The Insurers Committee, an association of insurers and the regulatory body, National Insurance Commission (NAICOM), has started championing a rebranding campaign, aimed at changing the negative perception of the public towards insurance, as well as, growing the number of insurance consumers from 37 million to over 150 million of the population.
Speaking at a recent press conference in Lagos, the Vice Chairman of the Publicity sub-committee of the Insurers Committee, who is also Managing Director, NSIA Insurance Company Limited, Mrs. Ebelechukwu Nwachukwu, said the nationwide campaign to rebrand the insurance industry kicks off on June 1st, 2018, adding that the committee has set out seven cardinal goals that will be vigorously pursued to take the industry to lofty heights.
Nwachukwu said owing to the low contribution of the insurance sector to the Gross Domestic Product, GDP, which stands at 0.06 percent and the poor perception of the general public towards insurance, the industry having put all the necessary requirements in place, is set to launch the project which is expected to transform insurance operations in the country.
The initiative, according to the Committee, will be driven via social media, print and electronics but greater attention will be on the social media due to the youth population.
It will be recalled that to promote the project, NAICOM has contributed N40 million while most companies have also made their contributions towards the initiative.
Earlier, insurance operators had agreed to raise 50 percent of the funds for the rebranding project from companies’ gross premium income while the balance of 50 percent is to be shared evenly from profits realized by insurers.