THE Retail Insured Family Association of Nigeria (RIFAN), the umbrella body of insurance consumers, has lauded the Nigerian Insurers Association (NIA) for the concern raised on the ultimatum to insurance practitioners to integrate with Nigerian Insurance Industry portal (NIIP).
The deadline given by NIA expired on May 31 but with the intervention of RIFAN through the Director-General, Ali Theophilus and other relevant stakeholders, a two-week extension period was granted.
The RIFAN boss expressed thanked the Director-General of NIA, Mrs Yetunde Ilori, for extending the deadline, adding that it would create an opportunity for a vital stakeholders meeting to be held in Abuja soon.
He noted that Abuja plays an important role in the insurance industry when it comes to third party insurance, noting that though Lagos has occupied an important space in the insurance industry in the area of life agency, Abuja has the lead in general business agents.
He said the meeting would create an avenue for him to bring his wealth of experiences on third party insurance to organise a vigorous deliberation on mapping out strategies on the best way to embrace the innovation.
Theophilus pointed out that this would aid in exploring the technological upgrade to shape the Industry and guide the general public from being deceived by the fake agents in the Industry space in Nigeria, therein, cushion their activities and the effects on the industry.
He hinted that the leader of the unlicensed insurance agents has recently paid a visit to the ministry of agriculture in Abuja, made a business proposal and organised a press briefing aimed at selling cooperative insurance to the general public which was granted.
According to him, this trend, if allowed to grow, possessed potential 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.
He said, “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 the general insuring public in Nigeria.”
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 (RIFAN) 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.
Also, he recounted his antecedent, stressing that his team was the first to open a genuine insurance in licensing office Abuja as at 2004 and as a result of his effective efforts with those of his team in fighting fake agents and their activities, genuine insurance waxed stronger and recorded a huge success in the 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. Its major activity 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 pointed out.
He explained that with the help of OSCAR, success in curtailing fake agents’ excesses was attained to which was later handed over to the council in April 2009.
Theophilus stated that under his leadership as Chairman of RIFAN, Abuja chapter, in 2010, his efforts resulted in the introduction of the Nigerian Insurance Industry Database (NIID), which promoted verification of insurance documents online, adding that though it was fought against by same fake insurance agents to jeopardise the initiative, their efforts in collaboration with underwriters, overwhelmed the counterfeiters, leading to over seven million out of 13 million vehicles in Nigeria roads patronising the online motor insurance.
The RIFAN DG noted that to bring a permanent solution to the fight against fake insurance vendors, every stakeholder interested and concerned in the growth of the industry should fully participate in the endeavour.
He averred that the time for the industry to speak in one voice is now, though several meetings have been going on with the Directorate of Road Traffic Service, the effects of teamwork cannot be over emphasised in results orientation in any viable industry.
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