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AIICO Enjoins Insurers To Embrace Technology To Increase Penetration Level

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Participants at the training in Lagos on Thursday.

By Sola Alabadan

AIICO Insurance Plc has enjoined insurance operators in Nigeria to give due consideration to digital sales of insurance products and services in order to increase the level of insurance penetration in the country.

Considering the fact that Nigeria’s population is put at over 200 million people, the company believes it is an anomaly that the insurance penetration rate is 0.5 percent.

Speaking on the development at the annual training for members of Nigerian Association of Insurance and Pension Editors (NAIPE) sponsored by AIICO Insurance in Lagos, the company stated that the major mechanism in closing this gap is digital sales of insurance products.

Mr. Olusanjo Shodimu, Chief Digital & Innovation Officer of AIICO Insurance while speaking at the training, noted that insurance should be sold through channels that are ubiquitous and accessible to prospects.

Shodimu said: “Nigeria, which is the largest African economy with a GDP of 440 billion USD (2021) and the most populous African country with over 200 million people only has an insurance penetration rate of 0.5 percent.

“The major mechanism in closing this gap is digital sales of insurance products. Insurance should be sold through channels that are ubiquitous and accessible to prospects. The adult population is either on social media or surfing the web and they use their mobile phones to perform these activities.”

He listed challenges affecting insurance distribution to include trust, stating that people do not believe in insurance and the need for it except for the statutory ones imposed by the government.

Another challenge is awareness due to lack of understanding and appreciation of the importance/benefits of insurance. Accessibility is also a challenge as the requirements for obtaining insurance policies are too many and challenging.

Another challenge, he stated, is complexity as insurance policies can be complex, with legal jargon and intricate terms and conditions. This complexity can deter potential customers from purchasing insurance.

Shodimu said that to address these challenges, AIICO Insurance developed Flexure as a flexible insurance platform for the ease of distribution of insurance products and services leveraging technology.

He said: “Flexure is AIICO’s response to the changing landscape of insurance + technology “InsurTech”.

“Flexure, (an acronym for “Flexible Insurance”), is a flexible insurance platform that is enabling fast and easy access to insurance services via an Application Programming Interface (API)-driven distribution framework and is currently in use by various industry verticals.

“The Flexure platform and API technology powers both B2B and B2C offerings, providing a differentiated customer experience and API-led product distribution that allows businesses to distribute insurance products as ancillary services and allows start-ups/Insurtechs to innovate and power new, market leading use cases for insurance distribution, as well as direct access to insurance products for consumers.”

He said that the key feature of the Flexure is that it enables fast and easy access to insurance services.

Another feature is simplicity as the Flexure streamlines the often complex and time-consuming process of obtaining insurance coverage. Users can access insurance services quickly and efficiently, reducing the traditional bureaucratic hurdles associated with insurance applications.

For real-time access, he said that with Flexure, users can access insurance services in real-time. This is a departure from traditional insurance processes that might involve delays due to manual underwriting and administrative procedures. Real-time access ensures timely coverage when it’s needed most.

On customizable solutions, he said that Flexure offers customizable insurance solutions. This means that users can tailor insurance plans to their specific requirements. Whether it’s adjusting coverage limits, selecting different policy options, or modifying terms, Flexure empowers users to create insurance plans that align with their individual or business needs.

On scalability, he said that Flexure is designed to be scalable. This means that it can accommodate growing needs and user volumes without compromising performance. Whether a business is small, medium-sized, or large, Flexure can adapt to its scale.

On enhanced security, he said that security is paramount in insurance, and Flexure prioritizes this aspect. It employs robust security measures to protect user data, financial transactions, and sensitive information, ensuring that users can trust the platform with their insurance needs.

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SanlamAllianz Organises Roadshow To Deepen Insurance Awareness

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By Sola Alabadan

SanlamAllianz, formed from the merger of Allianz and Sanlam, will begin 12-city nationwide roadshow on June 23, following the brand’s recent official introduction to the Nigerian market.
The campaign, which will take place in Lagos, Ibadan, Akure, Warri, Port Harcourt, Uyo, Onitsha, Enugu, Owerri, Kano, Jos, and Abuja, is part of the company’s strategic effort to deepen customer engagement, and raise awareness about the brand and insurance.
It is also intended to demonstrate the company’s commitment to making wealth creation and financial protection capabilities more accessible to individuals and businesses in the country.
Speaking on this initiative, Tunde Mimiko, MD/CEO of SanlamAllianz Life Insurance, said: “This nationwide campaign signals the scale of our ambition and the depth of our commitment to the Nigerian market. At the heart of insurance is trust, and trust begins with presence. Reaching customers where they are is fundamental to how we are building SanlamAllianz.
“This roadshow is a strategic move to bridge the gap between perception and reality, allowing us to engage directly with our customers and Nigerians in general, challenge long-held misconceptions, and position insurance as a practical tool for thriving in financial confidence, building resilience and long-term financial security.”
As part of the roadshow, SanlamAllianz will hold customer engagement forums in each of the 12 cities. The in-person sessions allow customers to interact directly with the company’s leadership and frontline teams. The forums aim to reconnect with customers under the unified brand and reaffirm its long-term commitment to the local market.
“Insurance only becomes relevant when it is understood, trusted, and connected to the realities people face,” said Yomi Onifade, MD/CEO of SanlamAllianz General Insurance.
“These forums are our way of reintroducing SanlamAllianz not just as a merged entity, but as a unified brand committed to showing up for Nigerians. We are creating a platform for real conversations — to listen, address concerns, and deepen understanding. This is how SanlamAllianz intends to lead, by listening actively, showing up with solutions, and shaping a future where insurance is truly embedded in the fabric of everyday Nigerian life,” he added.
By adopting a city-by-city physical rollout, SanlamAllianz Nigeria is positioning itself as one of the few players actively investing in deeper grassroots engagement toward deepening insurance penetration in Nigeria.

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NAICOM, OHCSF Move To Ensure Workers Benefit From Group Life Assurance

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By Sola Alabadan

In order to equip civil servants with knowledge and tools to effectively manage and benefit from the Group Life Assurance Policy, the National Insurance Commission (NAICOM) and the Office of the Head of the Civil Service of the Federation (OHCSF) recently organised a capacity-building workshop on the compulsory insurance policy in Abuja.

Section 9(3) of the Pension Reform Act 2014 mandates employers to maintain a Group Life Assurance policy for their employees, with a benefit of at least three times the employee’s annual total emolument.

The workshop brought together stakeholders from government ministries, departments, and agencies to enhance understanding and implementation of the policy.

In her opening remarks, Mrs. Didi Esther Walson-Jack, Head of the Civil Service of the Federation, represented by Mrs. Oyekunle Patience, emphasised the importance of insurance in safeguarding public servants’ welfare and ensuring financial security for their families. She commended President Bola Tinubu for renewing the annuity policy and applauded NAICOM for initiating the training.

The Commissioner for Insurance, Mr. Olusegun Omosehin, represented by Mr. Ekerete Ola Gam-Ikon, Deputy Commissioner for Finance and Administration, expressed appreciation for the collaboration and assured participants of NAICOM’s commitment to transparency and accountability in policy implementation.

The workshop aimed to equip civil servants with knowledge and tools to effectively manage and benefit from the Group Life Assurance Policy, a critical component of the Federal Government’s welfare package.
The event marked a significant step in strengthening life insurance policy implementation across the federal civil service, reinforcing the government’s dedication to employee well-being.

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PenCom Mandates Newspaper Owners To Pay N720m Pension Debt

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The Director General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, has raised alarm over widespread non-compliance with the Pension Reform Act (PRA) 2014 by media organisations in Nigeria, revealing that newspaper owners owe journalists over N720 million unpaid pension contributions.
Speaking during a courtesy visit to the President of the Newspaper Proprietors’ Association of Nigeria (NPAN), Mr. Kabiru Yusuf, in Abuja recently , Ms. Oloworaran described the findings as “very troubling” and called for urgent collaboration between PenCom and newspaper proprietors to enforce compliance across the sector.
PenCom acknowledged the deep value of the role of the media in shaping public discourse, and said it is disheartening that many organisations within the media are failing to meet a fundamental obligation to their employees.
The Director General said PRA 2014 mandates all employers to remit pension contributions for their employees monthly, within seven days of salary payment.
However, she said PenCom’s investigations show that many newspaper houses have ignored this obligation, with arrears totalling over N720 milliiaon.
Ms. Oloworaran informed NPAN that PenCom is not seeking to penalise erring organisations at this stage, but prefers a collaborative approach to achieving sector-wide compliance.
She added that PenCom has been engaging employers across industries and recently held discussions with the Nigerian Press Council (NPC) to drive awareness and compliance in newspaper organisations,.
While noting the overall poor compliance within the industry, the DG singled out Daily Trust for commendation, describing the paper as a “leading example” for consistently meeting its pension obligations since 2015.
Responding, NPAN President, Kabiru Yusuf, acknowledged the pension compliance issues in newspaper organisations in Nigeria, but urged PenCom to understand the dire financial situation of the media industry.
NPAN President said the reality is that many newspapers in Nigeria are struggling to even pay staff salaries, let alone pension contributions, adding that only a few are managing to stay afloat, and even among them, there is often reluctance to part with money for statutory payments like tax and pensions.
He welcomed PenCom’s engagement efforts and proposed a broader industry dialogue through the Nigerian Press Organisation (NPO), a coalition that includes NPAN, the Nigerian Guild of Editors (NGE), and the Nigeria Union of Journalists (NUJ). Yusuf suggested that PenCom participate in an expanded meeting of stakeholders in Lagos this year, where the challenges of compliance and potential solutions can be jointly addressed.
Ms. Oloworaran agreed to the proposal, expressing hope that such a forum would serve as a meaningful step toward sustainable pension reform compliance in the media.
“We are not focused on being punitive because the law allows us to sanction. That is not what we are looking at. I believe we can work together to get all these media houses to make the necessary contributions towards the financial security of their workers,” the DG said.
The meeting marked a renewed effort by PenCom to hold employers in the media sector accountable and compliant with the PRA 2014.

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