NAIPCO Issues 10-Point Communiqué, Harps On Insurance, Pension Sectors’ Growth
The National Association of Insurance and Pension Correspondents (NAIPCO) has issued a ten-point communiqué at the end of its 2021 national conference calling on insurance and pension sectors to take advantage of opportunities provided by COVID-19 to enhance the sectors’ growth.
Below is the full text of the communique:
Communique Issued At The End Of 2021 National Conference Of The National Association Of Insurance And Pension Correspondents (NAIPCO) Themed “Covid-19 Impact On Financial Inclusion: Opportunities For Insurance & Pension Sectors” Held On Thursday, October 14, 2021, At The Oriental Hotel, Victoria Island Lagos:
That Insurance and pension sectors should take advantage of opportunities provided by the Covid-19 pandemic to grow both sectors.
The two sectors should work more on their products and services by simplifying their products and improving service delivery.
Insurance products and pension plans should be personalized towards meeting individual customers’ needs while special products are developed to meet the needs of those in the Microinsurance and Micro pension segments.
Pension Administrators should offer Incentives like basic levels of healthcare to encourage clients to remain with their pension provider after their retirement.
The insurance and Pension sectors should embrace digitalization, constant and continued training of the workforce to drive growth.
The current Pension Law should be reviewed to offer clients more flexible options that will give them more control over their future while also catering to the profit motive of operators.
Pension and insurance industries must remain committed to the inclusive growth of the Nigerian economy.
The insurance and Pension sectors should embrace self recapitalization and Regulators of the two sectors should take into consideration the peculiarities of Nigerians and the Nigerian situation.
The conference emphasized the need to review rates and revisit some of the policy conditions and exclusions earlier permissible for some insurance.
Advocated deliberate and sustained insurance and pension awareness for the realisation of the Federal Government’s financial inclusion initiative.
