Sunday, October 25African Business News
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Insurance

PFA rolls out AI platform to aid real-time customer self-service

PFA rolls out AI platform to aid real-time customer self-service

Insurance
Sigma Pensions, a leading Pension Funds Administrator (PFA) in Nigeria, has launched an Artificial Intelligence (AI) powered platform, to support real-time customer self-service.   According to the PFA, the digital platform, a chatbot named, ‘Nafi’ can be leveraged by customers for real-time messaging and response to check account balance even on WhatsApp, as well as make general inquiries on their Retirement Savings Account (RSA). The PFA said this was part of its commitment to creating unwavering and enhanced customer service. Speaking at the launch, Executive Director, Operations, Afolabi Folayan, said the initiative was driven by the vision to continue to explore ways to improve customers’ experience throughout their pension journey and interactions. He said wit...
Economic downturn scuttling insurance industry recapitalisation

Economic downturn scuttling insurance industry recapitalisation

Insurance
One of the major problems currently facing underwriting businesses is their inability to raise their capital base to meet the proposed requirement. This is becoming a source of worry for many industry stakeholders. Although the Coronavirus outbreak is flattening, the pandemic has set the global economy spiraling, with recovery in some countries predicted to remain sluggish for the next few years. The Nigerian economy is not isolated from this development as its revenue continues to shrink. Many companies are closing businesses while those still in operation are struggling to survive. Investment is shrinking just like other areas of the economy. This poses a serious challenge to insurance industry recapitalisation, an exercise that started long before the pandemic struck. Thoug...
NAICOM to deepen insurance penetration with digital tool

NAICOM to deepen insurance penetration with digital tool

Insurance
The National Insurance Commission (NAICOM) has unveiled a digital platform to drive insurance business and deepen penetration. The portal, which was developed for six years, has been concluded as part of the ongoing reforms by the commission. The Commissioner for Insurance/Chief Executive Officer, NAICOM, Sunday Thomas, said the new portal enables an individual to conduct an insurance business from any part of the world. He said: “We will be looking at the digital world. Part of what we have done so far is the fact that our portal that was on the drawing board for over six years has been fixed. It is taking us from where we are to the next level. “We have sensitised the technical people in the industry and they have been going through a series of training on it. ...
Insurers deploy premium payment channels to new work order

Insurers deploy premium payment channels to new work order

Insurance
To cope with the challenges posed by the outbreak of the coronavirus especially in Nigeria, operators in the insurance industry are beginning to upgrade their digital capabilities and platforms to effectively serve customers, through various payment channels. With the federal and some state governments entrenching physical and social distancing rules to limit human physical contacts to curb the spread of the virus, The Guardian gathered that insurers opted to leverage online channels to increase the sale of policies and pay claims emanating from insured risks. Speaking in an interview with The Guardian on the development in the industry, the Managing Director/Chief Executive Officer, FBNInsurance Limited, Val Ojumah, said the pandemic and subsequent lockdown have given the push t...
ADVANTAGE PRESTIGE

ADVANTAGE PRESTIGE

Corporate Stories, Insurance, Interviews
Prestige Assurance Plc “has the advantage” as it is strategically positioned to provide efficient and effective solutions to your risk management issues, using the modern information technology, skillful and professional workforce with the objective of making its esteemed clients feel the positive impact in every sphere of their lives.                         Prestige Assurance Plc, is one of Nigeria's leading general insurance Company with offices nationwide, with about 68 years of undisputable insurance services, and a commitment to create long-term value for its clients and stakeholders through strong business fundamentals, consistent with its mission and guided by a strong vision and excellent core values was es...
How underwriters pool N44.15 billion written premium amid pandemic

How underwriters pool N44.15 billion written premium amid pandemic

Insurance
Despite worries about recession, four operators in the nation’s insurance industry were able to pool about N44.15 billion Gross Written Premium (GWP) for insured risks, The Guardian has gathered. The operators attributed the performance to growth across all lines of business in the market, even as stakeholders believe that one of the ways to drive industry penetration is through the underwriters’ financial strength. The insurers had recently done a virtual 2019 Annual General Meeting (AGM), and they include; Wapic Insurance Plc, AXA Mansard Insurance Plc, Anchor Insurance Company Limited, and Linkage Assurance Plc. Speaking on the performance development, the Managing Director, Wapic Insurance Plc Yinka Adekoya, described the growth as encouraging, and will continue to remain ...
Association canvass stronger corporate governance to manage COVID-19

Association canvass stronger corporate governance to manage COVID-19

Insurance
Risk Management Association of Nigeria (RIMSON), has called for a deepening of corporate governance principles in Nigerian companies to help manage COVID-19 crisis, and alleviate its adverse effects on firms’ goals and objectives. The Association noted that with the disruptions and high speed decision-making propelled by the current pandemic, there is a need to instil stronger corporate governance practice in companies to manage resultant risks. According to the group, only organisations that get this right will flourish post-COVID-19, while those that practice poor corporate governance may not withstand the test of time. Speaking during a webinar at the 20th Yearly General Meeting of RIMSON, themed: “Risk Management & Corporate Governance,” the Executive Vice Chairman, H Pier...
FG insures 89,000 employees under N15 billion group life scheme

FG insures 89,000 employees under N15 billion group life scheme

Insurance
The Federal Government is said to have settled about N15 billion premiums under the Group Life Insurance scheme to insure it’s over 89,000 workers across the country in the current financial year. Although government had in the past, struggled to renew the Group life insurance for its workers, owing to the late passage of budget into law, findings show that insurance industry had to engage and convinced them on the need to insure these workers against unforeseen incidents at the workplace With the premium now fully paid, the family of deceased civil servants will now be entitled to death benefit claims that will sustain and cater for them, including the wives and children they left behind. In Nigeria, Group life cover is a joint regulation of the National Insurance Commission (NAI...
NAICOM tasks professionals to brace up for new challenges amid pandemic

NAICOM tasks professionals to brace up for new challenges amid pandemic

Insurance
The National Insurance Commission of Nigeria (NAICOM), has urged the Chartered Institute of Insurance of Nigeria (CIIN), to prepare for the challenges of marketing new members, through education seminars and examination on how to cope with threats posed by the COVID-19 pandemic. The Commissioner for Insurance, Sunday Thomas, gave the charge in his remarks during the Investiture of Muftau Oyegunle, as the 50th President of CIIN, in Lagos. Thomas said: “Suffice it to say that critical times require critical measures, the challenges before the Institute during and post-COVID-19 are enormous; how you do your marketing for new members, how you run your education seminars, where and how you conduct your examinations for prospective members will all be affected by the prevailing circums...
Life underwriters deepen industry’s penetration with 2019 financial results

Life underwriters deepen industry’s penetration with 2019 financial results

Insurance
The ongoing recapitalisation exercise in the insurance industry may be getting the necessary boost, as the life underwriters at the weekend expressed readiness for the exercise through their 2019 financial result; saying a process is a form of a corporate reorganisation, which involves making substantial changes in the capital structure. Recapitalisation is one of the strategies companies use to improve their financial stability. The insurance industry post-recapitalisation is expected to be robust and capable of taking big risks, as well as contribute meaningfully to the nation’s Gross Domestic Product. The decision to recapitalise may be taken by the company voluntarily, or in compliance with a regulatory directive. In the latter sense, recapitalisation has proven to be a useful to...