AXA Mansard Health, an underwriting company, has reaffirmed its commitment to expanding the Nigerian insurance market despite rising inflation and rising customer awareness.
Tope Adeniyi, the organization’s chief executive officer, discussed how dedicated his business is to expanding the sector in an interview with The Guardian.
According to Adeniyi, the company has experienced unheard-of growth over the past seven years as a result of its commitment to clients, technological investments, and provision of high-quality services. He argued that despite market concerns, AXA Mansard Health has remained dedicated to meeting the specific needs of its clients.
“The economic environment has been challenging and as the biggest player in the health insurance space; we are probably the most impacted. As inflation was growing, the cost of care was rising with it. But rather than reneging on our commitment to customers like most providers are doing, we decided to stay true to our words and our customer-first philosophy even when this commitment comes at a cost to us.
“We now sit with our customers to review the situation and because of the sacrifices we have made on their behalf, the conversation around repricing of services has been much more fruitful. We expect to start seeing the impact of these discussions from Q4, 2022.”
He emphasized that the many cost-optimization alternatives the company gave to them were what led to the clients’ commitment.
“We did not just go to our customers and say inflation is high, therefore we need to reprice our services accordingly. No, we leveraged our prior investment in technology to optimise cost where possible. So, by the time we made the presentation to our customers, they saw us as partners that deeply understand them. So the conversation is easier,” he said.
