Monday,May 03, 2021 / 06.05PM / Ottoabasi Abasiekong for WebTV/Header Image Credit: WebTV

A clear policy roadmap will unlock the growth and potentials of the NigerianInsurance industry, which could lead to deeper consumer in support of theeconomy. Mr. Ekerete Ola Gam-Ikon, an insurance expert, and managementconsultant made this point while providing commenting on  "The InsuranceIndustry and Nigeria's Economic Stability".

Gam-Ikon noted that as there was a roadmap to drive the development ofthe Solid Minerals industry, the Insurance industry equally deserves such astrategic approach to its growth and development.

The insurance maven believed that key stakeholders in the ecosystem,which includes the regulator, and policymakers should work together indeveloping the industry roadmap, that could reposition insurance into adynamic, strategic, innovative, and attractive sector for investments.

Looking at the role of technology in driving the industry, Gam-Ikonagreed that a lot could be achieved in the area of financial inclusion andinsurance education.

He stressed the importance of innovative products that could be employedthrough insurtech to improve engagement with product and service clientsor policyholders.

According to him, it was important to have tech-enabled solutions forinsurance products, which would improve operations around enrollment forservices, updates on claims settlements and making claims payments.

On the opportunities for leveraging micro-insurance in Nigeria, hecalled for collaboration between the Small Medium Enterprise Development Agencyof Nigeria (SMEDAN) and the Nigeria Insurers Association (NIA) to enable thesectors growth.

He agreed that micro-insurance could contribute significantly to thegrowth of the country's industrial and entrepreneurial sector, which is why thepartnership between SMEDAN and NIA is important.

Gam-Ikon also emphasized the need to integrate women into the insurancesector, considering their population and their capacity to actively drivepenetration.

He stressed the need for the appointment of more women into the regulatoryparaphernalia of the sector to foster diversity.

Following the recent decision of the National Insurance Commission(NAICOM) on the revocation of the license of UNIC Insurance, Ekerete OlaGam-Ikon was of the view that it was a clear signal to operators on governanceand accountability.

He noted that periodic assessments of the insurance companies by theregulator were vital to the system's stability as is the case with the bankingsector.

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