After almost six years the company acquired Oceanic Life Insurance, Old Mutual Nigeria Life Assurance Company Limited, OMNiLAC has just began the most aggressive marketing campaign of its life in Nigeria.
Why its is surprising to many watchers in the insurance industry, Old Mutual might be seeing the inevitable signs that it has to ‘grow some balls’ and start shooting from all cylinders.
The company’s bancassurance partnership with Ecobank, (for full disclosure purpose, Old Mutual owns 20% holding in Ecobank Transnational Inc, the parent company of Ecobank) has given it a considerable foothold in the market.
However, this can only take the company a little further. Its new campaign across Lagos and two other key cities is a sign that company is looking at really reaching out to get converts and or first time insurance customers.
Old Mutual’s strength is in life insurance. Its approach in Nigeria based on its marketing collaterals shows that the firm will be pushing savings-linked life products to appeal to the market dynamics.
In the insurance sector, AXA Mansard and Leadway Assurance are the major marketing focused brands. It is left to be seen if Old Mutual will be planning to match them strength for strength.
In June, Leadway Assurance was partly acquired by Swiss Re. The company will be expected to be planning to launch its new alliance and communicate it properly.