The Managing Director of the FBN Insurance Brokers, Olumide Ibidapo, has said the company only survived the economic challenges of the outgoing year, and surpassed its financial performance of 2022.
Ibidapo said this in a statement issued by the firm on Sunday as it launched its new product to deepen insurance penetration in the country, First Cover.
Speaking at the company’s end-of-year party and launch of First Cover, Ibidapo said “Despite the economic headwinds that prevailed in the country in 2023, the company had been able to not only break even but also surpass the financial performance of the year 2022. Despite economic challenges in 2023, the company showcased robust financial performance, surpassing the achievements of 2022.”
Ibidapo highlighted the dedication of the team and support from clients and stakeholders as driving the company’s positive trajectory.
On the newly launched First Cover, a digital brokering platform, Ibidapo said the offering will revolutionise the insurance landscape in the country. He explained that the product that had been in the pipeline was conceived out of the desire to make insurance easily accessible to potential policypayers.
The product which is accessible online puts an array of insurance products ranging from property to car insurance in the hands of anyone wherever they are.
On his part, the Head of Strategy at FBN Insurance Brokers, Olawale Micheal, said that the company had considered that insurance penetration in the country is less than one per cent, and thus conceived the idea for the product in 2021.
He added that the Nigerian insurance space is brimming with untapped potential, with not more than three million Nigerians protected by any form of insurance, he said First Cover presents an opportunity to make insurance accessible to all.
“Originally envisioned as a web aggregator or insurance marketplace, the idea swiftly metamorphosed into something far grander – a full-fledged digital brokering platform. This digital brokering platform is a game-changer, seamlessly facilitating end-to-end digital processing of retail insurance needs. First Cover doesn’t just provide insurance; it revolutionises the entire experience, placing the power in the hands of users at their fingertips, allowing them to browse, compare, and purchase top-tier insurance solutions from the comfort of their homes, offices, or wherever life takes them.
“First Cover introduces an array of products including Auto Insurance, Health Insurance, Householders Insurance, and Travel Insurance. Our platform empowers users to effortlessly log their claims, ensuring a rapid and efficient resolution tailored to their convenience,” he said.