African Alliance Insurance Plc is transforming itself for the better. The company, which was incorporated in 1960, said it is embracing new strategies of doing business in order to appeal to the youthful population.
Therefore, to reveal its new identity and strategic direction to the world, members of the press were gathered at the George Hotel in Ikoyi, Lagos, for a rebranding ceremony. The event marked a new beginning for the company, solidified with the unveiling of a new logo.
We are very excited to share our new corporate identity with you; restyled to fit your lifestyle.
— African Alliance Insurance Plc. (@AAInsurancePlc) March 8, 2019
Nairametrics was there, and spoke with the company’s Chief Executive Officer, Funmilayo Omo, about the reason to rebrand. See excerpts below:
Nairametrics: A number of companies have been rebranding of late: Taxify has become Bolt, Piggybank has become Piggyvest. What is the reason behind African Alliance’s rebranding decision?
CEO: This is the first time African Alliance is going to go through the rebranding process. It is in line with the new corporate strategy and a new direction in which we are going.
One of the steps towards this rebranding is the unveiling of our new logo. It is meant to push our brand into the market reinvigorated, refreshed, and ready to appeal to the sector that we have targeted which is the youth sector.
We want to bring the strength of the company, the age of the company, the experience we have to the youth.
Nairametrics: Insurance penetration in Nigeria is low compared to other African countries. What is African Alliance planning to do in order to expand its coverage?
CEO: Part of what we are trying to do in order to expand coverage is first to create awareness. We’ve discovered that the youth market is 60% of the population. With the way things have been, there’s been no appeal to the youth. One of the things we intend to do is project ourselves to the youth by bringing out solutions that will meet their needs and appeal to them. By so doing, we will deepen the penetration in the market.
Nairametrics: Youth unemployment is a pressing subject in Nigeria. Has African Alliance looked at the affordability levels of the insurance it plans to offer to the youth?
CEO: Sure. We have thought about that. One of the peculiarities of this generation is that we have a lot of SMEs, a lot of Startups and a lot of Youths doing their own stuff. Part of what we offer are solutions that help to provide protection, help target savings, and life cover, and providing them in such a way that they are able to meet their goals, achieve their expectations, in a manner that is well structured and affordable.
Nairametrics: The youth spend a lot of time on social media. Does African Alliance have a presence on social media to reach out to them?
CEO: Yes, we do have a presence on social media and we intend to deepen that presence and increase our traction in the digital space. What we are doing now is a lot of marketing in the digital space. We’ve deployed a lot of infrastructure and resources and we intend to sustain it.
Nairametrics: Finally, it is International Women’s day, and you are a role model to a lot of young girls who aspire to someday become a CEO like you, what is your message to them?
CEO: For young women, keep your head up, nothing is impossible. Set your heart to your goals, be consistent, be diligent, and you’ll get there.