FG urges insurers to adopt technology for robust, all-inclusive market growth

The Federal Government has urged the insurance industry to deepen penetration at sub-national levels by adopting technologies for all-inclusive market growth.

Minister of Finance, Budget and National Planning, Zainab Ahmed , made the call Thursday in Lagos at the investiture of the president/chairman of governing council of Nigerian Council of Registered Insurance Brokers (NCRIB), Oluwarotimi Edu.

Ahmed also called for adequate collaboration between stakeholders in order for desired impact to be made in the industry.

She said, “I want to use the medium to encourage members of the NCRIB to be open to initiatives including the adoption of relevant technologies aimed at making the insurance market robust and all inclusive especially at a time that the Commission’s cardinal objective is centered on deepening penetration and developing the market.

“It is worthy to say that extreme times like this require extreme measures to reach out to the nooks and crannies of the country. Partnerships and collaborations must be sustained with other stakeholders we perceive as progress partners in consumption, supply or distribution of insurance products in the country. The market is indeed in a dire need of serious partnership, collaboration and synergy if truly the industry wants to make the required impact.

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“My observation has revealed that there is a huge market for insurance in every State of the Federation but lack of or inadequate presence of insurers and intermediaries may have hindered uptake of insurance in those places. I want to challenge the intermediaries that there is a huge untapped market in the retail business and I urge your members to learn new ways to reach out and explore this area of huge potential for inclusiveness”.

The minister further commended the efforts of the insurance industry at settling claims resulting from #EndSARS crisis about a year ago.

“The insurance industry’s swift response to the settlement of claims that arose from the Endsars crisis which I am told is over N9billion cannot go without mention on occasion like this. The insurance industry has done well but can do more.

“The Federal Government is not unaware of the challenges confronting businesses including the insurance sector and it is doing so much through various initiatives and policy rearrangements to ensure stability in the system”, Ahmed said.

The Minister who was the Guest of Honour at the investiture expressed confidence in the capability of the incoming President and Chairman in Council of the NCRIB Rotimi Edu, partner with the Regulator, the National Insurance Commission and the government in the implementation of its various policies and initiatives.

While calling for the training and retraining of the practitioners with modern techniques and practice of doing business, she assured the sector of the government’s resolve
to develop the insurance industry and make it a veritable instrument for national growth and development.