The National Insurance Commission (NAICOM) is now more resolute at boosting insurance growth and make it more accessible to the people as it has identified more outlets for distribution of insurance products.
The insurance industry regulator is currently devising means to connect vehicle dealers, petroleum outlets and shopping malls to put up for sale insurance products.
Fola Daniel, Nigeria’s commissioner for insurance explained that the current initiative has become imperative to boost potentials of the insurance industry which he said had not been considerably harnessed.
Daniel who spoke during a seminar for insurance reporters in Benin said the agency is making conscious efforts to address the challenges facing the insurance industry especially as the federal government is desirous at transforming the industry to make it contribute its expected quota to the nation’s economy.
He said the commission would issue guidelines on how the intermediaries could help take insurance to the unreached and make insurance products easily accessible for the public adding that the insurance transformation initiative is expected to translate into enforcement of public insurance, delivering more job/skill, building consumers trust and awareness and increasing access to insurance.
Also, NAICOM Director, Inspectorate, Barineka Thompson, affirmed that the broking sub-sector would be restructured into individual brokers, universal brokers and partnership brokers.
Besides, he said the agency business would be restructured into individual agents, corporate agents, insurance company agents, microinsurance agents, web aggregators and referrals.
By Yemisi Izuora.