Sunday, January 03, 2021 / 5.00AM / Ottoabasi Abasiekong / Header Image Credit: EcoGraphics
As Nigeria continues t0 explore ways it can deepen its insurance sector, experts have called for effective communication and leveraging of data in the industry.
Mr. Ekerete Ola Gam-Ikon an Insurance expert and Management Consultant and Mr. Teslim Shitta-Bey the Chief Economist/Managing Editor of Proshare both agreed on the proposition in a recently published report in Proshare's finance series "Personal Finance Series 3: Investing In Peace of Mind: Focus on Insurance" report.
The report according to Mr. Ola Gam-Ikon was designed to simplify insurance, increase awareness of its value, and present it as a marketing tool for operators in the market.
He believed that one area that can unlock the opportunities in the industry is "micro-insurance". The management consultant called for the necessary regulatory support to enable this segment of insurance to reach out to households and micro-businesses.
Speaking further he noted that for Nigeria to have a robust insurance sector similar to developed economies, it must transit to a credit system that has insurance provisions.
He called on industry operators to give top priority to claim settlements for policies, which would build trust in the system.
Shitta-Bey on his part emphasized the need for insurance to be integrated into the economic and social development strategy of the nation.
This he believed would unlock immense opportunities, deepen the market, and boost the country's GDP.