NAICOM, insurance firms partner on funding insurance rebranding project

The National Insurance Commission (NAICOM) and 58 insurance companies in the country are currently funding the insurance rebranding project of the Nigeria’s insurance industry, Business247 News Online has learnt.

While NAICOM is co-funding the initiative, each of the 58 firms, it was reliably gathered, is currently donating millions of Naira into the project that is expected to commence in three weeks time.

While payment for this initiative started a couple of weeks ago, most companies had already made their payments, with the remaining few ones expected to pay their own next week.

Already, Business247 News Online learnt that a consultant had been appointed for the project and has started preliminary works on this initiative that is expected to go public on October 1st, 2016.

The insurance rebranding project is an innovation of the Insurers’ Committee aimed at deepening insurance acceptance and penetration through massive insurance education and awareness across all states of the federation, though, Lagos and Abuja are expected to be the leading states in this regard.

The first phase of this multi-million Naira project, we learnt, will use the online medium such as Facebook, Twitter, among other online platforms to create awareness on the need to subscribe to insurance products and services, following the rapid increase in the number of Internet and online users in the country.

Earlier, the Head, Media and Publicity Sub-Committee of the Insurers’ Committee,  Mr. Oye Hassan Odukale, said the project was a joint initiative of all the underwriting firms in the country, saying, each of the insurance firms is contributing towards the project.

Stating that insurance operators are going to effectively use social media and radio to publicise the concept, he said the aim of the insurance rebranding was to increase insurance penetration, adoption and acceptance, thereby, erasing the negative perception some people have on insurance products and services.

Odukale, who is also the Managing Director of Leadway Assurance Company Limited, said: “We are going to use a lot of broadcast medium (radio) and social media to promote this concept.”

He added that insurance operators are considering adopting a uniform technology in a bid to cut cost.