Insurers to partner NIBSS on IT to reduce overhead cost

In its bids to improve penetration for insurance business, the Insurers Committee is to partner the Nigerian Inter-Bank Settlement System (NIBSS) to accelerate technology to reduce overhead cost in the industry.

Speaking at a press briefing with journalists, the Chairman Sub Committee Publicity and Communications of the Insurers Committee, Oye-Hassan Odukale, disclosed this after the committee’s meeting, held at NEM Insurance Head Office, in Lagos.

According to him, in this line of business, one thing you have to manage is your overhead cost, adding that the industry hope to achieve this through the use of Information Technology and is working with NIBSS on the project.

Speaking further, he stated that the office of NIBSS had made a presentation to the committee, of which they were excited about the initiative. We believe that with this platform it will bring down cost.

“The committee had mandated its information subcommittee to examine the initiative and advise the general body,” he said.Odukale stated that the implementation of the initiative when adopted would help reduce the overheads of many insurance companies, noting that the initiative has helped the bankers in reducing and managing their overheads.

Also, the Vice Chairman Sub Committee Publicity, Eberechukwu Nwanchukwu, reiterated that, the committee is also working hard on improving customers’ relations, adding that the committee believed the rebranding initiative being worked on by the industry can only be successful when customers are treated with high esteem.