Consolidated Hallmark Insurance Plc (CHI) says it has received approval-in-principle from the National Insurance Commission (NAICOM) to operate CHI Micro insurance Limited; a new micro life assurance subsidiary.
The company’s Chairman, Obinna Ekezie, recently at its Extra Ordinary General Meeting held in Lagos, told shareholders that the micro insurance subsidiary is scheduled to commence full operations in the first quarter of 2020 after being granted operational license by NAICOM, having met all the requirements and paid the statutory deposit to the Central Bank of Nigeria.
With this approval by NAICOM, the firm’s micro insurance subsidiary is set for full operations.
Speaking on the development, the Managing Director/CEO of CHI Plc, Mr. Eddie Efekoha, said the operational license would further assist in the effort to deepen the retail segment of the insurance market.
“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”.
Efekoha added that the business office for the microinsurance company has since been acquired and ready for occupation by the new team. The business will leverage on technology and strategic partnerships to give its customers an exciting insurance services experience.
Micro insurance is that type of insurance established for the low-income segment of the population. Such insurance is designed to be affordable for the target audience with simple features, easy to understand and with an efficient delivery/distribution channels.