According to recent figures obtained from the National Insurance Commission (NAICOM), the number of insurance companies licensed to operate in Nigeria stands at about 67 (including a small number of composite companies such as microinsurance and reinsurance firms), marking a steady increase over the past decade or so. That, some observers say, is a reflection of a growing awareness on the part of Nigerians – as individuals and as corporate entities – on the benefits of insurance, as opposed to earlier attitudes that were marked by indifference, at best, or fatalism, at worst. A growing number of Nigerians are beginning to recognize insurance as a crucial aspect of modern life which provides individuals and businesses with a safety-net against unexpected losses, as people become more aware of the risks associated with their daily activities.
This growth is also a result of the work being done by individual insurance companies and professionals in the country to deliver the benefits of insurance to an ever-increasing number of Nigerians. A major feature of the emergence of insurance as a viable industry in Nigeria today is the rising profile of companies like KBL Insurance Limited. Thanks to its innovative approach to insurance, KBL Insurance Limited has found itself at the vanguard of organizations mitigating the challenges that have long bedeviled the industry in Nigeria (most notably, the lack of awareness, with a consequent low penetration in the country, as only a small percentage of the population have any insurance coverage; low trust, no thanks to reported cases of fraud and mismanagement; insufficient regulation and weak enforcement of rules, which has led to cases of non-compliance and unethical practices; as well as poor infrastructure, particularly in the area of transportation, which makes it difficult for insurance companies to reach customers in remote areas).
Beyond mitigating these challenges, KBL Insurance Limited, along with its counterparts in the industry, has managed to achieve sustained growth over the years by maximizing the opportunities that the industry has been presented with (among them increasing awareness, thanks to the ability to leverage on digital channels, social media and other marketing strategies to educate Nigerians about the benefits of insurance and how it works; a slew of innovative products designed for different segments of the population; improved regulation, with the government working to strengthen enforcement of the Nigerian Insurance Act and other regulations to ensure compliance and promote ethical practices; and collaboration, as insurance companies now synergize with other stakeholders such as banks, telecommunications companies and government agencies to reach more customers and provide more comprehensive insurance products).
A major factor in the success story of KBL Insurance in this regard is the excellent work done by Temitope Afuwape (or Tope, as he prefers to be known). Recently elevatedto the position of the firm’s Executive Director (Technical & Marketing), he was, until recently, the Deputy General Manager for Marketing and Operations – in which role he was responsible for risk assessment, pricing, policy issuance, claims management and business development for the South-South and South-East regions of Nigeria. Recognized among the ranks at KBL Insurance Limited and across the industry as a strategic thinker and adept leader, Afuwaope has successfully developed and implemented marketing strategies, managed teams and met regional targets. Also recognized for his expertise in risk assessment and underwriting, as well as his ability to build robust relationships with brokers and clients, he has demonstrated proven excellence in analyzing market trends, providing technical support, and ensuring the comprehensive management and coverage of all risks.
An HND graduate of Insurance from the Polytechnic, Ibadan, Afuwape holds a Masters in Business Administration (MBA) degree in Management from the University of Port Harcourt. He is an Associate Member of the Institute of Chartered Economists of Nigeria as well as the Chartered Insurance Institute of Nigeria. He has had an eventful career in the insurance ecosystem; it began back in 1996 when he joined Equity Indemnity Insurance Company Limited (as it was then, now known as SUNU Assurance Company) in Port Harcourt, Rivers State, where he rose to the position of Assistant Manager. In 2005, he joined the now-defunct Heirs/UBA Insurance Company as the pioneer manager of its Port Harcourt branch – a role which involved developing the branch’s operations and establishing a strong market presence in the surrounding catchment area. In 2007, he moved to Unic Insurance Plc as the Senior Manager for the Eastern Zone, in which role he displayed his trademark excellence until he joined Insurance PHB (later renamed KBL Insurance Limited) in August 2008 as the Regional Controller for Southern Nigeria.
Afuwape’s uncompromising commitment to professional development is evident from his participation in numerous courses on operations and marketing (both locally and internationally). With almost three decades of experience in the insurance industry, he possesses a comprehensive and enviabe skill-set that includes operational excellence, industry knowhow and overall leadership ability. With his penchant for strategic thinking and proactive leadership , he has become an invaluable assset to the business model of KBL Insurance, and a critical factor in its drive for success and sustainable growth, as well as its projections for the foreseeable future – as it continues to serve a diverse and growing client and customer base with innovative products in the areas of Auto Insurance; Personal Insurance; Business Insurance; Homestead Insurance; Marine Insurance; Goods In Transit (or GIT) Insurance; Contractor All Risk Insurance; Plant All Risks Insurance: Professional Indemity Cover; and Fire Insurance, among other portfolios, as well as the company’s customer-centric focus.
In an industry still dominated by the likes of AIICO Insurance, Leadway Assurance, Custodian and Allied Insurance, AXA Mansard Insurance, and NEM Insurance, to name but a few giants, KBL Insurance Limited has been steadily pulling its weight over the years on the strength of its prompt and equitable complaints handling processes, its guarantee of fast and efficient operational services, its commitment to excellent, round-the-clock service, and its reputation for reliability, dependability and the superior capacity of its personnel.
As it looks back with pride at a brilliant trajectory (in spite of the aforementioned challenges), and to a future of sustained growth, KBL Insurance Limited will continue to play an important part in the evolution of the insurance industry in Nigeria – thanks to the expertise, experience and leadership of men like Temitope Afuwape.