Insurance

NAICOM empowers CIFM with bancassurance mandatory course

From left: Director, Authourisation and Policy, National Insurance Commission, Pius Agboola; Rector,
College of Insurance and Financial Management, Mrs. Yeside Abiodun Oyetayo and Director-General Chartered Insurance Institute of Nigeria, Richard Borokini at the event.

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Chuks Udo Okonta

The National Insurance Commission (NAICOM) has empowered the
College of Insurance and Financial Management (CIFM), by ensuring that bancassurance executives undertake 12 and 18 hours mandatory course with the institution.

The Commissioner for Insurance, Mohammed Kari, disclosed this at the maiden bancassurance certificate course at the institution in Assese, Ogun State.

Kari, who was represented at the event by Director, Authourisation and Policy, NAICOM, Pius Agboola, noted that for any staff/employee of any insurance company to act as bancassurance manager or desk officer, the bancassurance mandatory course for 12 and 18 hours is binding.

According to him, this is to ensure that those representing the partner insurer are competent and not unqualified, adding that the benefits of bancassurance are enormous, in that it accords the customer ease of access, simplified products, competitive pricing and simplified payment method.

“On the part of the insurer the benefits include access to customers and deepening insurer penetration, access to established distribution networks, source of new business, new products development amongst others.

“Similarly, the banks also benefit from this arrangement in the following ways: Increased revenue and diversification, customer retention and loyalty, staff and branche productivity, competition, operating expense, customer needs amongst others,” he said.

He maintained that the success of bancassurance would largely depend on how well regulatory responsibilities/oversights are carried out on the conduct and practices of the operators and the cooperation of the partnering banks.

Kari, who expressed confidence on the institution’s competence, said he strongly believed in the ability CIFMS to give competent training and certification that would be sufficient for any employee occupying the aforesaid positions.

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