Insurers move to cut overheads


From left: The Head Corporate Affairs NAICOM, ‘Rasaaq ‘Salami; Vice Chairman Sub Committee Publicity of the Insurers Committee, Ebelechukwu Nwachukwu and the Chairman, Hassan Oye Odukale at the event.

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Chuks Udo Okonta

The Insurance Industry is presently working out measures to reduce their cost burden, Inspen has learnt.

The Chairman Sub Committee Publicity and Communications of the Insurers Committee, Hassan Oye Odukale, disclosed this today at a press parley after the committee meeting in Lagos.
He noted that the industry hopes to achieve the feat through the use of Information Technology, adding that the industry is working with the Nigeria Interbank Settlement System (NIBSS) on the project.

Odukale maintained that officers of NIBSS had made a presentation to the committee, of which they were happy about the initiative. He said the committee had mandated its information subcommittee to examine the initiative and advise the general body.

He noted that the implementation of the initiative when adopted would help reduce the overheads of many insurance companies, adding that the initiative has helped the bankers in reducing and managing their overheads.

The Vice Chairman Sub Committee Publicity, Eberechukwu Nwanchukwu, said the committee is also working on improving customers’ relations, stressing that the committee believed the rebranding initiative being worked on by the industry can only be successful when customers are treated with high esteem.

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