The National Insurance Commission (NAICOM) and the Nigerian Content Development & Monitoring Board (NCDMB) are set to collaborate to enhance the participation of insurance firms in local content businesses in the oil and sector of the Nigerian economy.

Mr. Olorundare Thomas, the Commissioner for Insurance/CEO of NAICOM, said at the 2023 Oriental News Summit in Lagos that the drive towards enhancing local content speaks to the long-term plan of the government, borne out of good intention and strategy to grow the nation’s economy, develop Nigerian industries and her human capital.

Thomas said: “It is worthy to note that prior to the Nigeria Oil and Gas Industry Content Development Act of 2010 (NOGICD ACT), the Insurance Act 2003 made far reaching provisions for the domestication and domiciliation of insurance services in Nigeria.  In particular, Section 65(7) made it compulsory for any property located in Nigeria, whether moveable or immovable to be insured with a Nigerian registered insurer. Section 67 requires that insurance of all imports into Nigeria must be insured by insurers registered in Nigeria.”

The NAICOM CEO said the historical relationship between both industries  could be traced to the birth of the latter, following the issuance of the NOGICD ACT, the insurance industry in collaboration with the Board brainstormed leading to issuance of The Guidelines for Oil & Gas Insurance Business issued in 2010, which amongst others, stipulates the roles and responsibilities of insurance institutions in ensuring compliance with local content law, with the primary consideration of ensuring actual exhaustion of available In-Country Insurance Capacity. He added that the overall aim is the development of indigenous content through increased indigenous participation.

“The synergy between both industries was renewed when both agencies identified the need for a veritable platform for inter-agency collaboration in order to give effect to the requirements of Sections 49 and 50 of the NOGICD Act 2010 by providing guidance to Operators in the Oil and Gas necessary for satisfying the provisions of the law in relation to insurance transactions. The Jointly issued Guidelines portend to satisfy the intent and provision of the laws: thereby enabling the NCDMB monitor utilisation of in-country insurance capacity which is a road to increased retention, growth in in-country technical capacity, Job creation, increased penetration and GDP growth, human capacity development, and many others.”

He listed the Benefits of the Guidelines to the insurance and oil/gas sectors, and the nation in general to include:

• The intention is more tilted towards encouraging preventive, detective; as well as corrective and compensatory regulatory controls.
• It is beneficial, to also state, that necessity is on us to ensure that risks are accurately priced and professional advice is given to insuring entities, especially in the Oil and Gas space, as it poses vantage position to avoiding overpricing of products, underrating of risks, negligent omission of necessary covers and its consequential effect on avoidable pressure and burden on finances.
• The Company’s exposures where not accurately reviewed could deter incentivisation from the regulator that could be provided in future to compensate for risk improvements deployed to reduce potential environmental liabilities, or the advantages enjoyable by deploying capital on transition from high based carbon energy and its environmental impacts. This is in contemplation with the pressure to reduce Green-House Gas (GHG) emission and transition to Clean and Renewable Energy.
• A platform that aid juxtaposition of Company’s operations with the obtained Insurance coverages would enhance the pace of the Regulators’ oversight on the appropriateness of products offering to the Market. Proper profiling of the entities’ coverages will compel joint collaboration and facilitation of knowledge sharing in ways optimally beneficial to both Industries.
• The Disclosure and Reporting requirement of Section 49 of the NOGICD ACT is to ultimately enhance regulatory decisions that will benefit the Oil and Gas Industry and the Nation at large.
• Another merit of the collaboration as highlighted in the blueprint between the Board and the Commission is to bridge the identified knowledge gap in the demand and supply sides of the oil and gas insurance value chain. This would not have been possible where there is no special vehicle of research and development which engine is the access to information and data from both the suppliers and consumers.

The Executive Secretary of NCDMB, Engineer Simbi Wabote, who was represented by Mr. Daziba, Patrick Obah, Director, Corporate Services, emphasised that collaboration and stakeholder engagement remains the way forward for effective synergy between the oil/gas sector, NCDMB and operators in the insurance sector.

Obah maintained that the insurance sector in Nigeria has a fertile ground to grow with the NCDMB Act.

He lamented however that Nigerian-owned companies are the greatest challenge in promoting local content in the nation’s oil and gas sector.

Leading insurance companies, Heirs General Insurance (HGI) and Heirs Life Assurance (HLA), subsidiaries of Heirs Holdings, launched multiple digital channels, making insurance transactions easier for customers, simplifying access to insurance for all Nigerians.

The mobile and digital channels include a chatbot named Prince, which instantly resolves customer’s inquiries, a USSD channel *1100# for Heirs Life, and mobile apps – Simple Life by Heirs Life Assurance and Simple Protect by Heirs General Insurance, both also available on the web.

Living up to the Group’s ‘Simple Life’ promise, the products demonstrate the companies’ promise of superior value to customers, quick and accessible service, while driving financial inclusion for everyone. These channels directly tackle the challenge of low insurance penetration across Nigeria, opening the industry to new customers, who require protection for their assets and financial security for their loved ones.

Using mobile and web apps called Simple Life and Simple Protect respectively, customers can open new policies, manage existing policies, file claims, and get instant support, right from their phones at any time of the day, without visiting an office or speaking to an agent.

With the chatbot, Prince, customers get instant, personalised insurance service virtually, twenty-four hours a day. In today’s fast-paced world, Prince enables seamless and effortless service for existing and potential customers of Heirs General Insurance and Heirs Life.

Heirs Life unveiled its USSD code *1100# to deepen insurance penetration. The USSD will allow Heirs Life to reach millions of customers in need of savings and life insurance plans, expanding its reach to remote areas traditionally excluded from financial services.  The USSD code also provides faster access for existing customers to manage their policies.

Speaking on the launch, Ifesinachi Okpagu, Chief Marketing Officer, Heirs Insurance Group, said: “Our customers are at the heart of our business. At Heirs General Insurance and Heirs Life, we are committed to driving inclusion across the country. We believe every Nigerian deserves a backup in times of need and with these new channels, we are assuring customers of coverage as they go about their daily lives. The simple life is here.”

Heirs General Insurance (non-life insurer) and Heirs Life Assurance (specialist life office) are the insurance subsidiaries of Heirs Holdings, a pan-African investment group, with a portfolio in 24 countries and four continents.

Both companies serve hundreds of thousands of customers in the retail and corporate segments across Nigeria through a hybrid approach – a rapidly expanding physical footprint and an omnichannel digital presence.

Heirs Insurance Group is leading the digital insurance play in Nigeria through their platform for partnership and insurance re-distribution, InConnect, amongst other insurtech-driven initiatives.

On a mission to democratise access to insurance by providing simple, quick, reliable, and accessible insurance to individuals and organisations, Heirs General Insurance and Heirs Life Assurance are championing financial inclusion across the country, partnering with global organisations, including the United Bank for Africa Plc, to make insurance accessible to everyone.

L-R: Mr. Davis Iyasere, Head, Corporate Affairs, NIA; Mr. Samuel Ogbodu, MD/CEO, Sunu Assurances; Mrs. Yetunde Ilori, DG, NIA; Mr. Jide Orimolade, Chairman, Publicity Sub-Committee, Insurers Committee; Mr. Rasaaq Salami, Head, Corporate Communication, NAICOM and Mr. Ademola Abidogun, MD/CEO, Guinea Insurance Plc at the media event in Lagos yesterday.

The Insurers Committee will commence comprehensive publicity campaign for the new premium rates for third party motor insurances from Monday, July 24, 2023.

The campaign would be driven by the slogan ‘Small Premium, Big Coverage’ in five (5) languages: Yoruba, Igbo, Hausa, Pidgin and English to reach every segment of the population seamlessly.

Mr. Akinjide Orimolade, Chairman, Publicity Sub-Committee of the Insurers Committee said the campaign is to position the insurance market in a positive way before the insuring public in terms of the new rates.

The new rates contained in the circular which took effect from January 1, 2023 are as follows:

Speaking further, Orimolade said: “According to the Circular, comprehensive motor insurance policy premium rate shall not be less than five (5) percent of the sum insured after all rebates/ discounts.

Insurance companies have since commenced implementation of the new rates and consumer education continues to dominate discussions at various fora. It is in response to the plethora of questions and enquiries received from our clients that the Insurers Committee through its Publicity sub-committee decided to embark on this short but eventful campaign to shed more light on the new rates and generally improve insurance uptake among the citizens.

This is a pan-Nigerian campaign covering social media, print, radio jingles and television commercials some of which you will be seeing now. Gentlemen of the Press, we need your support in this journey and do hope that as partners in progress, you will give this campaign the publicity it deserves. Over the three months period that this campaign is scheduled to last, we expect massive publicity from you and do hope you will give it your best.”

He commended the media for their continued support to the insurance industry through positive reportage of activities of the industry across various media outlets.

“Our partnership is symbiotic to the extent that we fully appreciate the place of the Press not just to report activities, trends, and developments in the insurance market, but also to set agenda for regulators, self-regulatory organisations and operators. On our part, we owe it a duty to interact, engage and apprise you with information concerning the market to enable you report the industry adequately.”

The new motor insurance premium rates were approved by the National Insurance Commission (NAICOM) in December 2022.

CLAIMS PAYMENT: The Acting Inspector General of Police, Kayode Egbetokun (R); Mr. Ebose Augustine Osegha, Managing Director/CEO, Anchor Insurance Company Limited (M) and ACP, Uzairu Abdullahi, Insurance Officer, Nigerian Police Force (L) during the presentation of N70 million claims cheque to the Police by the company in Abuja.

The 52nd Annual General Meeting (AGM) of the Chartered Insurance Institute of Nigeria (CIIN) held in Lagos recently in respect of the Year 2022 Financial Year and the following members: Mrs. Funmi Omo of Enterprise Life Assurance; Mr. Olusegun Ayo Omosehin of Old Mutual Life Assurance and Mr. Segun Balogun of Axis Insurance Brokers Limited were (re)elected into the Institute’s Governing Council.

In actualisation of its promise to continually deploy the latest technological innovation and the power of artificial intelligence to enhance and simplify processes and bolster easy access to its services, Leadway Assurance, one of Nigeria’s foremost insurers, is proud to announce the launch of a digital vehicle assessment process called the “Leadway VehiScanner^AI“.

The “Leadway VehiScanner”, an artificial intelligence-enabled tool available on mobile devices, is set to transform the vehicle assessment process, allowing users to scan vehicles, identify damages, facilitate pre & post loss inspection, get the instant inspection report, and accelerate claims requests processes for policyholders, all done conveniently from their mobile devices.

Commenting on the innovation, the Chief Executive Officer of Leadway Assurance, Tunde Hassan-Odukale, stated: ‘As a forward-thinking organization, we aim to continually lead the market by employing revolutionary tech-backed innovative solutions that seamlessly improve the customer experience, deliver unparalleled convenience that will ultimately culminate in speedy and simplified claims payment processes, which is where the insured gets the benefits of procuring an insurance policy. The introduction of the Leadway VehiScanner ticks all these boxes.

“With the Leadway VehiScanner^AI, we eliminate the tedious and time-consuming traditional vehicle inspection process that requires policyholders to visit physical inspection centres. This AI-powered tool helps the policyholders perform comprehensive inspections remotely and conveniently via their mobile phone and instantly gets a robust result of inspections and areas that require attention”, Mr. Hassan-Odukale added.

The Leadway VehiScanner^AI combines state-of-the-art computer vision and machine learning algorithms to accurately identify a wide range of vehicle damage, from minor scratches and dents to more complex external (vehicle body) issues on the vehicle. It delivers precise and reliable results. This advanced technology saves policyholders time and ensures a thorough assessment, minimising the risk of missed or overlooked faults.

To avail of the benefits of this innovation, policyholders will receive a vehicle inspection request email with a link to access Leadway’s ‘VehiScanner’ tool. Users can initiate the scanning process by selecting either the video or picture option and rotating their mobile devices to landscape mode. The tool guides them through four scanning stages, including a 360-degree scan, Vehicle Identification Number, odometer, and damages. Once completed, users would click on ‘Submit and Upload,’ and a copy of their vehicle inspection report will be emailed to them in PDF format.

About Leadway Assurance

Leadway Assurance is a leading provider of insurance solutions, offering a wide range of products and services to individuals and businesses.

With a strong focus on customer satisfaction and innovation, Leadway Assurance has established itself as a trusted and reliable partner for all insurance needs. 

Royal Exchange General Insurance Company (REGIC), one of Nigeria’s leading insurance companies offering general and special risks protection policies, has embarked on a rebranding exercise with the launch of a new corporate identity, aimed at improving public perception of the company, while speaking to its future desire to rank among the Tier 1 players in Nigeria within the next 5 years.

This new corporate logo was unveiled by the Managing Director/Chief Executive of the company, Mrs. Ebelechukwu Nwachukwu, at a brief ceremony at the company’s operational office in Lagos on Monday, July 3, 2023, in company of other Executives of the company.

Speaking during the logo-unveiling ceremony, Mrs. Nwachukwu said: “As a future and forward-thinking organization, positioning itself for growth, it became imperative to create a brand which speaks to our aspirations, our heritage, our professionalism, and our future. The logo change is the first step in our rebranding process. Our corporate colors are Royal Blue and Golden Yellow. The Royal Blue connotes dignity, loyalty and trust. The Golden Yellow signifies creativity, optimism, and warmth. The new logo is shaped as a pyramid which denotes stability and durability, as well as upward momentum. The breakout cuts show modernity, fluidity, and forward thinking” of our brand.”

Mrs. Nwachukwu added that “for us at REGIC, our objective is to be the insurer of choice in the Corporate, Retail and Agriculture insurance segments of the market, and ultimately to be a Tier 1 insurance company in Nigeria within the next five years, hence the need to project a brand that properly represents us. To achieve this, we needed to rebrand the company – undertake office location improvements (look and feel of our branches nationwide), develop a new corporate headquarters in Lagos, focus on enhancing the customer experience journey, use technology to service our customers faster, pay claims promptly and be the insurer of choice in Nigeria.”

She further added “this new logo seeks to completely differentiate Royal Exchange General Insurance Company (REGIC) as a separate entity from other Royal Exchange businesses while projecting our status as a wholly independent company operating in the General Insurance space with distinct institutional investors/shareholders, Board and Management Team.”

Speaking further, Mrs. Nwachukwu said, “within the next six months, all our processes and functions will be fully tech-driven, and our customers will be able to engage us digitally from anywhere in the world without hitches. We seek to innovate and lead across key market segments, while ensuring we operate within regulatory boundaries.”