NIA implement initiatives aimed at bringing trust and credibility into insurance market

The Nigerian Insurance Association (NIA) has put in place a ten-year industry plan aimed at bringing trust and credibility into the Nigeria insurance market.

Addressing journalists under the umbrella of Nigeria Association of Insurance and Pension Editors (NAIPE) in Lagos last week, the Chairman of NIA, Mr. Olusegun Omosehin at a media briefing provided specific initiatives taken so far in the plan to engender trust and credibility in the insurance market.

Speaking of the plan, the NIA Chairman explained that it was a transformational opening for the insurance industry, as all stakeholders viz: insurance brokers, underwriters and even the regulator, NAICOM were all in attendance, as the plan was launched in an elaborate session in Abuja, at the last insurance conference organized by NAICOM.

Said he, “The beauty of that plan is that it was a programme that cut across several levels or layers of hard work. We engaged a consultant KPMG and they worked with us.” Mr. Omosehin also explained what the Association has been able to do in terms of bring trust and credibility to the different segments of the insurance market.

According to him, “One of the major challenges we faced in the industry has been the issue of public mistrust, so to speak, around the concept of Insurance and insurance operation as an industry. We looked at what we should be doing aside from just educating the public, to also embark on specific initiatives that bring trust and guarantee some level of credibility to the market.

“We decided as an Association to make publications in the national dailies. Even though we know some might view this negatively, but we are looking at the positive side of it. I think about three publications has been made currently calling on general public who have had claims in the past to go and talk to their underwriters.”

The Chairman said where such insurance customers have issues, the Association would provide them the contacts and emails where they can register their claims; adding that the Association has seen a great deal of work in this regard, and has seen responses from the public.

“As an Association, we have been bold enough to call on the public to come forward and make valid claims on our members, but we have not had situations where members will not respond. We can as an Association address the issue of claims and assist claimants get their claims. This is a major area we are focusing on, and it will move us to the next level,’’ Omosehin asserted.

Omosehin further disclosed the NIA was collaborating with NAICOM and the federal agencies that are responsible for enforcement to assist the Association in the enforcement of Insurance of public buildings and buildings under construction. He further disclosed that the collaboration has started in earnest, as a committee has been inaugurated, while some work has begun.

“NIA is actually involved in that initiative. It will involve all the key stakeholders in the building industry. We are making some level of progress, but some more work need to be done. We are getting corporation from the federal ministry of works, Housing, and the enforcement agencies.

Success in this area will have significant effects on the insurance industry;” adding that about 70% to 80% of public buildings and buildings under construction were not insured.

One thing the Association has done and is currently doing is public education and awareness campaign on various radio and television stations. Omosehin acknowledged that the effects has been amazing as to the way the public now perceived insurance. He said the experience has now encouraged NIA to continue the programme, which has become weekly. “We intend to continue the programme for the benefit of the industry. In terms of sustaining the awareness, we will continue the awareness campaign to complement our efforts in the national dallies.”

Omosehin also spoke to the issue of engendering internal cohesion and improving communication, as well as, putting its house in order. In this regard, he said the Association created a platform where the it can brief the CEOs on a regular basis about developments in the insurance industry. According to him, it is a programme that is meant to update members on what the Association is currently doing, as well as, hear concerns from members. He said, that the programme has yielded a lot of positives in terms of bringing members together as an industry.

One of the key challenges the insurance industry has had as an industry is the availability of data. One of the issues people complain about is that data is not readily available to the insuring public. Not that there no data, but these data are not readily available to the public. What the industry have always had is the NIA digest, but it is in hard copy. However, that has changed, according to Omosehin.

He said what the NIA have now is convert the NIA digest into digital platform and hope that this particular initiative will be a major advantage to the insurance industry. Speaking on the third-party motor insurance, the NIA Chairman said that one thing the Association has achieved in the improvement of third party motor insurance is that it has been able to combine the third party motor insurance with ECOWAS Brown Card cover.

The Chairman explained that currently once a third party motor insurance is issued, it automatically, has ECOWAS Brown Card. He said that this new initiative has helped the country to meet its major obligation and as signatory to the ECOWAS Treaty.

Said he,“ this was an area we were found wanting before, as we were not fully implementing the requirements of the treaty, but with this new initiative, Nigeria have been able to comply with the provision of the ECOWAS protocol.”