Stakeholders in Nigeria’s insurance and pension industries have called on operators to use funds raised through recapitalisation to improve service delivery, develop innovative products and strengthen customer confidence.
The call was made during a panel discussion at the 11th Annual Conference of the Nigerian Association of Insurance Stakeholders urge insurers, pension firms to deliver value after recapitalisation
ance and Pension Editors (NAIPE), held in Lagos.
With the theme, “Post-Recapitalisation: Market Dynamics in Insurance and Pension Sectors”, the conference highlighted the need to measure the success of recapitalisation by its benefits to policyholders, pension contributors and the wider economy rather than by the amount of capital raised.
Managing Director of SanlamAllianz General Insurance, Jacqueline Agweh, said the new capital requirements presented insurers with an opportunity to develop products that better address customers’ needs.
She urged insurance companies to engage with customers, understand their expectations and provide tailored services.
Agweh identified innovation, digital transformation, accessible technology and self-service platforms as important tools for improving customer experience. She also advised insurers to simplify registration processes and deploy technology to strengthen risk assessment, claims investigations and other operational activities.
She called for greater attention to retail insurance and micro-insurance, noting that affordable products and straightforward procedures were essential to expanding insurance coverage in Nigeria.
According to her, complicated policy terms and lengthy documents can discourage potential customers, making it necessary for operators to simplify their systems and provide convenient digital platforms.
Agweh also advocated integrating insurance into everyday commercial transactions, allowing customers to obtain coverage when purchasing products or accessing services.
She maintained that the industry should focus on making insurance accessible, affordable and relevant to ordinary Nigerians to encourage wider adoption.
Also speaking, Executive Director of NLPC Pensions, Babalola Rufus, urged operators to protect policyholders’ funds and Retirement Savings Account (RSA) contributions, invest them responsibly and ensure payments are made when due.
Rufus noted that shareholders and contributors had committed financial resources to the sectors with the expectation of receiving value in return.
He said recapitalisation should produce stronger institutions, better investment decisions, improved services, broader participation and greater accountability.
Meanwhile, Managing Director of Zenith Pensions Custodian Limited, Peters Elendu, called on pension operators to invest in technology, artificial intelligence, data analytics and innovation to make pension services more accessible and efficient.
Elendu, who was represented by the company’s Head of Safekeeping and Corporate Action, Alfred Nkuma, also stressed the importance of developing employees’ skills to support technological transformation.
He said recapitalisation should be treated as a strategic opportunity to build resilient institutions rather than merely a regulatory compliance requirement.
Elendu added that attention should now shift from the amount of capital raised to how effectively the additional funds are deployed to address industry challenges and deliver sustainable value to customers.
CREDIT: Vanguard
