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Chuks Udo Okonta
The Retail Insured Family Association of Nigeria (RIFAN) has commended the Commissioner for Insurance Olusegun Omosehin, on his plans to grow the insurance industry by increasing the number of insurance agents to 3 million.
The Director-General of RIFAN Ali Theophilus, who gave the commendation in a statement, asserted that this singular thought or action depicts a green light to transform the Insurance company positively.
Recall that Omosehin, during his official visit to the executives of Association of Registered Insurance Agents (ARIAN) on the 30 May, 2024, expressly showed his dissatisfaction on the shortage of Insurance agents currently serving over 230 millions Nigerians, stating that for Insurance Industry to effectively administer a coherent services to the general public in Nigeria as it’s obtainable in other economical viable nations, there is the need to increase the number of Insurance agents from 50,000 as it is currently to 300,000 on or before end of 2024, then subsequently to 3 million agents.
On the above blue print in the Insurance Industry, RIFAN boss, *Ali Theophilus* posited that if the Commissioner who is barely two months in office can move in this pace to transform the Insurance Industry, greater days is envisaged.and also congratulated him on his appointment.
In his further assertion, he acknowledged that though the former Commissioner for Insurance Fola Daniel, did his best even to initiate Marketing Development Restructuring Initiative ( MDRI) which was targeted to empowering 250,000 agents into the Industry, but the current one without prejudice has made a fantastic move to shaping the Industry.
RIFAN boss further implored the Commissioner to as well extend the initiative to the consumers who have always been surcharged in the areas of claims settlement over times and are mostly at the receiving end.
The Commissioner should please use his good office to look towards empowering RIFAN and apply a workable modalities and do thorough sensitisation of it’s members across board on the current trends in the Industry space, he pleaded.
He further pointed out that to the best of his knowledge, insurance in Nigeria as it’s currently practiced, is on the selling side than the buying side, that’s to say, it’s almost impossible for general public to consciously go to Insurance Industry to ask for policy he or she can buy without agents going to market them. This is due to lack of confidence in Insurance Industry over the years. This narrative can be corrected if all hands are on deck from all the relevant stakeholders In insurance Industry, he posited.
Going further, he opined that issues of some clauses in the policies that make it difficult for insured to access their claims should as matter of urgency be addressed in order to restore the populace confidences in the industry. Clear write up should be established with understandable terminology to enable a potential insured to get in a clear term what contract he or she is entering into. This will make it fit for the insuring public to embrace insurance consumption in Nigeria with ease.
He further postulates that if Insurance Industry works, every sector of the economy will be relieved as insurance seems to be the umbrella of the economic sector in Nigeria.
He pointed out that from numerous compulsory Insurances, if at least Third Party Motor Insurance; Public Building; Builders Liability and Group Life Insurance work and properly utilized, it will give insurance over 500 Billions Naira.
“NAICOM should mandate or create an atmosphere to enable every agents take at least a policy in Insurance Industry to build confidence on the potential insured who may be looking up to the agents in that direction. This is because almost 90 per cent of Insurance agents don’t have any. This is very wrong as it portrays lack of confidence even on what they are selling to others,” he stated.
On the same track, hardly can you see top and high ranking officials in Insurance Industry in Nigeria train their wards to be an Insurance agents that might eventually take after them at retirement, that depicts that even our MDs, CEO and top Management officials do not have confidence that Insurance Industry could be pursued as a career. General public on several occasions look down on the Insurance agents as those without a lucrative job including himself who has in some occasion encountered such derogatory comments humiliation as an insurance Official. This is indeed the reality and the narrative can be changed, he said.
The RIFAN* Director General, submitted that the insurance industry has the potential to out-shine oil Industry if properly organised and assured NAICOM of it’s readiness to partner with them to change the narrative.
