Business
NAICOM Sets 3-year Agenda To Rejig Insurance Sector
Gov. Abiola Ajimobi (left) of Oyo State congratulating Acting Chief Judge of Oyo State, Mr Mukhtair Abimbola, during his swearing-in in Ibadan recently.
The Commissioner, Mr Fola
Daniel,National Insurance Commission (NAICOM), on Monday in Abuja, said the corporation had set a three-year agenda to transform the sector.
Daniel said this at the National Insurance Summit 2014, tagged: Transforming the Nigerian Insurance Sector: A three-year agenda.’’
He said the insurance sector, as a critical part of a nation’s economy, had the potential of galvanising the optimal performance of other sectors and reducing pressure on public sector finance.
The commissioner, however, noted that the key challenge to the growth of the industry had been how to get sufficient number of customers to buy insurance.
“This decision is influenced by factors such as the image of the industry, financial literacy, economic constraints and attitude of the consumers, among others.
“The transformation initiatives of the insurance industry have been reduced to three themes.
“These: mass insurance encouragement, improving insurance market conduct framework and coordination for insurance regulatory enforcement.’’
Daniel said the industry had been affected by the 2008 financial crisis, as many insurance companies lost their investments in the capital market.
He added that insurance company’s loss of access to capital was significantly impaired by the economic crisis that followed.
According to him, the commission has introduced a wide range of regulatory guidelines which in addition to other market development are targeted at strengthening insurance institutions.
He said the guidelines would build confidence in the market and improve attractiveness of the insurance industry to both local and foreign investors.
“The growing interest of international investors in our industry as evidenced by the entry of major insurance companies such as Metropolitan Life, Sanlam, NSIA, Old Mutual and AXA is a testimony of our successes.’’
He held that the summit would offer all parties in the insurance value chain an opportunity to collaborate with government to determine changes required to urgently propel the industry to its desired level.
“I have faith that the giant strides can be recorded within the next three years to enable the realisation of the industry’s potential in the nearest future for the benefit of all stakeholders.’’
The Minister of State for Finance, Mr Bashir Yuguda, said the insurance industry had been well positioned for growth in the coming years.
Yuguda, delivering a paper on the Importance of Insurance, said there was much more to insurance than motor vehicle or health insurance programmes.
He said that the sector, when properly harnessed, would deliver important benefits to the nation, and urged Nigerians to be bold and ambitious in their thinking.
He also urged stakeholders to explore mobile platforms as alternative channels for delivering insurance policies.
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter