May 03, 2021 / 06.05PM / Ottoabasi Abasiekong for WebTV/Header Image Credit: WebTV
A clear policy roadmap will unlock the growth and potentials of the Nigerian Insurance industry, which could lead to deeper consumer in support of the economy. Mr. Ekerete Ola Gam-Ikon, an insurance expert, and management consultant made this point while providing commenting on "The Insurance Industry and Nigeria's Economic Stability".
Gam-Ikon noted that as there was a roadmap to drive the development of the Solid Minerals industry, the Insurance industry equally deserves such a strategic approach to its growth and development.
The insurance maven believed that key stakeholders in the ecosystem, which includes the regulator, and policymakers should work together in developing the industry roadmap, that could reposition insurance into a dynamic, strategic, innovative, and attractive sector for investments.
Looking at the role of technology in driving the industry, Gam-Ikon agreed that a lot could be achieved in the area of financial inclusion and insurance education.
He stressed the importance of innovative products that could be employed through insurtech to improve engagement with product and service clients or policyholders.
According to him, it was important to have tech-enabled solutions for insurance products, which would improve operations around enrollment for services, updates on claims settlements and making claims payments.
On the opportunities for leveraging micro-insurance in Nigeria, he called for collaboration between the Small Medium Enterprise Development Agency of Nigeria (SMEDAN) and the Nigeria Insurers Association (NIA) to enable the sectors growth.
He agreed that micro-insurance could contribute significantly to the growth of the country's industrial and entrepreneurial sector, which is why the partnership between SMEDAN and NIA is important.
Gam-Ikon also emphasized the need to integrate women into the insurance sector, considering their population and their capacity to actively drive penetration.
He stressed the need for the appointment of more women into the regulatory paraphernalia of the sector to foster diversity.
Following the recent decision of the National Insurance Commission (NAICOM) on the revocation of the license of UNIC Insurance, Ekerete Ola Gam-Ikon was of the view that it was a clear signal to operators on governance and accountability.
He noted that periodic assessments of the insurance companies by the regulator were vital to the system's stability as is the case with the banking sector.