Prudential Zenith Life Insurance Limited (PZL) recently confirmed the appointment of Funmilayo Omo as its managing director/CEO, marking a significant milestone in the company’s strategic evolution. This is following Prudential’s full acquisition of PZL and highlighting its long-term commitment to the Nigerian market. As PZL enters this new phase of direct ownership, Omo is poised to lead the organisation with a sharp focus on innovation, customer value, and operational excellence, aligning local impact with Prudential’s broader ambition across Africa. In this interview with Modestus Anaesoronye, she shares her vision for PZL and strategic priorities for the Nigerian insurance landscape.
Congratulations on your appointment as MD/CEO of Prudential Zenith Life (PZL). What resonates most deeply with you as you step into this new chapter?
It is a profound honour to step into the role of MD/CEO at Prudential Zenith Life, especially at such a transformative moment for the company. What resonates most deeply with me is the immense potential to make a tangible difference in the lives of Nigerians. Having spent over two decades in financial services, I have witnessed firsthand the incredible power of insurance to provide security, foster peace of mind, and enable individuals and families to achieve their long-term goals. It is not just about policies and premiums; it’s about empowering people to plan, mitigate risks, and protect what truly matters to them. That core purpose is what genuinely drives me.
This is an exceptional opportunity to build on PZL’s strengths and innovate to make insurance more accessible, understandable, and valuable for everyone. With the full backing of Prudential Plc, we are uniquely positioned to deepen our market penetration, invest strategically, and deliver unparalleled customer value. I am incredibly enthusiastic to lead this charge and ensure Prudential Zenith Life becomes synonymous with trust, innovation, and unwavering commitment to our customers.
Last year, Prudential PLC’s full acquisition of PZL marked a pivotal moment in the company’s operations. What specific opportunities and advantages does this present for PZL under your leadership, and what excites you most about navigating this new era?
The full acquisition by Prudential offers us a clearer runway for growth and innovation. With direct access to a wealth of resources, robust systems, and global expertise that have been proven in diverse markets, we are best able to tailor these robust frameworks specifically for the unique dynamics of the Nigerian market.
What is paramount to me is that our objective is not to simply replicate global models. Instead, it is about innovating and customising them to effectively serve the unique needs of Nigerians. This shift also translates to a more streamlined operation, faster decision-making, and enhanced accountability across the board. Ultimately, this is a significant leap forward in how we will serve our customers and how we will drive growth as a business.
You bring extensive experience in the insurance and financial services sectors. Could you share key milestones or experiences that have fundamentally shaped your leadership philosophy and approach?
My extensive experience in the insurance and financial services sectors has been a continuous journey of learning and adaptation, shaped by pivotal moments that challenged and refined my approach to leadership. One of the most defining milestones was leading African Alliance Insurance through its first major digital transformation and corporate rebranding in over 50 years. It wasn’t just about modernizing operations; it was about instilling a mindset shift across the organization, proving that legacy institutions can evolve without losing their essence. That experience reinforced my belief in the power of clarity, courage, and strategic foresight in leadership. Another turning point was building Enterprise Life Nigeria from the ground up. Establishing a new business in a highly competitive market taught me the value of customer-centric innovation and the need to constantly adapt. We introduced products designed around real Nigerian needs, expanded access through technology, and formed key partnerships that accelerated our growth. It reminded me that leadership is as much about listening and learning as it is about directing.
Above all, I have come to view leadership as a service, one that requires vision, empathy, and the courage to push boundaries. Whether it is expanding access through technology, driving product innovation, or developing future leaders, my focus has always been on creating sustainable impact that goes beyond numbers.
In a rapidly evolving market driven by innovation and accessibility, how do you envision positioning PZL to not just compete, but to lead and redefine the insurance experience in Nigeria?
To lead and redefine the insurance experience in Nigeria, our priority is understanding the customer- their frustrations, unmet needs, and expectations. We are deliberately shifting from a product-first mindset to a customer-first approach, where every offering and touchpoint is built around solving real problems.
Whether it’s the complexity of signing up, delays in claims processing, or lack of clarity around benefits, we are listening and responding. Our strategy is simple but powerful: address the pain points directly and make insurance effortless. That means investing in tools, talent, and processes that deliver seamless, convenient service that is fast, reliable, and easy to access.
At PZL, we’re not just aiming to improve the insurance experience, we’re reengineering it to reflect the reality of the people we serve.
Life insurance adoption in Nigeria remains a challenge. What strategies do you plan to implement to build greater trust and make life insurance solutions more accessible and relevant to a wider range of Nigerians?
You are right, building trust and increasing accessibility are critical for boosting life insurance adoption in Nigeria. We recognise that historical issues have contributed to a perception of distrust, and to change this, we must fundamentally alter our approach. To address some of these challenges, Prudential Zenith has already reduced its claims turnaround time from 72 hours to 62 hours, with a goal of achieving a 48-hour turnaround time soon.
Furthermore, our strategy begins with the radical simplification of our products. Policies shouldn’t require legal interpretation; their value and benefits must be immediately clear and tangible. We are also transforming our distribution channels. Insurance cannot remain confined to traditional spaces. By partnering with key stakeholders, we aim to integrate insurance into the everyday lives of Nigerians, meeting them where they are, on their phones, in their markets, and within their communities.
Crucially, trust is earned through consistent, reliable execution. We are heavily investing in service excellence, prioritising seamless customer experiences. Ultimately, increased adoption hinges on relevance. When Nigerians can clearly see how a policy directly protects their families, secures their businesses, or provides peace of mind, adoption will naturally follow. Our commitment is to consistently and clearly connect these dots.
Drawing from your deep understanding of the Nigerian financial sector, what do you perceive as the most significant opportunities PZL can capitalise on in today’s insurance sector?
There is a vast, underserved segment comprising informal workers and small business owners. Existing insurance products often do not align with their unique livelihoods and risk profiles. We see a substantial opportunity to develop and offer simple and easily understandable products that are highly relevant to their everyday needs.
Furthermore, as more Nigerians engage in long-term financial planning for retirement, education, and savings, there is a growing demand for products that combine protection with investment value. We are developing solutions that empower individuals to plan for their future with confidence. Ultimately, however, the most significant opportunity lies in building unwavering trust by consistently delivering on our promises.
How do you think Prudential Zenith Life can play a more impactful and meaningful role in bridging the insurance gap and actively contributing to broader financial inclusion across Nigeria?
Prudential Zenith Life plays an impactful role in bridging the insurance gap and fostering financial inclusion in Nigeria by focusing on three critical pillars: access, education, and trust. We view ourselves not just as an insurer, but as a catalyst for broader financial empowerment.
Education is paramount. Many Nigerians do not reject insurance; they simply have not seen its benefits firsthand or understood its relevance. We are actively investing in robust awareness campaigns, digital literacy initiatives, and grassroots engagement to demystify insurance and illustrate its tangible value. The more people understand how insurance protects what matters most, the greater the adoption will be.
Regarding trust, we are committed to “walking the talk.” This translates to transparent communication and consistently demonstrating our commitment to customers when they need us most. True inclusion goes beyond ticking boxes; it is about creating meaningful, enduring value for segments of the population that have historically been underserved. By aligning our business objectives with these broader societal needs, we are building a sustainable model where profitability and financial inclusion go hand in hand.
Given Nigeria’s dynamic economic landscape, what strategies will you prioritise to remains agile, resilient, and consistently deliver impactful value to stakeholders?
In Nigeria’s dynamic economic landscape, agility and resilience are essential. At Prudential Zenith Life, we are ensuring we stay robust and consistently deliver value by focusing on four strategic anchors: digital transformation, operational efficiency, talent agility, and stakeholder trust. We are embedding digital at our core, driving leaner operations, and building a culture of adaptability within our team. Critically, we are also committed to deepening trust with all stakeholders through transparency, compliance, and consistently delivering on our promises. This comprehensive approach is how we will remain agile, resilient, and impactful.
As a woman reaching the pinnacle of leadership in a traditionally male-dominated industry, what empowering message or insights would you offer to other women with aspirations for leadership?
Breaking through to leadership in a traditionally male-dominated industry is not just about proving your competence; it is about showing resilience, leading with purpose, and trusting in your ability to deliver impact. My message to other women is simple: you belong at the table, and you do not need permission to lead. However, I also recognise the systemic barriers that exist. That is why it’s crucial to create robust support structures through mentors, sponsors, and communities that uplift as they climb. I have been fortunate to have incredible individuals who believed in me and opened doors, and I now see it as my responsibility to do the same for others.
To women aspiring to leadership, I urge you to show up prepared, own your voice, and never shrink your ambition to fit outdated expectations. Leadership is fundamentally about delivering value, solving problems, and bringing others along with you. If you can do that – and many women already can and do – then your place is wherever impact is being made.
Looking ahead, what enduring legacy do you aspire to build, and what impact do you hope the company will have on the lives of Nigerians?
For me, an enduring legacy at Prudential Zenith Life is not merely about numerical growth, even though in 2023 we paid over N11.95 billion in claims and anticipate paying more in FY 2024/25. Instead, it is about the depth of our impact, particularly through our community engagement activities, and building an institution that is trusted, human, and future-proof. My aspiration is to redefine what insurance means in Nigeria, transforming it from something perceived as distant or complicated into a real, accessible, and empowering tool for every Nigerian. I want every individual who interacts with PZL to feel genuinely understood, protected, and valued.I want Prudential Zenith Life to be known not just for the policies we sell, but for the problems we solve, the lives we touch, and the confidence we build in families, in businesses, and in the future of Nigeria. That, to me, is the legacy truly worth building.
