Determined to increase market penetration and reach the uninsured populace in the grassroots, Anchor Insurance Company Limited, a general business underwriter, is strengthening capacity in product and manpower development.

The company, which recently concluded a training retreat for its workforce across the country, is working out plans to deploy more marketing and sales staff to nook and crannies of the country as part of efforts to distribute its micro insurance products.

By the last quarter of this year, the company would be launching the latest product in its stable “Anchor Aspire” which has been designed to meet the needs and purchasing power of the lower class in the society.

Mayowa Adeduro, Managing Director, Anchor Insurance, who spoke on the sideline of the just concluded African Insurance Organisation (AIO) Conference in Khartoum, Sudan, stated that developing the micro insurance programme was the way to go in deepening the nation’s insurance industry.

“There is a mass market in the grassroots and our focus is to cash on these opportunities to boost our fortune.”

Adeduro said the strategy was coming out with low and affordable products that majority of low income earners could afford, saying “while we will continue to service our corporate clients, it is important we reached the mass market.”

“Can you imagine that excitement of people when you present to them insurance cover for their health, accident or small businesses for premium as low as N50.00? The interest will be massive and that is where we are going,” he said.