Insurance

NAICOM introduces new insurance distribution channels

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Chuks Udo Okonta

The National Insurance Commission (NAICOM) says it is introducing new channels of distribution in the country to help deepened insurance penetration.

A statement by Head, Corporate Affairs NAICOM, Rasaaq Salami, stated that the Commission has created new distribution agencies to be known as “Referral Partners/Agents”, stressing that this channel will entails integrating and involving many Organisations to be Partners/Agents of insurance companies in the distribution of insurance products across the country.

He said the initiative is expected to create opportunities for individuals and regulated corporate entities to play a vital role in the insurance distribution chain to accessand reach the largely underserved majority of the Nigerian population without being exposed to any liability.

He maintained that the draft guidelines to ensure seamless operation of this initiative is ready for exposure after which it shall be issued as an operational guideline.

Salami said the Commission will be meeting with relevant Regulatory Agencies and professional bodies to discuss the modus operandi and benefits inherent in this new initiative.

He posited that inadequate Insurance distribution channels has been roundly identified as one of the major challenges of deepening insurance penetration in the country and the Commission believes that expanding the channels of distribution will go a long way in bridging the gap of insurance awareness and penetration in Nigeria.

Also, when implemented, according to him, the new initiative will not only achieve the desired increase in insurance penetration, but would contribute to the Federal Government’s drive to create employment and wealth in the economy.

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