Abuja: The Nigerian Insurers Association (NIA) has outlined a comprehensive strategy aimed at increasing insurance penetration in Nigeria. The Chairman of NIA, Mrs. Ebelechukwu Nwachukwu, revealed this in an interview with News Agency of Nigeria (NAN) on Monday in Abuja.
According to News Agency of Nigeria, the strategy will be implemented over the next five years through an initiative known as the Awareness, Capacity Building, and Enforcement (ACE) agenda. Nwachukwu emphasized that the agenda aims to transition the insurance industry from potential to performance by prioritizing ACE.
Under the awareness pillar, NIA plans to launch nationwide education campaigns to enhance public understanding of insurance. These initiatives will target individuals across various life stages, including school children, and aim to expand distribution channels to reach Nigeria’s diverse demographics.
The second pillar focuses on capacity building, with efforts to strengthen leadership, underwriting expertise, and institutional capabilities within the industry. The ongoing recapitalization program will raise capital to improve insurers’ ability to underwrite larger risks and deepen market penetration.
On enforcement, NIA intends to collaborate with state governments to ensure compliance with compulsory insurance policies, including those covering buildings under construction and public liability. Stronger enforcement is expected to provide greater financial protection for citizens and increase insurance market participation.
Following Lagos state’s recent enforcement initiative, Nwachukwu urged other states to establish similar platforms to enhance compliance nationwide. Prompt claims settlement will remain a key priority, with a focus on building public confidence and encouraging wider insurance adoption.
Addressing the role of technology, Nwachukwu highlighted ongoing digital transformation efforts across the industry. The association has established an innovation hub to foster technology-driven solutions, including platforms for electronic Know Your Customer (e-KYC) processes and a centralized claims repository to combat insurance fraud.
Member companies are increasingly utilizing AI for property surveys, inspections, claims verification, and customer service. Digital platforms are being developed to allow customers to purchase insurance policies, verify compulsory insurance certificates, and submit claims online.
Nwachukwu emphasized that continued investment in digital technology, data analytics, and artificial intelligence is essential to reducing fraud and delivering faster, more convenient insurance services across Nigeria.