NAICOM to Expend N20m on Insurance Rebranding Project

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Ebere Nwoji with Agency Report

The insurance rebranding project, targeted at redefining the fortunes and future of insurance industry through public awareness and publicity may kick off this first quarter as scheduled as the National Insurance Commission (NAICOM) has contributed N20 million towards the commencement of the much awaited project.

The project is estimated to cost the industry a whooping N250 million. Out of this, the operators were demanding 50 percent contribution from NAICOM.

This had initially stalled commencement of the project as the commission had insisted that the project was operators’ project therefore they should not mandate it on the contributions to make.
According to findings, on their part, the insurers were initially at loggerheads over who would bring the bulk of the money needed for the project.

Kari, was said to have insisted that the commission would decides what amount to contribute for the project.

It was also gathered that against this backdrop, the operators had turned to the market leaders like Leadway Assurance, Custodian and Allied Insurance Plc among others to take advantage of their market leadership position and provide the bulk of the money; but this has not helped the matter.
But just recently, NAICOM was said to have released N20million as its own part payment for the project.

An agency report noted that the commission will before the end of this quarter, pay the balance of N20 million to makeup N40 million it had pledged to contribute towards the project.

Investigations also reveal that many underwriters have made their contributions as agreed last year.
Operators had agreed to raise 50 per cent of the funds for the rebranding project from companies gross premium income, and the balance 50 per cent, shared evenly amongst themselves.

The initiative, according to the committee, will be driven via social media, print and electronics, adding that greater attention will be on the social media due to the youth population.

The Director-General, Nigerian Insurers Association (NIA) Mrs. Yetunde Ilori, said the rebranding project would not be product based, but a general awareness campaign on benefits of insurance.
She noted that the campaign is geared towards encouraging Nigerians to rely on insurance even as they make adventures. She said the industry hopes to use the campaign to encourage Nigerians to pursue their visions vigorously with the assurance that insurers are always ready to support their dreams.