceremony, Dr. Ogunbiyi said despite the challenges encountered by the firm in its 26 years of operations, God has been faithful to Mutual Benefits Assurance.
“We are habitual praise singers in Mutual Benefits Assurance.
“When I started the company I told God to give me a company that will out survive me. Today I have left the company and it is still going strong,” he submitted.
He expressed optimism that the firm will be the first in the industry in the next five years, stressing that the company presently occupies the first position in customer service and that it is working assiduously to be the first in premium generation.
Pastor of Trinity House Church, Ituah Ighodalo, who was the guest minister at the event, spoke on the topic: With God all things are possible. He implored management, staff and associates of the company to believe in God, be diligent doing their works, so as to achieve greatness.
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