Spread the love

With a reputation for visionary leadership and a deep understanding of the principles of Takaful, Mr. Nasir Abubakar Song, the Managing Director/CEO of Crown Takaful Insurance Limited shares valuable insights to the growth trajectory of Crown Takaful, the unique advantages of ethical insurance models, and the company’s commitment to providing inclusive, Shariah-compliant insurance solutions for all Nigerians. In this interview with DAILY COMMERCE, Mr. Nasir speaks candidly about the challenges and opportunities in the insurance sector, the role of technology in reshaping customer experience, and Crown Takaful’s strategic vision for the future. His responses offer a glimpse into the values that drive the company and the leadership approach behind its growing success.

DC: What is the position of Crown Takaful in the Nigerian insurance market?

Nasir: Crown Takaful Insurance Limited is a pioneering force in Nigeria’s insurance landscape, offering innovative, Sharia-compliant Takaful solutions that prioritize ethical, inclusive, and community-focused insurance. Since launching operations, Crown Takaful has rapidly expanded its reach across major cities, providing tailored products that serve everyone-from small business owners to families and large corporations. Our mission is to redefine insurance by fostering mutual cooperation and shared prosperity, making us a trusted institution committed to financial security and economic inclusion in Nigeria’s growing insurance market.

DC: What key factors contribute to customer loyalty at Crown Takaful?

Nasir: Customer loyalty at Crown Takaful stems from our unwavering commitment to transparency, ethical practices, and genuine care for our participants. We offer Sharia-compliant products that resonate deeply with the values of many Nigerians, providing not just protection but empowerment through mutual cooperation. Our focus on tailored products, clear communication, and community engagement builds trust and a sense of shared purpose, ensuring that participants feel valued and confident in their coverage. Our partnerships with grassroots organizations and affinity groups also help us connect authentically with customers, reinforcing loyalty through education and accessibility.

DC: What was Crown Takaful’s production (gross contributions) for the 2024 financial year?

Nasir: In just our first year of operation, Crown Takaful achieved a remarkable total production of approximately N1.935 billion in gross contributions. This milestone reflects the strong market acceptance of our ethical and innovative insurance products and underscores our rapid growth trajectory within the Nigerian insurance sector.

DC: What are your projected contributions for 2025, and what strategies will drive this growth?

Nasir: For 2025, we are targeting significant growth beyond our inaugural year’s achievements, driven by strategic expansion into underserved markets and continuous product innovation. Our approach includes deepening partnerships with intermediaries and cooperative associations to increase insurance awareness and penetration, especially at the grassroots level. We will also leverage technology to enhance customer experience and operational efficiency, ensuring our products remain accessible, affordable, and aligned with the evolving needs of Nigerians. This multi-pronged strategy positions us to capture a larger share of the growing Takaful market in Nigeria.

DC: In this volatile economic environment, how is Crown Takaful safeguarding its risk fund to meet obligations to participants?

Nasir: Crown Takaful employs prudent risk management practices grounded in the principles of mutual cooperation and shared responsibility. We maintain a robust risk fund, carefully managed to ensure liquidity and solvency, even amid economic uncertainties. Our underwriting processes are rigorous, and we continuously monitor market conditions to adjust our strategies proactively. This disciplined approach guarantees that we can meet our obligations to participants, providing them with reliable protection and peace of mind regardless of external volatility.

DC: Do you believe current insurance premiums adequately account for rising inflation in Nigeria? If not, how should the industry adjust?

Nasir: Current insurance premiums in Nigeria often lag behind the realities of rising inflation, which can undermine the value of coverage and the sustainability of insurance providers. The industry must adopt dynamic pricing models that reflect economic conditions while balancing affordability for customers. Additionally, there should be greater emphasis on educating consumers about the necessity of adequate premiums to maintain meaningful protection. Innovations in product design, such as flexible and modular coverage options, can also help bridge the gap between inflationary pressures and accessibility.

DC: How does Crown Takaful compete in a market with low insurance penetration, particularly in the retail segment?

Nasir: Crown Takaful’s competitive edge lies in its ethical foundation and community-centric approach, which resonates strongly in a market where trust in insurance is low. We focus on creating awareness through grassroots partnerships, leveraging intermediaries who serve as trusted ambassadors in local communities. Our product suite is designed to be inclusive and adaptable, meeting the diverse needs of retail customers from urban centers to rural areas. By emphasizing transparency, shared responsibility, and tangible benefits like surplus distribution, we build confidence and encourage uptake in a traditionally underserved segment.

DC: Is Crown Takaful preparing for a potential increase in the minimum paid-up share capital requirement by NAICOM?

Nasir: Absolutely. Crown Takaful is proactively aligning with regulatory expectations, including any potential increases in the minimum paid-up share capital mandated by NAICOM. We recognize that strong capitalization is essential to sustaining growth, enhancing market confidence, and fulfilling our commitments to participants. Our financial planning and capital-raising strategies are designed to ensure compliance and position us for long-term stability and leadership in the Takaful insurance space.

DC: Where do you see the future of Takaful in the broader insurance industry?

Nasir: The future of Takaful is bright and transformative. As awareness of ethical and Sharia-compliant insurance grows, Takaful will increasingly become a mainstream choice for millions of Nigerians seeking financial security aligned with their values. It represents not only a product innovation, but a paradigm shifts toward mutual cooperation, transparency, and social solidarity within the insurance sector. We foresee Takaful playing a pivotal role in expanding insurance penetration, driving financial inclusion, and reshaping the industry to be more just and accessible.

DC: What innovations or expansions is Crown Takaful pursuing to enhance its market share?

Nasir: Crown Takaful is committed to continuous innovation, including the development of new product lines tailored to emerging customer needs such as educational family plans, credit protection, and group family coverage. We are also investing in technology-driven platforms to streamline customer engagement, claims processing, and policy management, enhancing convenience and trust. Expansion plans include growing our physical presence across Nigeria’s regions and deepening partnerships with cooperatives and affinity groups to reach the uninsured. These initiatives are designed to not only grow our market share but to redefine how insurance is experienced in Nigeria.