A leading financial, wealth protection company in Nigeria, Mutual Benefits Assurance Plc, has entered into a strategic partnership with Cool World Electrical Retail Stores, a subsidiary of PZ Cuzzons as part of its efforts to deepen insurance penetration in the country.
The partnership, which was formalised with a Memorandum of Understanding (MOU), entails the underwriting company to provide a combined insurance cover with personal accident extension on selected home and office appliances bought from Cool World.
A statement by the insurance company indicated that it was poised to take insurance to the grassroots through the deal by ensuring that all products bought by customers from Cool World in the country will be insured for all form of household damages ranging from fire, material damage and theft.
Speaking at the event, Mr. Akin Ogunbiyi, the Group Managing Director of Mutual Benefits Assurance Plc, said that the partnership is aimed at adding more value to the products that are sold by Cool world through Insurance. He pointed out that his company was committed to the partnership and hoping to take it to other parts of West Africa.
In his remarks, the Managing Director of Mutual benefits General Insurance, Segun Omosehin said that the partnership is strategic to the redefinition of the landscape of insurance in such a way that it becomes beneficial to the common man.
Omosehin said that the company was determined to spread insurance to the grassroots, adding that the business practices of “partnership and collaboration” are needed for insurance to get to the grassroots which translates to taking insurance to the common man.
The Commercial Director Cool World, Mr Olugbenga Kolawole, said that the partnership would bring radical changes to the retail business in the country, noting further that customers do not have to worry of any household or material damage of any Cool world products bought since they are fully insured by Mutual Benefits.
Source: National Mirror