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The Nationwide Insurance coverage Fee has urged insurance coverage corporations to spice up their digital advertising mechanism to have the ability to drive insurance coverage premium.
NAICOM famous that the sector’s premium dipped throughout the COVID-19 lockdown as many insurance coverage corporations couldn’t drive gross sales electronically.
A press release by the fee mentioned the Commissioner for Insurance coverage, Mr Sunday Thomas, charged the operators to be modern.
He mentioned, “As well as, one of many main challenges for insurers was the lack to market/promote insurance coverage merchandise to shoppers which, in flip, lowered the premium earnings.
“This has necessitated the necessity for a strong on-line automated advertising and suggestions system in an effort to scale back the dependence on in-person gross sales and advertising.”
Thomas famous that suddenness of the COVID-19 pandemic imposed immense stress on all companies together with insurance coverage enterprise.
Pressures confronted by shoppers within the type of lowered finance and enterprise actions, lack of entry to credit score, expiration and wastage of perishable items, non permanent or everlasting enterprise closures and worker contract terminations, life threatening sicknesses and deaths all mixed to extend the propensity for claims, he mentioned.
Contemplating that the majority losses arising from the pandemic weren’t adequately lined by current insurance coverage insurance policies, he mentioned, it had turn out to be apparent that present insurance coverage product choices weren’t ample to answer emergent dangers and desires of our society.
“There’s, due to this fact, the necessity for a evaluation of typical insurance coverage merchandise in an effort to upscale the worth proposition of the Nigerian insurance coverage trade,” he mentioned.
Thomas mentioned the trade couldn’t proceed to disregard the impression of unexpected occasions on people, companies, and the insurance coverage trade as an entire.
He mentioned it was vital to additionally state that the work-from-home development which was step by step changing into the norm heightened the necessity for digitisation within the Nigerian insurance coverage trade.
In keeping with him, insurance coverage corporations have been now deploying know-how for distant working to allow corporations to increase their mode of supply of services to clients.
On this vein, he mentioned, the fee was engaged on an insurance coverage trade IT framework together with cyber threat and safety necessities to safeguard the confidentiality and private knowledge of the insuring public.
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