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‘How to raise industry’s penetrations with relevant insurance products’

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Identifying the need to diversify insurance products to meet the needs of every Nigerian will help to increase insurance penetration across the country, the sector experts have said.

Besides, helping people to understand that everybody needs insurance to have a secured future should be a compelling message to Nigerians, whether average or below average families, while the operators prepare to honour their obligations.

The Executive Director (Technical), Universal Insurance Plc, Ogbuefi Paulinus Offorzor, an award recipient of ‘Best Innovative Insurance Company of the Year 2019’, on behalf of its firm, in an interview with The Guardian over the weekend, said that there is need to identify information and communication technology as the driver of the growth process.

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According to him, despite the slow adoption, there is no doubt at all that penetration will increase and the premium will rise also, noting that the industry today, is paying better salary and people are better.

“In my entire career life, insurance people read more than any other profession; are dedicated to writing examinations, attending seminars, conferences, and workshops.

They want to be heard and an insurance person wants to be heard intelligently,” he said.

He stressed that the introduction of valuable insurance products into the market by operators is another move for the business in response to their commitment to continue to provide value to customers.

The Managing Director/Chief Executive Officer, NSIA Insurance, Ebelechukwu Nwachukwu, who spoke at the industry forum in Lagos said that insurance penetration in other countries is significantly at a high level and this can be traced to the level of enforcement.

Nwachukwu, calling on the stakeholders and operators to strive towards increasing insurance penetration in Nigeria.

She said: “The market development initiative by NAICOM is quite interesting but over the years and in the course of travelling to some countries especially to other African countries, I realised that NAICOM should bother themselves more on enforcement of insurance.

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