Key Points
- NIA will implement a five-year Awareness, Capacity Building and Enforcement (ACE) agenda.
- The strategy will target public awareness, industry capacity and compliance with compulsory insurance.
- The association plans to expand digital platforms and use AI to improve insurance services and combat fraud.
Main Story
The Nigerian Insurers Association (NIA) is set to implement a five-year strategy aimed at increasing insurance penetration through greater public awareness, stronger industry capacity and improved enforcement of compulsory insurance policies.
The Chairman of NIA, Mrs Ebelechukwu Nwachukwu, disclosed this in an interview with the News Agency of Nigeria (NAN) on Monday in Abuja.
She said the strategy, known as the Awareness, Capacity Building and Enforcement (ACE) agenda, was designed to move the insurance industry from potential to performance.
Nwachukwu said the awareness component would involve nationwide campaigns to improve public understanding of insurance and would target different groups, including school children. She added that the association would also expand distribution channels to reach Nigeria’s diverse demographics.
She said the capacity-building component would focus on strengthening leadership, underwriting expertise and institutional capabilities across the industry.
According to her, funds being raised under the ongoing recapitalisation programme would help insurers increase their capacity to underwrite larger risks and deepen market penetration.
Nwachukwu said the association would also collaborate with state governments to enforce compulsory insurance policies, including those covering buildings under construction and public liability.
She said stronger enforcement would offer greater financial protection to citizens while encouraging wider participation in the insurance market.
Following Lagos State’s recent enforcement initiative, Nwachukwu urged other states to establish similar platforms to improve compliance.
She identified prompt claims settlement as another priority, saying stronger, better-capitalised insurers and efficient compensation would be important to building public confidence in the industry.
On technology, Nwachukwu said NIA had established an innovation hub to promote technology-driven solutions within the sector.
She said the association was developing electronic Know Your Customer (e-KYC) platforms and a centralised claims repository to help combat insurance fraud.
Nwachukwu added that insurance companies were increasingly applying artificial intelligence to property surveys, inspections, claims verification and customer service.
She said digital platforms would also allow customers to purchase policies, verify compulsory insurance certificates and submit claims online.
Nwachukwu said continued investment in digital technology, data analytics and artificial intelligence would be essential to reducing fraud and providing faster and more convenient insurance services across Nigeria.
The Issues
The strategy addresses key areas affecting insurance penetration, including limited public understanding, industry capacity, enforcement of compulsory policies, claims settlement and the adoption of technology.
What’s Being Said
“the strategy would run in the next five years through an initiative known as the Awareness, Capacity Building and Enforcement (ACE) agenda.” – Ebelechukwu Nwachukwu
“prompt claims settlement would remain a key priority.” – Ebelechukwu Nwachukwu
What’s Next
NIA will implement the ACE agenda over the next five years, with emphasis on public education, capacity building, enforcement, claims settlement and digital transformation.
Bottom Line
The NIA’s ACE strategy combines awareness, stronger industry capacity, enforcement and technology in an effort to expand insurance participation and improve confidence in the sector.
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