lntermarc Consulting Nigeria in partnership with OB Advisory, Kenya, is organising a Micro-insurance Study Mission, aimed at bridging the existing gap in the supply side of the micro-insurance market in Nigeria as well as to help insurance operators tap huge opportunities in the micro insurance market.
The study mission, which has the theme: “Harnessing Opportunities for Growth through Micro Insurance,” will hold next week in Kenya.
A statement from the organisers said the mission, was informed by the need to explore untapped opportunities that exist in micro insurance.
“The study mission is therefore, designed to help participants understand the approaches for low-income customers’ penetration.
“To serve the low-income market successfully, insurance companies have to think differently about meeting the needs of large numbers of low income consumers, operating and transaction costs, product design, delivery systems, and business models,” it added.
The statement explained that the study would be a week-long series of classroom sessions and field visits to micro-insurance companies with a view to help stakeholders in the insurance industry acquire skills necessary for galvanising uptake of insurance products at the level of micro/low income earners.
It further said the study mission, would also look at the different distribution models for micro-insurance in Nigeria and other landscapes, with a focus on understanding the opportunities available in leveraging the agent networks for the distribution of microinsurance.
According to the organisers, the micro insurance study mission would be in line with the federal government’s National Financial Inclusion Strategy which aims at increasing access to insurance services by 40 percent of the Nigerian population, which translates to about 43 million people of the adult population to be covered by insurance products by the end of 2020 in order to stimulate growth in the insurance sub-sector especially the retail end market and drive insurance penetration.