By StarhavenTV Reporter
The Nigerian Insurers Association (NIA) has unveiled a five-year strategy aimed at expanding insurance coverage and increasing the number of Nigerians who have access to insurance services.
The Chairman of the association, Mrs Ebelechukwu Nwachukwu, disclosed this in an interview with the News Agency of Nigeria (NAN) in Abuja.
Nwachukwu said the strategy would be implemented through the Awareness, Capacity Building and Enforcement (ACE) agenda, designed to move the insurance industry from potential to improved performance.
She explained that the awareness component would involve nationwide campaigns to educate Nigerians about the importance and benefits of insurance.
According to her, the campaigns would target people at different stages of life, including schoolchildren, while efforts would also be made to expand insurance distribution channels to reach Nigeria’s diverse population.
On capacity building, Nwachukwu said the industry would focus on improving leadership, underwriting skills and the institutional strength of insurance companies.
She added that funds being raised through the ongoing recapitalisation programme would help insurers improve their ability to take on larger risks and expand their operations.
The NIA chairman said enforcement would also play a major role in the strategy, with the association planning to collaborate with state governments to ensure compliance with compulsory insurance requirements.
She specifically mentioned insurance policies relating to buildings under construction and public liability.
Nwachukwu said stronger enforcement would provide greater financial protection for Nigerians while encouraging more people and businesses to participate in the insurance market.
She urged other state governments to adopt initiatives similar to the recent enforcement efforts in Lagos State to improve compliance across the country.
The NIA boss also identified prompt settlement of legitimate claims as a key part of efforts to rebuild public confidence in the insurance industry.
According to her, financially stronger insurance companies and faster compensation for policyholders would encourage more Nigerians to embrace insurance.
Nwachukwu further highlighted the growing role of technology in transforming the insurance sector.
She said the NIA had established an innovation hub to promote technology-driven solutions and was developing platforms for electronic Know Your Customer (e-KYC) processes and a centralised claims repository to help tackle insurance fraud.
She added that insurance companies were increasingly deploying artificial intelligence in areas such as property assessment, inspections, claims verification and customer service.
The NIA chairman said digital platforms would also make it possible for customers to purchase insurance policies, verify compulsory insurance certificates and submit claims online.
She stressed that continued investment in digital technology, data analytics and artificial intelligence would be essential to reducing fraud and providing faster, more convenient insurance services to Nigerians.
