Although both Nigeria and Angola are regarded by many multinational wealth management companies as potentially dangerous and problematic, Global Index International managing director John W Fleming said that there is “a lot of business to be done in these markets, if you know what you are doing, which we do”.
He said he was targeting the expatriate oil and commodities industry workers in both countries as well as the more affluent end of their local markets.
Nigeria is a natural market for Global Index because it is a major oil producer and has a large number of foreigners working in its oil fields. Angola, which only recently emerged from a three-decades-long civil war, is a major producer of oil and other commodities – notably including diamonds – while also sharing the Portuguese language and a Portuguese-influenced culture with Brazil.
Global Index does not yet have an office in either country but has staff on the ground and is looking to recruit more, Fleming said.
The Global Benefits products Global Index intends to market include its recently launched web-based life insurance product, Life Protector, which permits clients in Africa to obtain up to $250,000 worth of accidental life cover instantly online, without requiring a medical examination.
Global Benefits Europe is a subsidiary of the California-based Global Benefits Group, and is not related to Global Index. It specialises in supplying group insurance for the foreign operations of multi-nationals, insuring some 670,000 employees’ lives around the world.
Global Index International is the featured company in November’s edition of International Adviser. Click here to view.
