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Chuks Udo Okonta
The umbrella body of insurance consumers, Retail Insured Family Association of Nigeria (RIFAN) has applauded the Nigerian Insurers Association (NIA) for its empathic disposition towards the vital concern raised as regards the ultimatum given to insurance practitioners to integrate with Nigerian Insurance Industry portal (NIIP).
Recall that, the deadline given by NIA expired on May 31, 2024, but with the intervention of RIFAN through the Director-General Ali Theophilus and other relevant stakeholders, two weeks extension period was granted.
While expressing a heartfelt gratitude to the Director-General of NIA Mrs. Yetunde Ilori, for extension of the deadline, RIFAN boss further reiterated on the necessity for same, adding that it would create an opportunity for a vital stakeholders meeting to be held at Abuja as urgent as possible.
He noted that Abuja plays Vital role in insurance industry when it comes to third party insurance, stating that though Lagos has occupied an important space in insurance industry in the area of Life Agency, Abuja has the lead in general business agents.
The meeting he said would create an avenue for him to bring his wealth of experiences on third party insurance to organise a vigorous deliberation to mapping out strategies on the best way to embrace the innovation.
He submitted that this as well would aid in exploring the technological upgrade to shaping the Industry and guide the general insuring public from being deceived by the fake agents spreading over in the Industry space in Nigeria, therein, cushion their activities and the effects on the industry.
Calling for such important stakeholders meeting, he quickly made a worrisome hint on a development, stressing that the leader of the unlicensed insurance agents has recently paid visit to ministry of agriculture in Abuja, made business proposal and organised a press briefing aiming at selling cooperative insurance to general public which was granted.
This trends if allowed to grow as it has germinated already, possessed potentials to cripple the insurance industry without delay, noting that many insuring public who may not have the knowledge to differentiate between the fake and genuine insurance products will ignorantly fall victim as it might be cheaper for them. The damages will definitely bounce back to the insurance Industry in general as the effect will further destroy the image of the sector in the face of general insuring public in Nigeria, he submitted.
Speaking further on the need of the meeting, he implored the National Insurance Commission (NAICOM); Nigeria Insurers Association (NIA); Association of Registered Insurance Agents of Nigeria (ARIAN); Retail Insured Family Association of Nigeria and Directorate of Road Traffic Service (DRTS) and other agencies saddled with enforcement responsibilities to be part of the meeting to give a large forum for elaborate and extensive contributions of knowledge to achieving greater results in the implementation.
To further buttress his appreciation to NIA boss, he recounted his antecedent stressing that his team were the first to practice a genuine insurance in licencing office Abuja as at 2004. As a result of his effective efforts with those of his team in fighting fake agents and their activities, genuine insurance waxed stronger and a huge success was recorded in Insurance Industry as at 2008.
This led to the success of OSCAR (One Stop Claims Shop for Victims of Motor Accident), an NGO initiated by SERVICOM in 2009 under President Olusegun Obasanjo regime whose aim was to wage war against fake insurance agents. It’s major activities was to prosecute them where necessary. Some of the agents that carried out the prosecution were the Nigeria Police; State Ministries of Health; FCT Health and Human service Secretariat and National Insurance Commission (NAICOM), he submitted.
He noted that with the help of OSCAR, a milestone of success in curtailing fakes agents’ excesses was attained to which was later handed over to the council on April 2009.
Ali maintained that moreso, under his leadership as Chairman of Association of Registered Insurance Agents of Nigeria Abuja chapter, in year 2010, his efforts was greased with introduction of the Nigerian Insurance Industry Database (NIID), which promoted verification of insurance documents online, stating yhat though it was fought against by same fake insurance agents to jeopardize the initiative, but his effort together with his team in collaboration with available underwriters, they overwhelmed the counterfeiters. As such, over 7 million out of 13 millions vehicle in Nigeria roads have patronized the online motor insurance, he added.
RIFAN DG submitted that to bring permanent solution to the fight against fake insurance vendors, every stakeholders interested and concerned in the growth of the industry should fully participate in the endeavour. Though several meetings have been going on with the Directorate of Road Traffic Service, but the effects of team work can not be over emphasized in results orientation in any viable industry. The time for the industry to speak in one voice is now, he posited.
