By ROSEMARY ONUOHA
GT Assurance Plc is now Mansard Insurance Plc. The new name was unveiled at the Corporate Head Office of the company in Lagos last week.
Chief Client Officer of the company, Tosin Runsewe, who unveiled the new brand said that Mansard is another word for a roof and a roof is a symbol of protection.
He said “The concept of a roof speaks to the consistency and dependability that our brand has with our customers. GT Assur has evolved into Mansard Insurance today, yet the same company continues with the same people and the same values.”
It will be recalled that the Central Bank of Nigeria, CBN, two years ago mandated banks to divest from all non-banking subsidiaries in the country.
As a fall out of this, Runsewe said that GT Assur was acquired by a consortium of five investors known as Assur Africa Holding wholly registered in Mauritius.
He said “We have to conclude this whole process by re-branding, by coming up with our own brand which is a brand that we expect to not just step out with in Nigeria but to roll out eventually across West Africa in the next few years and we expect that this brand will become a leading brand in Nigerian financial services sector and not just in the insurance sector.”
Runsewe said that the company needed to re-brand because it has changed ownership, stating “We now have the opportunity to build an independent leading brand for ourselves. For as long we are subsidiary of a bank we are always going to be subject to what they do but now we are independent and we want to build our own brand that will compete not just in the insurance sector but across Nigerian financial services industry and not just in Nigeria but hopefully across West Africa region.”
Runsewe said that over the years they have seen the company grow rapidly and at the end of last year, business had grown by 33 per cent and at the end of the first quarter this year, had also grown by 22 per cent.
Runsewe added that the re-branding has enabled the company to develop bancassurance relationship with other banks, adding “Hitherto other banks could not close this relationship with us due to they taught we were the subsidiary of a bank. So becoming independent has suddenly made us very attractive to other banks who are now doing business with us in a much closer way, so we are having the opportunity to expand without compromising the existing relationship that we had before.”