Federal Govt Mandates Insurers To Innovate In Products, Service Deliveries

Sun May 22nd, 2022 - Abuja (FCT)

The federal government through the minister of Finance, Budget and Planning, Dr. Zainab Shamsuna Ahmed, has charged insurance companies in the country to develop new innovative products based on data and customer preferences.

FG also urged them on introduction of new channels of distribution beyond the traditional channels to reach new segments of the market.

Ahmed, who spoke at the official commissioning of National Insurance Commission(NAICOM) Portal in Abuja at the weekend, noted that, there is also a need for cooperation with other agencies of government to enforce compulsory insurances in the country.

Stakeholders in the industry, the minister said, must consciously and intentionally spread the reach of insurance from the major cities and few states to other regions of the country, especially, the rural areas, adding that, low penetration in the retail end of the market must also be addressed through vigorous drive of inclusive insurance, such as, micro insurance and takaful.

“In addition, deliberate attention must be given to the low insurance literacy and education in the country. Strategies must be put in place for insurance education, awareness and enlightenment,” she said.

Stating that massive sensitisation must be done on both traditional and new media on the benefits of Insurance, he added that, “I want to advice that insurance education should be introduced in the education curriculum from Primary to Tertiary Schools.”

Ahmed said, the unsatisfactory response to settlement of claims by underwriters had greatly contributed to the prevailing poor public perception and lack of trust and confidence in the insurance Industry,




source: Leadership