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NAICOM to expand insurance distribution space

Worried by effects of the limited channels of insurance distribution in the country, the National Insurance Commission (NAICOM), has initiated moves to create additional vehicles to convey insurance products to the public. Commissioner for Insurance, Mohammed Kari, disclosed this in Ilesha, Osun State, said the commission has identified limited channels of distribution as a major inhibition factor to penetration, hence, it would soon issue draft guidelines to correct the abnormally. “We have also identified the limited channels of distribution as a major inhibition factor to penetration. In this regards we have considered the creation of additional distribution channels and have gone far on the preliminary works and draft of guidelines which soon be exposed for input,” he said.

Kari also posited that the commission is coming up with a mystified type of operation for brokers, an initiative, he said, would open a new vista in insurance intermediation in Nigeria. “We have further decided to explore and develop the mystified partnership type of operation for Brokers. A draft of the proposed guideline will be exposed for input within the next couple of weeks, and I can assure you it will open a new vista in insurance intermidiation in Nigeria,” he added. The NAICOM boss said the task of market development, should be a concern to all parties in the industry, stressing that penetration would continue to be low if everyone would only operate from the comfort of the metropolis or chase only existing clients with insurance policies.

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