REX Insurance Launches Retail Campaign to Expand Customer Reach in Lagos

REX Insurance has rolled out a new retail-focused campaign in Lagos aimed at strengthening its presence in Nigeria’s commercial capital and bringing insurance products closer to individuals, small businesses, and informal sector operators. The initiative underscores the company’s determination to expand its market penetration by making insurance more accessible, affordable, and better understood by the wider public.

At the launch event, the company explained that the campaign is part of a broader strategy to deepen awareness about the importance of insurance in securing financial stability and mitigating risks. The Lagos retail campaign is expected to cover major urban and semi-urban areas in the state, leveraging both physical outreach and digital platforms to connect with potential customers.

According to management, the company’s goal is to demystify insurance and reshape public perception by demonstrating its value in everyday life. With Lagos being Nigeria’s most populous city and economic hub, REX Insurance sees the campaign as a strategic step to capture a significant share of the retail insurance market, which remains largely underexplored.

The Chief Executive Officer of REX Insurance noted that the campaign is tailored to reach a diverse demographic, including traders, artisans, students, low-income earners, and professionals. By designing affordable micro-insurance and flexible premium payment options, the company hopes to address one of the major barriers to insurance uptake—accessibility. The campaign also places emphasis on customer education, with plans to hold town hall meetings, market activations, and partnerships with community associations to build trust.

Analysts say the move is timely, given the growing demand for financial protection tools in Nigeria. Recent economic volatility, inflationary pressures, and rising uncertainties have heightened the need for individuals and businesses to safeguard assets and incomes. Insurance companies that can provide innovative, customer-friendly products stand to gain a competitive edge, and REX Insurance’s retail campaign is seen as a step in this direction.

Lagos, with its population of over 20 million and bustling economic activity, offers significant opportunities for insurers. Despite being Nigeria’s largest economic hub, insurance penetration in Lagos—and Nigeria as a whole—remains relatively low compared to other African countries. Reports suggest that less than 2 per cent of Nigeria’s population currently holds any form of insurance, underscoring the need for aggressive awareness and retail outreach campaigns.

The company also highlighted that the Lagos retail campaign aligns with its mission to support financial inclusion and contribute to national economic growth. By reaching out to previously uninsured groups, the initiative will not only expand REX Insurance’s customer base but also increase the overall size of Nigeria’s insurance industry.

Digital innovation will play a key role in the campaign. Management confirmed that REX Insurance is investing heavily in mobile and online platforms to simplify the process of purchasing and managing insurance policies. Customers will be able to access products via mobile apps, USSD codes, and partner digital wallets, enabling real-time transactions and claims processing. This is expected to reduce the bottlenecks that often discourage customers from engaging with insurance services.

Industry stakeholders praised the campaign, noting that it reflects a broader trend among Nigerian insurers to move beyond corporate clients and target retail customers, who represent the largest growth segment. The success of the Lagos campaign could set a benchmark for similar initiatives in other parts of the country, especially as regulators continue to push for deeper insurance penetration.

REX Insurance also used the event to reassure existing and prospective customers of its financial strength and ability to meet claims obligations. The company highlighted its record of prompt claims settlement and customer satisfaction as part of its credibility-building strategy. This assurance is critical in a market where public trust in insurance remains limited due to past experiences of delayed or denied claims.

Furthermore, the campaign will emphasise products tailored to Lagos residents, including health insurance, motor insurance, fire and property insurance, and life policies. The company has also developed micro-insurance products designed for market traders, transport workers, and artisans, recognising their vulnerability to risks and their need for affordable protection.

Analysts predict that the campaign could significantly improve REX Insurance’s market share in Lagos if executed effectively. They noted that combining grassroots mobilisation with digital innovation provides a dual strategy capable of reaching both traditional and modern consumer bases. By adopting this hybrid approach, the insurer is positioning itself as both accessible and forward-looking.

Looking ahead, REX Insurance stated that the Lagos retail campaign is only the first phase of a larger nationwide expansion plan. The company revealed that similar campaigns would be launched in other major cities and regional hubs in the coming months. The goal, according to management, is to gradually build a truly national presence while maintaining strong engagement with local communities.

The launch of the Lagos retail campaign represents a significant milestone for REX Insurance in its bid to expand beyond institutional clients and into Nigeria’s vast retail market. If successful, the campaign could help reshape the perception of insurance, boost financial literacy, and contribute to raising the country’s insurance penetration rate. For Lagos residents, it promises easier access to affordable risk protection, while for the company, it signals a bold step toward long-term growth and sustainability.