One of the benefits of living in a city is the array of business opportunities available to fast thinkers and diligent people. Although, while others see the challenges of traffic, high cost of goods and shelter, congestions and unavailability of basic necessities of life, some have simply converted those challenges to opportunities, while smiling to the banks in return.

For example, one of the characteristics of urban cities is that virtually all organisations in manufacturing, banking, insurance and other sectors of the nation’s economy, want to have at least their branches, if not the headquarters of their companies, in the city. This has automatically enhanced job opportunities in the city.

In spite of this, the increasing rate of unemployment in the country has continued to be a source of nightmare to parents and undergraduates, without any solution forthcoming from the government.

Besides, the development has also given rise to employers’ maltreatment of their employees without any protection from the appropriate authorities.

Despite the positive developments in the global economy and noticeable improvement in Nigeria’s economy, the Central Bank of Nigeria (CBN) recently put the national poverty level at 54.4 per cent and unemployment rate at 19.7 per cent. The poor state of electricity supply, road network and other physical and social infrastructure also continue to affect the purchasing power and quality of lives of ordinary Nigerians.

Public and motivational speakers have opined that the best solution to the upsurge in the rate of unemployment is to be self employed. But, some of the challenges faced by would-be entrepreneurs remain the dearth of start-up funds, poor and epileptic power supply among many others. But in spite of these odds, fast thinkers, as well as energetic and proactive individuals are paving ways for themselves in businesses that others look down on.

One of such businesses includes selling insurance products in any capacity. The insurance sub-sector of the Nigerian economy is a fast-growing area that has recently opened up an array of business opportunities to young graduates with natural marketing skills, through the Market Development Restructuring Initiatives (MDRI).

Although, the apathy against insurance has remained a force to contend with, nevertheless, the industry is waking up to the reality of its status and is fast becoming the hub of economic activities paving way for graduates to sell insurance products across cities and towns in Nigeria.

Starting from September 1, 2011, six insurance products will be made mandatory for all Nigerians and many individuals will be needed to commercialise the products.

Background
Shortly after the conclusion of the last recapitalisation exercise, the Federal Government of Nigeria enacted the law that opened up the industry to such an extent that industry chiefs have started tapping into it. The National Insurance Commission (NAICOM), in its moves to increase insurance penetration in Nigeria, is planning a compulsory insurance product for every Nigerian in order to ensure that virtually all insurable Nigerians have adequate insurance cover.

This, according to experts, would generate at least 30,000 independent jobs for proactive young and energetic individuals. Analysts have argued that for the next five years, the insurance industry has the potential to create jobs for willing graduates irrespective of their course of study. Of recent, some companies, such as Goldlink Insurance Plc, Cornerstone Insurance, Eagle Search Service of Nigeria, have taken bold steps in tapping into the vision by designing some tailor-made products that are marketable.

The Managing Director and CEO, Goldlink Insurance, Mr Femi Okunniyi, explained that the kind of job that has been created through the implementation of MDRI and other products would be such that needs individuals, not necessarily with huge capital to start, but with the ability to engage in aggressive marketing sprees.

The company, according to Okunniyi, is displaying four products that individuals could get involved in and get their commissions.

Additionally, the Managing Director, Eagle Search Service of Nigeria, Mr Olubamidele Ajanaku, recently disclosed that a consortium of 16 insurance companies and two brokers, in their bid to combat the prevailing high level of poverty in the country, signed a Memorandum of Understanding with an indigenous company, known as Eagle Search Services of Nigeria, to create about 15,000 direct job opportunities for the youths.

These people would serve as data collators and ambassadors of the scheme irrespective of tribe and location before the year runs out.

How to get involved
Different from the conventional insurance broking business, Mr Okunniyi explained that the job would involve individuals with interpersonal skill and ability to convince insurable individuals to buy the displayed products. He added that the job would be as lucrative as that of bankers but the individual should be ready to move from one individual to the other and from one school to the other.

Leveraging on the over 150 million population of the nation, the Managing Director of Mutual Benefit Assurance, Mr. Akin Ogunbiyi, said that it was an added advantage for any insurance agent, adding that if every insurable individual is mandated by law to take up one form of insurance product or the other, agents would be smiling to their banks.

However, agent jobs are of varying categories. Agents of this category would be remunerated mainly through commission. The slogan is, “the more you sell, the more your take home commission.” This, according to experts, is to encourage aggressive sales of the products. Meanwhile, some of the companies, in addition to the commission, remunerate their agents through salaries as well.

Most companies are migrating to direct sales, therefore giving boost to the era of insurance agents. Agents’ commission is a certain percentage of the premium paid by the insured public. The percentage depends on the agreement with the company that offers the product.

On getting started, insurance experts explain that they only require interested individuals to have an office space with contact address.