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Expert urges NAICOM to assist operators


The National Insurance Commission (NAICOM) has been told to initiate measures on how to assist insurance operators in the area of retail marketing, skill development and product development to enable them sustain the benefits derivable from the industry’s reform.

Managing Director, Riskguard-Africa Nigeria Limited, Yemi Soladoye, who disclosed this in Lagos, said it is necessary for NAICOM, having pushed all its reforms and sanctions to the market, to concentrate on how the industry can get quantitative results from all the good things it has done.

He said: “NAICOM, having pushed all these reforms and sanctions to the market, in the next three years, should concentrate on how the industry can get quantitative results from all the good things they have done.

“As they have brought in Market Development and Restructuring Initiative (MDRI), they need insurance education and enlightenment to get the result and should now begin to look at it in quantitative terms. If they would need to help insurers on skill development they should do that. If they could help them even on product development, they should do that.

“If they need to assist them in providing training, they should do that,  because there is huge man power shortage in the agency system. Not many people know how to run agency, so many of them do not have experience, so, if NAICOM is to help them on retail market, it will be okay.

“If they will help them on payment system, especially mobile payment, they should also do that,  so, that at the end of the day, NAICOM will concentrate on things that would bring about huge volume of premium.”


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