Stakeholders target Q1 for industry rebranding project

The industry rebranding proramme aimed at creating more awareness, and deepening insurance penetration in Nigeria is expected to kick off this first quarter.

The Managing Director, Custodian and Allied Insurance, Toye Odunsi, said the rebranding, also supported by industry regulator, NAICOM, and other stakeholders aims to change the perception of the public about the benefits of insurance, and to also spread awareness to the grassroots.

He disclosed this at the insurance committee meeting held in Lagos that the committee is working with a consultant to help in the rebranding processes, and that the rebranding will not be products based, because all the companies are collaborating and working together to see to its success in all areas.

Odunsi also said the media will be carried along in this campaign for wider coverage, adding that a lot of advertisements in the print, electronics, social media, and translations into local languages will be used to spread the message of the campaign.

He said social media like Facebook, YouTube, WhatsApp etc will be used to reach out to the youths given its large population, since a lot of their activities thrive on social media.

Regarding the collaboration between NAICOM and the operators, he said agreement had been reached to broaden the Channel of distribution, which guidelines were released last year by the regulator to increase penetration and ensure easy access to insurance in the country.
Recall that the Commissioner for Insurance, Mohammed Kari, last year, said these distribution channels would support insurance referral model, which is already in place and will enable insurers penetrate the grassroots.

The Commission in the draft guidelines on independent agent, mutual, associations, community and state government financial advisor, believes this will also help deepen insurance retail market.Odunsi therefore urged all the Insurance companies and the stakeholders in the industry to pay their commitments early to enable smooth take off of the project.