Matthew Otoijagha
Insurance companies have uncovered fraudulent claims through market
cohesion and improved intercompany relationship, the Chairman,
Nigerian Insurers Association (NIA), Eddie Efekoha, has said.
He disclosed this at a press conference in Lagos, adding that in
recent times, there has been an improved relationship amongst
insurance operators. “It is equally important to inform you that we
are witnessing more market cohesion and improved intercompany
relationship. Companies now share information on new businesses and
claims.
‘‘This has resulted in the discovery of fraudulent claims in the
market, especially in the area of motor insurance. The Association
appreciates members for this improved relationship and urges greater
collaboration in the market,” he said.
He said the association has continued to be in the forefront of
capacity development for employees of member companies, stressing that
the association played host to a team from the Institute and Faculty
of Actuaries, UK (IFoA), led by its President, Ms. Majorie Ngwenya,
where the issue of dearth of actuaries in the market was extensively
discussed.
He noted that the IFoA team has assured the association of its
continued support in that regard through regular training programmes
and other collaborative initiatives. “To underscore the high regard
which the institute has for Nigerian market, Lagos will play host to
the inaugural IFoA Africa Conference on April 27, 2018,” he said.
Efekoha posited that the NIA is partnering College of Insurance and
Financial Management and International Labour Organisation (ILO) to
train insurance professionals in the area of Micro insurance, market
research and product development, adding that the association is
optimistic that these initiatives will translate to better
underwriting practices and improved bottom line for members.
Insurance CEOs in Africa meet to unlock market potential
No fewer than 100 insurance chief executives and regulators converged
at Swakopmund, Namibia, for the fifth Chief Executive Officers (CEOs)
summit organised by Continental Reinsurance.
The summit, with the theme: “Insurance and adaptation in the face of
technological change in Africa”, was part of efforts to see how
technology could transform insurance business in the continent.
The Continental Re’s CEO Summit is hosted in different countries each
year, attracting representations from over 20 African countries (both
Anglophone and Francophone). Speaking at the Summit, Continental
Reinsurance Group Managing Director, Dr. Femi Oyetunji, noted that
this year’s summit would be focusing on technology because nearly
everything in business now is governed by technological advancements.
“For the industry to fully optimize, players need to adopt technology
in all processes to help drive penetration. Historically, the
insurance industry has been slow to adopt technology compared with
other sectors and this is stifling its growth,’’ he said.
Chief Executive Officer, Google Kenya, Charles Murito, said digital
transformation within the insurance sector helps drive acquisition,
retention, as well as the servicing of claims, adding that insurance
companies need to become fluid, seamless and assistive by using
technology to enhance their operations.
Other topics that were discussed at the 2018 summit were the changing
regulatory framework and fundamentals of instituting a regulatory
compliance strategy, how players can catalyze insurance technology for
sustainability and how players in the sector can optimize the current
media environment for exposure.
Since 2013, Continental Reinsurance has been organizing the CEOs
summit yearly for insurance industry leaders and other strategic
stakeholders to network, share ideas and best practices.
Ensure reward motor insurance customers with ‘cash back’
The Ensure Insurance Plc’s Cash Back campaign, an innovative reward
system for insurance policyholders, has produced its first set of
recipients, after two years of inception of the scheme.
The Ensure Insurance Cash Back is said to be one of the most
innovative, according to one of the cash-back recipients, Oreva Okunu:
“It was so nice meeting you guys. Such a wonderful group of
trailblazers, with great innovative and disruptive spirit. We love
your marketing strategy and we would definitely be with Ensure for
years to come”.
Owolabi Salami of Ensure Insurance disclosed that the scheme was
initiated following an extensive market research on what customers
require from their insurer.
“Consumers want to know what happens if nothing happens. So, when we
launched our redesigned comprehensive motor insurance policies in
2016, we promised that if no claim is reported over the next 24
months, we will give back 15 per cent of the premium paid by the
customer,” he said.
Highlighting the significance of the campaign, the Chief Marketing
Officer, Ensure Insurance, Tonte Ikiriko, hinted that the objective of
this campaign is to increase the already abysmal consumer confidence
in the insurance industry and also create transparency in our product
offering.
“People are generally wary of insurance products and see fine print of
policy document as clever ways to evade payment of claims by insurers.
Insurers have the responsibility to fix this negative impression by
creating value for our customers”, he said.
The Product Manager for Ensure Motor Brand, Dare Adenuga, attested
that by placing them first, the firm aims to deliver added value to
its customer. Patrons can enjoy towing benefits after an accident- 15
per cent discount for female drivers and male drivers aged 45 years or
older, while customers may also spread premium payment over six months
in equal installments.
According to him, ‘‘Ensure Insurance is changing the way insurance
works for Nigerians. The company prides itself in absolute
transparency and commitment to outstanding service delivery. The firm
offers simple and affordable insurance plans for motor, education,
home, small businesses and corporate businesses, which are designed to
protect the assets of individuals and guarantee real value for money.
‘‘It is a revolutionary incentive package for customers in the
industry, who report no claim for 24 months in a row. The payout is 15
per cent of all the premiums paid by the customer over the past
two-year period.’’
The first set of beneficiaries received their cash-back in February,
2018, and one of the recipients, Abimbola Jinadu, received a cheque of
N101, 666, which amounts to 15 per cent of her total premium over the
last 24 months. In all, 45 customers have received cash-back reward
this year.
NAGAFF wants uniform tariff on imported vehicles
The National Association of Government Approved Freight Forwarders
(NAGAFF) has sought the intervention of the Comptroller-General of
Customs, Hammed Ali, on the discrepancy inherent in the ex-factory
prices imposed on imported vehicles by various customs commands.
NAGAFF made the appeal when its founder, Dr. Boniface Aniebonam met
with the Customs Comptroller-General to discuss operational challenges
encountered during cargo clearance at the nation’s seaports.
According to a statement issued by the Association, other areas of
complaints include the application of penalty on trade disputes and
the accumulation of goods seized by Customs, restriction of certain
trade goods through the ports and approved border stations.
Others include: “Operational issues of multiple alerts, transpire
application, NICIS 2 prospect and challenges, procurement of
Pre-Arrival Assessment Report (PAAR), blocking of agency licenses,
intervention forces, sealing of warehouses and undue delays associated
with the Dispute Resolution Committees (DRC) of various Customs
Command, the role of freight forwarders under the control and
regulation of CRFFN in Customs operations.
Aniebonam reportedly assured his host that NAGAFF and its members
would continue to be complaint and add value to the trading community.
In his response, Ali promised to look into the issues raised by
NAGAFF, even as he appealed to the association to continue to educate
and enlighten all concerned in Customs related matters.
“It is all about making genuine and honest declarations for Customs
purposes. When this happens it shall increase the compliance level on
government regulations,” Ali was quoted as saying.
The statement said the CG asked for patience in the provision of
automation for Customs examination, using hydro scanners and other
hi-tech, non-intrusive inspection equipment.
He also stated that the various zonal commands have been delegated to
ensure smooth operations at the various commands of the service.