The Managing Director/Chief Executive Officer, Consolidated Hallmark Insurance Plc, Mr Eddie Efekoha, has said its micro insurance operational licence will help to deepen the retail segment of the insurance market.
A statement said the firm received approval-in-principle from the National Insurance Commission to operate CHI Micro Insurance Limited, a new micro life assurance subsidiary.
Efekoha, who is also the current president of the Chartered Insurance Institute of Nigeria, said, “We are set to take off, having put in place a robust network of retail and agency team that have contributed and continue to contribute immensely to the growth of the parent company.
“The future is in retail business and micro insurance if we are to reach the mass of the Nigerian people with quality, reliable and affordable insurance solutions. This low-income segment has remained largely untapped and we are ready to give it our best shot.”
According to Efekoha, the business office for the micro insurance company had since been acquired and ready for occupation by the new team.
The business would leverage technology and strategic partnerships to give its customers an exciting insurance services experience, he added.
He described micro insurance as the type of insurance developed for the low-income segment of the population.
Such insurance was expected to be low-valued with simple features, easy to understand, whose delivery/distribution channels must be efficient, he added.