NAIC Boss Harps On Importance Of Data For Insurance Growth
Mrs. Folashade Joseph, NAIC MD/CEO
The Managing Director/CEO, Nigerian Agricultural Insurance Corporation (NAIC), Mrs. Folashade Joseph, said insurance business thrives on effective and sustainable data, urging insurance operators to ware-house farmers’ robust data, which they should leverage to promote their operations.
To this end, she said NAIC is discussing with its supervising ministry, the Central Bank of Nigeria(CBN) and other stakeholders on the need to get a perfect data for farmers across the country.
This, she said, will allow the corporation monitor farm processes and storage, limits insecurity, and ensure the targeted beneficiaries of the federal government agric programme truly get it.
NAIC boss who said this in an interview at the just-concluded 47th African Insurance Organisationtion (AIO) Conference and National Assembly in Lagos, explained that
index insurance cannot operate effectively without accurate data.
According to her, “it is only when we have the correct data which we will improve every year that we can effectively achieve our objectives. That is key to us in NAIC and we have spoken to our supervising ministry and other stakeholders like CBN, on the need to get a perfect data.
“If we have this, it will help us to monitor our farm processes, storage. it will also help us as an insurance company in the agric sector to deploy products that will be useful to the agric sector.
“Data for farmers will helps us know how many farmers we have in each state and what each person is into such as rice production, maize, cassava and even processing of the produce. This is very important so that we can effectively monitor and improve on our processes.”
Disclosing that NAIC will soon deploy drones once necessary licensing and regulatory approvals have been done, he added that, the drone was meant to inspect and monitor farmlands against flood and insecurity.
This, she pointed out, is one of strategies adopted by the firm to improve service delivery to policyholders, saying, the drone is not active for now as NAIC is in the process of obtaining a license to engage in such venture.
She assured that once the issue of licensing and registration are completed, the deploy the drone.
