NAICOM, operators commit to industry rebranding project

Commissioner for Insurance, Alhaji Mohammed Kari

…Set Q1 2018 for campaign take-off
In a dramatic move to unlock the potential in the industry, the National Insurance Commision (NAICOM), and operators have decided to raise about 50 per cent of the funds required for the industry’s rebranding project from companies gross premium income, while balance of 50 per cent would be shared would among operators.

The Commissioner for Insurance, Mohammed Kari, who disclosed this at the quarterly Nigeria Insurers Committee meeting, in Lagos, also assured of the Commission’s support for the project both financially and morally.

Also Speaking, the Managing Director/Chief Executive Officer, Custodian and Allied General Insurance Limited, and member of the publicity committee, Olatoye Odunsi, said the Commission’s support will encourage other operators to key into the rebranding project, which is expected to kickoff first quarter of next year.

On the budget for the project, he said some companies have included the project into their 2017 budget, while others already have the fund.

He stressed that they are expecting companies to send their contributions before the end of December, so they can have enough funds to be able to commence the campaign as planed next year.

He added that the collaboration of all stakeholders will go a long way to impact the industry, adding that the fruits from the collaborations will begin to be yield results from next year.

On areas of focus for the rebranding, the Director General, Nigeria Insurers Association (NIA), Yetunde Ilori, said: “the industry branding will not just focus on a particular product because all the industry wants to do is to create awareness to get people to understand that they know what insurance offers.

“We appreciate the fact that even the demographics of the people that we are meant to serve have changed. So the question is how do we reach them? How do we get the message to them and how accessible are our products and services?

She said the most basic products such as the auto insurance will be featured adding that the essence of the branding and publicity is to create awareness about insurance, and the role it plays for individuals and economic growth.

“We want people to know we are here for them when the risk or problem occurs.”
She explained further that Nigeria’s population, which is made up of mostly youths need to be informed on the need for insurance as a social security, which the industry hopes to achieve through the social media, radio promos and newspapers.

She noted that the campaign is geared towards encouraging Nigerians to rely on insurance even as they make adventures, and pursue their visions vigorously with the assurance that insurers are always ready to support their dreams.



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