Insurance Industry is moving forward with lots of innovations – NIA Boss

L-R: Davis Iyasere, Head, Corporate Affairs, Nigerian Insurers Association (NIA); Mrs. Yetunde Ilori, Director General, NIA; Mr. Tope Smart, Chairman, NIA; Bola Omole, Controller, IT, Research & Statistics, and  Lanre Ojuola, Director of Operations, NIA, during press briefing/interactive session with NIA Executives on the association activities and prospects in Lagos on Tuesday.

Insurance industry in Nigeria is moving forward with lots of innovations. The industry is evolving and we are working towards getting to the Promised Land, the Chairman Nigerian Insurers Association (NIA), Tope Smart has said.

Smart who said this in Lagos yesterday during a media parley noted that the insurance industry in Nigeria today is much more better than what it used to be in the past, noting that “We are not yet there but we are making progress.”

In his account of stewardship six months after taking over the mantle of leadership of NIA as Chairman, he said part of his agenda was to give the association a befitting corporate office that will stand as an edifice and an image for the entire insurance industry, adding that the work on the building is in progress.

He said part of his administration achievement was the launch of the Nigeria Insurance Industry Database (NIID) Unstructured Supplementary Service Data (USSD) Code *565*11# in Lagos on Thursday, January 10, 2019.

Smart said the aim of USSD Code is to eradicate fake insurance certificate in Nigeria and called on the people to make good use of the service in checking the genuineness of their insurance certificate.

On the industry rebranding project, he said the first phase of the project has been successfully completed and that the second phase will soon commence.

NIA Boss said the aimed of the insurance industry rebranding project is to deepen insurance penetration in Nigeria through insurance education and awareness campaign to sensitise Nigerian on the value and benefits of insurance.

Tope Smart who is also the Group Managing Director of Nem Insurance Plc, said The National Insurance Commission (NAICOM) and Central Bank of Nigeria ( CBN) have granted approval NIA to digitalize marine insurance certificate, adding that the move is aimed at generating more income for the industry and contributing to the nation’s Gross Domestic Product (GDP)

He said the initiative will also help the industry to recover all lost income prior to the approval and that the industry is also adopting the use of technology to drive insurance business, adding that technology plays vital role in the growth of any business and economy.

The NIA Chairman said the association will this year, collaborates with other industry bodies to grow the market and improve the industry.

He said they will speak in one voice and ensure people’s oriented policies are introduced to promote the industry as well as grow the economy.

Smart expressed optimism that this year will be better and the industry will grow, whilst assuring that the government will renew the group life policy.

He said the industry has been responsive in meeting genuine claims responsibilities, stressing that the industry will continue to honour the payment of all genuine claims.

On the number of vehicle properly insurance in the country, he said 2.5 million vehicles are actively captured on the Nigerian Insurance Industry Database (NIID), while the actual number of upload on the platform is over 3 million.

Smart called on the law enforcement agencies to support the insurance industry by ensuring that there is strict enforcement of insurance laws.

Director General, NIA, Mrs. Yetunde Ilori, said the industry is working tirelesly on the industry’s unified platform, Nigerian Insurance Industry Portal (NIIP) for the sales of third party motor insurance and that the portal will be launched before the association’s current Chairman leaves office.

L-R: Mrs. Yetunde Ilori, Director General, Nigerian Insurers Association (NIA); Mr. Tope Smart, Chairman, NIA and Lanre Ojuola, Director of Operations, during press briefing/interactive session with NIA Executives on the association activities and prospects in Lagos on Tuesday.