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Ep. 212: African Union: Roadmap to Greater Insurance Distribution

Shownotes

Olorunmola Fiyinfoluwa Victoria, or simply Folumy, is a Risk Management Analyst for Tangerine Life, a financial technology company in Nigeria that provides insurance products from life insurance to education plans. She is the co-host of the InsurTech Business Series Podcast, the No.1 InsurTech Podcast in the African continent where they talk about innovation and technology amidst Nigeria’s emerging insurance industry. Folumy is also an Associate of the Chartered Insurance Institute of Nigeria.

This episode is brought to you by:

Insurance Licensing Services of America (ILSA), America’s premier regulatory compliance experts. To learn more visit ILSAinc.com.

Folumy joins us to discuss Nigeria’s insurance climate and the many ways she believes their industry can improve for better customer reach. She describes how pursued a career in insurance, why being a banker didn’t appeal to her, and the challenges she faced along the way as a female Nigerian. She explains the big problem with communication between insurance companies and their clients and cites some ways to solve it. She shares why Nigerians don’t see the value of having insurance and describes the difference between the Kenyan and Nigerian insurance markets. Folumy also discusses how Nigeria coped with the pandemic of 2020.

“Insurance is one of the ways Nigeria can move from a non-business sector to an all-business sector.”

Olorunmola Fiyinfoluwa (Folumy) Victoria

What you’ll learn:

  • Folumy’s life in Nigeria and why she pursued a career in insurance.
  • How Folumy overcame the hurdles of finding success in Nigeria.
  • Why Folumy didn’t consider a career in banking.
  • Addressing the insurance communication gap for their Nigerian clients.
  • Why Nigerians don’t believe in the value of having insurance.
  • Comparing the insurance market in Kenya and Nigeria.
  • What the future holds for the insurance industry in the African continent.
  • How the pandemic affected Nigeria in 2020 and how they responded to it.
  • How movies helped uplift her spirit throughout the last 12 months.

Key Takeaways:

  • Nigerians are beginning to invest in agriculture as an alternative to the oil sector.
  • About 82-million Nigerians are living below the poverty line.

Connect with Folumy: