NAICOM, NCRIB seek partnership to unlock insurtech potential

The National Insurance Commission (NAICOM) and the Nigerian Council of Registered Insurance Brokers (NCRIB) have canvassed greater collaboration in harnessing opportunities for conducting the underwriting and brokerage businesses through technology.

The decision was made at the 2022 mid-year workshop organised by the Lagos Area Committee (LAC) of NCRIB with the theme ‘Opportunities and Challenges of Insurtech’ and held in Lagos.

At the programme, the President of NCRIB, Rotimi Edu, condemned the low penetration of insurance in the country and urged participants to leverage opportunities presented by Insurtech to harness not only the accounts of big government corporations such as the Nigerian National Petroleum Corporation (NNPC), but also other large, medium and small-scale industries that abound in the country’s business space.

The guest speaker at the workshop and Chief Executive Officer of Flutterwave, Gbenga Agboola, said several opportunities were in the brokerage and underwriting business and called for greater synergy between core insurance practitioners and registered brokers.

Agboola explained the need for building a technology-dependent insurance sector and canvassed the deployment of a domain presence for the successful execution of insurtech businesses among brokers and underwriters.

He said over 80 per cent of travels in Nigeria are business-driven, maintaining that chief executives, who travel by air across the country, do so for one business negotiation or the other.

He said opportunities abound in all the sectors of the Nigerian economy, including oil and gas, aviation, banking and finance, maritime, transportation, telecommunications among others.