Microinsurance framework may give brokers right to employ agents

Chuks Udo Okonta

The microinsurance framework being developed by the National Insurance Commission (NAICOM) may give insurance brokers the right to employ agents as sellers, Inspen has learnt.

A broker, who pleaded not to be named, said the broking fraternity has written the industry regulator to consider brokers’ desire to engage agents in the framework which will soon be released.

The source said: “We have written NAICOM trying to bring out the possibility of brokers employing agents that would work for them. It is a good thing in the right direction. The brokers never understood in the beginning when NAICOM introduced the agency system. It is now that we have gotten full understanding of the initiative, and we have written NAICOM, to reconsider our stand on employing agents to work for us.”

In a bid to enrich the framework, NAICOM together with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ); Making Finance Work for Africa (MFW4A; Munich Re Foundation; Nigerian Insurers Association (NIA) and the Microinsurance Network, will be organising an international Microinsurance Conference to unlock the over N60 billion untapped business opportunities.

 

 

The conference is scheduled to hold on September 10 -11, at the Transcorp Hilton Hotel in Abuja.

 

According to NAICOM, the event will be an incubator of new ideas where the key stakeholders of the Nigerian insurance sector and related parties discuss approaches for promotion and practical implementation of microinsurance.

 

The commission noted that sessions will be designed to focus on future developments and how issues, lessons learnt and international best practices can be adapted for Nigeria, adding that the conference will provide: An opportunity for policy makers, private sector innovators, representatives from civil society and technical assistance providers to network with their peers, discuss their experience, exchange knowledge from good practices and discuss innovative approaches to promote microinsurance in Nigeria.

It said the confab will be a market place to showcase innovative ideas, tools, expertise and initiatives to support development of the Nigerian insurance sector and to match demand and supply; and presentations of activities and achievements in the development of microinsurance in Nigeria and around the globe.