Looking at the per capita income of the average Nigerian, what potential does the market have?
Issue of per capita income is not a big challenge on purchase of insurance depending on the retail model you want to roll out. If the country’s earnings per capita is low, then you consider volume. Don’t forget that insurance is a game of numbers, and the larger the number the better, because the more you are able to get market volume, the easier for you to meet your obligations. So, instead of issuing polices of high sum insured value, you issue less expensive and a wide spread lower sum insured products and it will be a win-win situation. As I said earlier, the impression out there is that with this large population of 140 million people and insurance penetration still low, there is a large untapped market and the interest is on retail segment. Aligning yourself to Cornerstone, what do you see as the company’s strongest selling point? Interestingly, I got to know of Cornerstone before I joined the company. Like I said, I have been in touch with the Nigerian insurance industry since i
