Reduce tax burden to increase insurance adoption, stakeholder advises govt

For the nation’s insurance industry to attain the desired penetration, there is a need for government at all levels to reduce the tax burden and bank charges for Nigerians to be able to buy policies.

The new Managing Director of Cornerstone Insurance Plc, Stephen Alangbo, said this at a media briefing held in Lagos to announce his appointment and unveil his plan to drive growth.

Alangbo also stressed that there is a need for operators in the sector to invest more in artificial intelligence (AI) to collect data that would address the issue of trust in the market. He said there is a need to see information and communication technology (ICT) as a key driver of insurance growth.

“Despite the slow insurance adoption, there is hope that penetration and premium payment would rise as the industry is beginning to do well,” he said.
He explained that the organisation remained committed to its vision and shared values, creating innovative ideas to move the company forward.

According to him, the company will continue to pay attention to excellent service delivery and adoption of global best practices in its operation.
He said the underwriter has taken the initiative of empowering their agents due to the critical role they play in the insurance business.He said he would deploy robust digital devices through agents, which would aid onboarding of policyholders and prompt claims payments.