NAICOM pledges to fund tertiary institutions to boost insurance education

The National Insurance Commission (NAICOM) has disclosed plans to apply the proceeds of its education fund to provide funds to tertiary institutions, in a bid to promote insurance education and human capital development in Nigeria.

The Commissioner for Insurance Sunday Thomas also informed that the commission has agreed to fund the construction of a building for the insurance department of the University of Uyo.

Thomas made this disclosure in Abuja when he signed a Memorandum of Understanding (MoU) with authorities of the University of Uyo.

“This is a knowledge-based sector and we realized that as the days go by vulnerability increases in which case, we need to develop products that will be able to meet the needs of the populace and we need creative ideas.

“We need those who are cerebral to be able to reach out there and package things, products and of course the starting point is to get the knowledge, that is why we are bending backwards to develop the minds that will be able to not only teach, because part of those who are going to be beneficiaries will remain in the institution to teach others, some are going to come into practice, they need that knowledge, that is why we have ventured into this,” he said.

He added that NAICOM will replicate this across the country. “We believe that the more of this we do the more people get educated about what insurance is and of course the result will show,” he said.

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The funding for the building he said will be given in tranches, and the total amount will be determined at the end when the construction is commissioned.

He further disclosed that the commission will fund support tertiary institutions in the areas of: establishment of Information and Communication Technology (ICT) Centre; scholarship for Master’s and Doctorate degree; provision of text books and journals on insurance and other related fields.

Others include: construction of Administrative and/or Vocational offices (structures); sponsorship of professorial endowments and sponsorship of accreditation for tertiary institutions interested in offering insurance as a course of study.

Thomas, who did not disclose how much will be spent on the building, said the value of the building “is the linkage that is created in human capital development which cannot be quantified”.

Also speaking at the event, the Vice Chancellor of the University of Uyo, Nyaudoh Ndaeyo said University of Uyo is one of the Universities in Nigeria that opted to offer Insurance programmes in the university.

He said NAICOM offered the University “a helping hand by giving us a building. We are here to sign Memorandum of Understanding and to also show appreciation on our part because they have trained our staff beyond what we have shown to them”.

Ndaeyo noted that students or candidates, on hearing that a building is coming has led to an increase in the intake of students in that programme.

Reacting to the warning given by the Commissioner for Insurance that funding for the project will be released as work progresses and upon satisfactory completion of each stage, the Vice Chancellor said the University is a brand. According to him, ” you cannot be a brand if you don’t have integrity so we know we have to protect that name to ensure that we maintain the quality”.

To ensure transparency, NAICOM informed that tertiary institutions were selected based on the following criteria: Institutions that are offering Insurance and/or Actuarial science at degree or National Diploma level; Institutions owned by Federal and State Governments were considered and only institutions with existing infrastructure, staff and department with insurance education were qualified.

Other considerations include: Institutions must have been physically inspected and certified by the Commission to ensure compliance and all successful institutions were required to sign an MOU to ensure compliance with terms of the award. Each geopolitical zone was qualified to get slots.