CHI Life Assurance Limited is seeking stronger collaboration with insurance brokers, product innovation and broader financial-sector integration as part of efforts to deepen life insurance penetration in Nigeria, amid persistent gaps in financial protection for individuals, families and businesses.
The company said expanding life assurance beyond conventional products and tailoring solutions to the changing financial realities of Nigerians would be critical to making insurance more relevant and accessible to a wider population.
Tope Ilesanmi, managing director of CHI Life Assurance Limited, stated this at the Professional Brokers’ Evening organised by the Nigerian Council of Registered Insurance Brokers (NCRIB), Abuja Area Committee, in Abuja.
Ilesanmi said the industry must shift from a product-selling approach to one that starts with understanding the risks and financial needs customers face at different stages of their lives.
‘The question should no longer be, ‘Which product can I sell today?’ Rather, it should be, ‘Which future am I helping this customer protect?’ When we begin every conversation from that perspective, we create lasting value for families, businesses and society,’ he said.
His position reflects a broader challenge confronting Nigeria’s life insurance market, where low awareness, affordability concerns, limited trust and weak understanding of the value of long-term financial protection continue to constrain penetration.
Ilesanmi said brokers have an important role to play in closing that gap because of their position as trusted advisers who can translate insurance products into solutions that address customers’ actual financial concerns.
He said CHI Life was therefore focusing on solutions that connect life assurance with healthcare and other financial services, allowing customers to address multiple protection needs through more comprehensive financial solutions.
‘The future of financial security is built on collaboration across the financial ecosystem. At CHI Life Assurance, we are positioning ourselves beyond conventional life insurance by creating stronger connections between life assurance, healthcare and financial services,’ he said.
According to him, products must increasingly reflect the realities of Nigerian households, rather than rely on generic insurance propositions.
He cited CHI Life’s Rent Secure product as an example of how insurers can use innovation to address everyday financial pressures and create entry points for people who may not traditionally consider life insurance.
‘We invite our broker partners to work with us in taking products like this to more Nigerians who require financial security and peace of mind,’ he said.
The insurer’s push for wider market penetration comes as its financial capacity has strengthened following the industry’s recapitalisation exercise.