COMMUNIQUE ISSUED AT THE 2021 NATIONAL CONFERENCE OF THE NATIONAL ASSOCIATION OF INSURANCE AND PENSION CORRESPONDENTS (NAIPCO)
That Insurance and pension sectors should take advantage of Covid-19 pandemic to grow both sectors
The two sectors should improve on their products and services by simplifying their products and improving service delivery.
Insurance products and pension plans should be personalized towards meeting individual customer’s needs while special products be developed to meet the needs of those in the Micro insurance and Micro pension segments.
Pension administrators should offer Incentives like basic levels of healthcare to encourage clients to remain with their pension provider after their retirement. Both sectors were advised to sustain and continue with digitalization, and also, continuous training of workforce to drive growth.
The current pension law should be reviewed to offer clients more flexible options that will give them more control over their future while also catering to the profit motive of operators. They were also charged to remain committed to the inclusive growth of the Nigeria economy.
It was the view of the confab that both sectors should embrace self recapitalization while the regulators should take into considerations the peculiarities of Nigerians and Nigerian situation.
The conference emphasized the need to review rates and revisit some of the policy conditions and exclusions earlier permissible for some insurance.
Advocated deliberate and sustained insurance and pension awareness for the realisation of the Federal Government’s financial inclusion initiative.