NIA to partner NIBSS for Implementation of USSD Code
From left: Controller, Information Technology, Research & Statistics, Nigerian Insurers Association, Mrs Bola Omole; Chairman, Eddie Efekoha and Director-General, Mrs Yetunde Ilori at the event.
NIA to partner NIBSS for Implementation of USSD Code
The Nigerian Insurers Association (NIA) said it is discussing with the Nigerian Interbank Settlement System (NIBBS) for the implementation of Unstructured Supplementary Service Data (USSD) Code in Nigeria.
President, Nigerian Insurers Association (NIA), Eddie Efekoha, who is also the Managing Director and Chief Executive Officer, Consolidated Hallmark Insurance Plc disclosed this at the media parley in Lagos yesterday.
According to him, “The Association is forging ahead in the implementation of the Unstructured Supplementary Service Data (USSD) code. Discussions between the Association and Nigerian Interbank Settlement System (NIBSS), for deployment of the USSD have progressed significantly and an inter-agency publicity committee has been put together between NIA and NIBSS with a view to publicising the project to engender public support and acceptability.
“When fully operational, the USSD code is expected to close the gap encountered in the operation of the NIID as the code will not require internet connectivity for verification of motor insurance certificates across the country,” he said.
On rates on compulsory insurance, he commended the industry’s regulator, the National Insurance Commission (NAICOM) for coming up with the rates which he said will entrench better market discipline in the areas of motor insurance and life underwriting
“We are grateful to NAICOM for coming up with the rates as a way of entrenching better market discipline especially in the area of motor insurances and life underwriting. We are optimistic that the positive effect of the new guidelines will begin to manifest in the accounts of member companies before year end,” NIA boss stated.
On the industry rebranding project, he said the project is at the heart of the Governing Council of the Association, stressing that although the project was initiated by the Insurers Committee, the association fully supports it and has continued to mobilise its members to do likewise.
“We are convinced that members stand to benefit immensely from the initiative,” he said.
He said the association working with KPMG developed a 10-year transformation roadmap for the industry and that the roadmap together with similar works by other arms of industry are undergoing harmonization under the auspices of the Insurers Committee.
“I strongly believe that the implementation of this plan when concluded soon would bring about the much-awaited growth to our industry,” he said.
On the association secretariat construction, he noted that the construction of the seven story building will soon commence as over N500 million has been realised for the project.
“You would recall that in my acceptance speech following my election as 22nd Chairman of our noble Association, I promised to give further impetus to the development projects initiated by my predecessor, notable amongst which is the New NIA House Project. I am delighted to inform you that the journey which we commenced about three years ago aimed at building a befitting NIA Towers is about to crystalise,” he said.
