At FBNInsurance, prompt settlement of customer’s claims is key to the success of their business; this has also continually boost customers’ confidence and trust in the company.

The 2018 Most Profitable Life Insurance Company in Nigeria, FBNInsurance Limited, paid the sum of N9.92bn claims in 2019 as against N4.31bn in 2018.

According to the Managing Director/Chief Executive Officer of FBNInsurance, Mr. Val Ojumah, “As a responsive and reliable insurer that keeps its promises, we promptly paid claims to our clients to the tune of N9.92bn which is a 130% increase from N4.31bn paid in 2018. Our strategy remains providing financial security for our esteemed customers and as always, we will not fail to exceed our customers’ and stakeholders’ expectations.”

Commenting on the company’s commitment to customers’ satisfaction at the 5th Customer Forum organised by the insurer in Uyo, a customer who pleaded anonymity said, “FBNInsurance is one insurer I am proud to be associated with because of their commitment in ensuring customer’s satisfaction and happiness. I can boldly say I have no regrets buying insurance policies from this reputable insurance company, FBNInsurance. With them, I go to sleep without worries.”

Recall that FBNInsurance recently won the 2019 Best Life Insurance Company in Nigeria Award at the World Finance Award held in London.

FBNInsurance Limited is an FBNHoldings Company associated with the Sanlam Group of South Africa.

March 23rd, 2020

The 2018 Most Profitable Life Insurance Company in Nigeria, FBNInsurance Limited, has presented its 2019 audited Annual Report to stakeholders at the company’s Annual General Meeting (AGM) held in Lagos recently.

Speaking at the AGM, the Managing Director/Chief Executive Officer, FBNInsurance Limited, Val Ojumah, stated that the company closed the year with positive results and also made prompt claims payment to customers.

Reviewing the year, Val Ojumah said “We grew Gross Premium Written (GPW) by 45% to N37.63bn in 2019 from N25.98bn in 2018; while Profit Before Tax (PBT) appreciated by 28% from N6.13bn in 2018 to N7.82bn in 2019.” The performance, he said, was driven by the company’s sustained growth and continuous penetration into the retail segment of the industry. “Over the same period, as a responsive and reliable insurer that keeps to its words, we promptly paid claims to our clients to the tune of N9.92bn which is a 130% massive increase from N4.31bn paid in 2018. Our strategy remains providing financial security for our esteemed customers and as always, we will not fail to exceed our customers’ and stakeholders expectations.” He added.

Commenting on the company’s financial returns, the Chairperson of the Board of Directors, FBNInsurance Limited, Kehinde Adenrele, attributed the sporadic growth and sterling performance of the company in 2019 to its technical competencies, commitment to customers’ satisfaction and resilience in achieving remarkable milestones.

Recall that FBNInsurance recently won the Best Life Insurance Company in Nigeria Award at the World Finance Award held in London.

FBNInsurance Limited is an FBNHoldings Company associated with the Sanlam Group of South Africa.

March 9th, 2020

On January 15th, 2020, the World Finance Magazine announced the winners of its 2019 World Finance Global Insurance Award. The spotlighted insurance firms according to the magazine are transforming the global insurance sector, with their use of technology and their desire to have a relationship with their customers; one that would be long-lasting.

FBNInsurance, once again claimed the World Finance Global Insurance Award as the Best Life Insurance Company in Nigeria. This 2019 win would make the fourth time that the company would be claiming this award as they were given the same award in 2014, 2016 and 2017.

The Managing Director/CEO of FBNInsurance, Mr. Val Ojumah expressed his satisfaction at the win, attributing the accolade to the company’s continuous commitment to customer satisfaction, and investment in customer-centric technology, aimed at meeting their customers’ needs. “We are happy to have won this award yet again. We will not rest on our oars even as we set our sights to recording more successes.”

Since its inception in 2007, the World Finance Global Insurance Award has celebrated innovative, resilient, and forward-thinking insurers who have learned to adapt their practices to suit the rapidly changing, more digitally driven market. Mr. Val Ojumah, in a bid to keep his company at the top, shared the plans of the company for 2020. “In 2020, we would be celebrating our 10 years of operations. This is no mean feat as we have continually responded to customer needs with a view to providing customer tailored services in meeting the ever changing need of the consumer.”

In a statement, obtained from their website, World Finance Magazine stated, “The successful adoption of new technology, is undoubtedly key to future success in the insurance sector, and if firms cannot effectively exploit systems such as AI and the IoT, they risk being left behind.” Clearly, FBNInsurance, is one firm, that does not want to be left behind, and if their fourth win is anything to go by, they will not be.

March 5th, 2020

Life insurance is easily misunderstood yet; it is such an important part of personal finance. Not a few would rather avoid talking about having a life insurance especially since it brings up the topic of their own death. However, if you have the right information, it is something that your household would benefit from.

In this article, we would go over the top 8 things you should know about life insurance

  1. If people depend on you, you need life insurance

From spouses to dependent children, people who depend on you financially should not have to suffer financially if you were suddenly to be no more. The death of a loved one can cause a lot of expenses to be incurred. These expenses were unforeseen and money may not have been left out to take care of them. Also, after spending so much on the death of a loved one, they need to carry on with their lives, and they can hardly do this if nothing has been specially left for them. However, if you are much older and you do not have a spouse, children or siblings who depend on you, then you would not need life insurance.

  1. Life insurance is not just about the money

A lot of people assume that life insurance is simply about the monetary value attached to a person’s life. It is much more than that. It is compensation for a person’s inevitable demise. Many times, life insurance has helped people lessen the burden and financial costs that may have been left behind by the person who died. Also, as we know that death is no respecter of persons, life insurance also helps you put your mind to rest because then, you know that you have made plans in case of unforeseen circumstances.

  1. Life insurance is not an investment

As with any other type of insurance, life insurance is not an investment. Rather, it is a risk management tool. It is important to note this because a number of people make wrong decisions off the notion that life insurance is an investment. Life insurance can be very expensive and is hardly for you if you do not have a steady paycheck and/or live from hand to mouth. Life insurance should be taken when you have enough to provide for you and your family, save away and still have excess. On no account should life insurance replace your savings.

  1. Life insurance comes in two main types

There are two main types of life insurance: Term and permanent. The Term Life insurance is usually the least expensive and mostly patronized. Here, the insurance company bases the insurance on the probability that you, the insured, will die within a stated time/term. This term is usually 10, 20 or 30 years. Also, this means that you may pay your premiums for this stated term, and get nothing out of it eventually because you did not die, which we suppose is a good thing, except if you think otherwise. The permanent life insurance allows the life insurance policy to exist permanently or for a person’s whole life.

  1. The life insurance is a policy

A policy is a contract between a life insurance company (insurer) and someone who is financially interested in the livelihood of another called the policy holder. So, the insurance pools the premium of policy holders and this is what is used to pay out claims. So involved in this contract is usually the insurer, the insured, the owner and the beneficiary. The insurer is the insurance company contracted in making the life insurance and paying out claims in case of death. The insured is the person upon whom the life insurance policy is based. The beneficiary is the person who is to receive the claim upon death of the individual insured. The owner is the person responsible for paying out the premiums. Usually, the insured and the owner are the same person.

  1. Premiums paid on life insurance

Premiums paid on life insurance is dependent on the risk of the insured dying. We mentioned above that life insurance can be pretty expensive. However, it can also be inexpensive. For example, a healthy person without any risky behaviours may pay a low amount of money and receive benefits in millions of naira. A person with so many risky behaviours like smoking will pay double the premium to receive the same benefit. A person with known health problems will pay even triple.

  1. Cancelling an existing life insurance policy

When cancelling a life insurance policy, it is important that you do not leave money or coverage on the table. For instance, if a particular policy isn’t appropriate for you anymore, it would be best to not cancel the policy until you have a new one with a more appropriate coverage. Also, if you do not wish to have a policy anymore, you simply stop paying premiums and inform the insurance company appropriately. Then, you will not have any more coverage. You can also cash in on a permanent life insurance policy if you feel you do not need it again.

  1. How to calculate the best life insurance policy for you

Online tools exist which can help you calculate the ideal policy for you. You can also contract an insurance agent who can help you through the process. Most of the time, premiums given by insurance companies are the same whether application was made online or with an agent. A dedicated insurance company can also help you save money by choosing the best policy for your situation. Also, the insurance company would want to know how much of a risk you are, and may also evaluate your current health, past health and the health of your family. It is important to answer truthfully. This is how they would be able to evaluate how much premium the owner is to pay on the life insurance.

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January 28th, 2020
Posted In: Blog

To many people, buying life insurance is something you do when you are older. But that is a myth and could not be farther from the truth! Regardless of your position in life, nobody knows what the future holds. Everyday, people pass away and the devastating consequences which this leaves on the family is enough strain to add the worry of the survival of those left behind.

The case is made truer if the person who dies is the breadwinner, and has dependents in the form of children, spouse or siblings. Here are reasons why you need a life insurance policy.

  1. Look after those left behind

A life insurance policy helps you to secure the future of those who would be left behind after your demise. Nobody prays to die, but with that occurrence, you do not want to let them down totally. From replacing lost income to payment of the children’s education, taking out a life insurance ensures that everyone gets the much-needed security to pull through the loss.

You do not want your children having to get student loans or dropping out of school entirely because you did not factor in the eventuality of death.

  1. Handling debt left by you

Nobody should have to deal with debt left behind by a family member because of their death. Many times, they are not even prepared to handle such financial burdens. This debt can range from personal loans to credit card loans. A life insurance policy helps them to take care of such debts after you are gone.

  1. Achievement of long term goals achievement

A life insurance policy can help you achieve long term goals in the event of a cash-in. Also, due to the fact that the life insurance can come with multiple investment options, it helps you grow your cash without paying any mind to it. However before engaging in life insurance policies that involve investments, be sure to read through the terms and conditions in order to have a full grasp of the risks and rewards. You do not want to be caught unawares by policy changes. A life insurance also supplements your retirement goals. A life insurance can serve as some sort of pension plan, whereby you enjoy a steady flow of income even after retirement.

  1. Life insurance is cheaper to buy when you are younger

Now, we are not saying that every millennial should get a life insurance. You do not need it if you are still living off your parents. However, if you are a working millennial and you have dependents, you need to buy a life insurance policy. Coverage costs are much lower when you are younger. However, beware because insurance agents may want to cash in on your youth and naiveté to sell you an insurance policy which you do not exactly need.

Due diligence needs to be done, before you accept an insurance plan.

  1. You may not qualify for insurance when you are older:

A person’s “insurability” is important in determining whether or not they qualify for a life insurance package. To determine the premium to be paid on a life insurance, the insurance company conducts a series of health checks on your personal health and your family’s health. At a young age, your “insurability” is at its highest because you are most likely do not have any health challenges. However, as your grow older, the chances that you will qualify for a life insurance reduces because health problems may set in. When you are in good form, you get to pay very little as premium, compared to someone who has risky health behaviours or health challenges.

Life insurance as all insurances are based on uncertainties. You may be well now and feel that taking a life insurance is not necessary. But do you know that once you fall ill, you may not be allowed to take an insurance policy? It is like buying a car insurance, the insurance company would only hand out insurance policies on new cars and not worn out rickety cars!

  1. Business needs:

Though this is not common, many people take life insurance because of their businesses. This also helps if you are the provide most of the funds in the business. For the period after your demise, the business would be able to make use of the proceeds received from your insurance policy to keep running while looking for alternative sources of income

It is also very important that when taking life insurance in business, both partners do so to avoid trust issues which may arise.

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January 28th, 2020
Posted In: Blog
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