95% of MDRI strategy not yet implemented – Expert

Chuks Udo Okonta

About 95 per cent of the Market Development and Restructuring Initiative (MDRI) strategy has not been implemented an expert told Inspen.

The expert, who does not want to be named, said the real intellectual work of dissecting the content of the strategy which is 95 per cent has not been implemented, adding that only five per cent which is the ceremonial aspect has been implemented.

“The issue of MDRI can be put in two perspectives. The MDRI has not been implemented. That is the fact. For every strategy, developed, there are two aspects. The real intellectual work of dissecting the content of the strategy and implementing it is 95 per cent; the remaining five per cent is the ceremonial aspect of it.

“What we have been seeing on the MDRI is the ceremonial aspect of it. For example, in the enforcement of the compulsory insurance, the aspect of bring in the technology which will enable us monitor compliance, has not been implemented. In that strategy, we talked about the Police having equipment to check fake papers, we talked about data capturing on all insurable properties in Nigeria.

“The Nigerian Insurance Industry Database (NIID) which the NIA effected, can only captured insured properties. We talked about collaboration with approving authorities at different ministries at state levels, whereby the person who is to approve the building plan for a house would ask the owner to bring builders liability insurance policy. All these have not been implemented.

“On the agency operation, we talked about professionalising agency work. We talked in terms of lowering the fees which agents pay. We have a situation where an agent probably pays N15, 000 to NAICOM and N25, 000 to CIIN to get licence. It was proposed that NAICOM should charged N1000 and CIIN 2500, let it be for five years, to enable us have influx of people, which will help in the pursuit of trillion naira income. These also have not been implemented,” the expert said.

The expert maintained that parts of the strategy that have been implemented are the establishment of the Insurance Consumers Association (ICA), Insurance Industry Consultation Committee (IICC) and few others. The expert noted that the real implementation which would turn the industry around has not been done.