NAICOM approves CIFM to train insurers on bancassurace certification scheme

The National Insurance Commission (NAICOM), has endorsed the College of Insurance and Financial Management (CIFM), to train staff/employee of insurance firms before acting as bancassurace manager or desk officers among others.

This is meant to equip operators of the bancassurance scheme with the requisite knowledge for operations across financial institutions in the country.
Bancassurance is an arrangement in which insurance companies leverage on the customer base of banks to sell insurance products to banks’ customers.

The Director, Authorisation and Policy, Pius Agboola, a guest speaker at the maiden Bancassurance Certification Workshop, held in the college, said it is mandatory for any staff/employee of an insurance company that will act as a bancassurance manager or desk officer, to undergo training for 12 and 18 hours.

Agboola, who patiently explained the procedures to the participants, said this is to ensure that those representing the partners insured are competent and qualified.

He said: “we strongly believe in the ability of the CIFM to give competent training and certification that would be sufficient for any employee occupying the position alongside other qualifications stated in the guidelines.”

He noted that transactions are made through a referral model, whereby a bank refers its cus­tomers to its partner insurance companies. In return, the bank receives a commission on each lead closed by the insurance company, but the bank is not involved in marketing the products.