In the face of economic challenges in 2023, FBN Insurance Brokers demonstrated resilience, surpassing its financial performance from the previous year, according to a statement from the Managing Director, Olumide Ibidapo. The announcement was made during the company’s end-of-year party and the launch of its innovative product, First Cover, aimed at deepening insurance penetration in the country.
Ibidapo attributed the company’s success to the dedication of its team and the unwavering support from clients and stakeholders. Despite economic headwinds, FBN Insurance Brokers not only managed to break even but exceeded its financial achievements in 2022. The Managing Director emphasized the robust financial performance achieved, showcasing the company’s ability to navigate and thrive amid challenging economic conditions.
The highlight of the event was the introduction of First Cover, a groundbreaking digital brokering platform. Ibidapo expressed confidence that the new offering would revolutionize the insurance landscape in Nigeria. The platform, conceived from the desire to enhance accessibility to potential policyholders, allows users to access a range of insurance products, from property to car insurance, through an online interface.
Olawale Micheal, the Head of Strategy at FBN Insurance Brokers, explained that the company recognized the low insurance penetration in the country, standing at less than one percent. First Cover, conceived in 2021, aims to address this gap by providing a seamless and user-friendly digital platform for insurance needs.
Micheal emphasized the untapped potential in the Nigerian insurance space, with fewer than three million Nigerians currently protected by any form of insurance. First Cover, he stated, presents a unique opportunity to make insurance accessible to a broader audience.
Originally envisioned as a web aggregator or insurance marketplace, First Cover evolved into a comprehensive digital brokering platform. This transformative platform facilitates end-to-end digital processing of retail insurance needs. Users can browse, compare, and purchase various insurance solutions, including Auto Insurance, Health Insurance, Householders Insurance, and Travel Insurance, from the comfort of their homes or offices.
Micheal highlighted the user-centric approach of First Cover, allowing users to log their claims effortlessly, ensuring a rapid and efficient resolution tailored to their convenience. In essence, First Cover not only provides insurance but reshapes the entire experience, placing the power in the hands of users to manage their insurance needs seamlessly.
