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| Oyefeso |
The unsolicited relationship between some underwriters and telecommunications companies over the sales of life assurance products has been
considered a threat to the insurance practice.
The Managing Director Staco Insurance Plc, Sakiru Oyefeso, who disclosed this at an event organised by the Nigerian Council of
Registered Insurance Brokers (NCRIB), queried if the telecommunications companies are registered by the National Insurance Commission (NAICOM) to sell insurance products.
He urged insurance operators to the wary of such deeds and be reminded how Workmen Compensation was gradually taken away from
them.
He said: "Today, Information and Communications Technology has become a viable channel in the selling of Insurance policies through the use of internet, social media and sms from the telecommunications companies.
"The question here is that "are the telecoms network companies licensed agent by NAICOM to sell Insurance? This is thought provoking and we should be reminded of how Workmen Compensation was gradually taken away from us."
In what he termed danger signs, he posited "Unsolicited relationship between some underwriters and telecommunications industry.
Are the telecommunications companies now Brokers? This question is asked because life assurance products are now sold through them."
He called on insurance marketers to evolve strategies, structures and capabilities to ensure that they align their selling processes with the latest technology in order not to lose significant income to technological advancement.
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