Wednesday, January 19Inside Business Africa
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Insurance

How insurers’ N97.2b claims settlement boost market penetration

How insurers’ N97.2b claims settlement boost market penetration

Insurance
Modern insurance claims process is increasingly complex. More variables and data are constantly coming into play, but carriers must determine appropriate settlements and flag potential fraud faster than ever. Aside technical challenges, insurers are also dealing with customers during stressful and vulnerable moments, especially at pandemic times when the delicate balance of empathy and automation must be struck to give the insured the peace of mind they seek The shift to a mostly-automated claims process will likely take a decade, as the initial steps in the core claims system transformation process are very long. Despite worries about another round of recession in the economy due to the negative impact of the pandemic that is mitigating the global economy, a few i...
Insurers woo Nigerians on investment culture through MMF

Insurers woo Nigerians on investment culture through MMF

Insurance
Despite the growth in savings and investment products, Nigeria still recorded low mobilisation for such products, research by FSDH has shown. The research said the ratio of gross national savings to the Gross Domestic Product (GDP) was one of the lowest among some countries in the world. For instance, mutual funds have recorded impressive growth in the last five years, but the ratio of mutual fund assets to the GDP is about 0.5 per cent. For this reason, underwriting companies are encouraging Nigerians to utilise its Money Market Fund (MMF), as a savings tool in navigating the current economic downturn intensified by the coronavirus pandemic. According to them, the Money Market Fund is a large pool of funds that investors can invest in, including T...
‘How industry can improve insurance product offering’

‘How industry can improve insurance product offering’

Insurance
Diversifying insurance products to meet the needs of Nigerians will help to increase insurance penetration across the country, experts have said. Besides, helping people to understand that insurance is key to a secured future should be a compelling message to Nigerians, whether average or below average families, while the operators prepare to honour their obligations. Industry stakeholders blame the failure of the government to enforce the provisions of the Insurance Act, especially the compulsory insurances has frustrated the goal of increasing insurance penetration in Nigeria. According to them, most Nigerians do not believe in insurance, because the products are not being marketed well, which has become a problem not only to the industry but also impedes economic development....
How small-sized insurers may lose big contracts by December

How small-sized insurers may lose big contracts by December

Insurance
Despite the extension of the deadline for insurance industry recapitalisation to September 2021, brokers/marketers are sceptical about some operators’ ability to scale through the hurdles. Recall that industry regulator, the National Insurance Commission (NAICOM), had pushed the deadline from December 31st, 2020, to September 30, 2021, in a phased exercise. Under the new terms, insurance companies will have to meet at least 50 per cent of their paid-up share capital year-end, while completing the remaining stake by the end of the third quarter, next year. However, investigation shows that brokers are scouting for operators who must have fully recapitalised by year-end to place the juicy insurance contracts for 2021 in their possession to them. With most big play...

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