Insurance industry re-branding targets 60 per cent penetration

A member of the Insurance Committee, Mr Hassan Odukale, says the re-branding of Insurance Industry, which is to start on Oct.1, targets 60 per cent insurance penetration.

Odukale, who is the Chairman of the Publicity and Communications Sub-Committee, disclosed this in Lagos on Monday, while expantiating on the committee’s recent deliberations.

The Insurance Committee was inaugurated in February by the Minister of Finance, Mrs. Kemi Adeosun, to re-position the insurance industry and enable it to play a more critical role in the economy.

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The Committee is also to help address the delays associated with accessing of claims by insurance policy holders.

Odukale, who is the Managing Director of Leadway Assurance Plc., said the industry hoped to achieve its target, using two media – the radio and social media.

He said the committee was also seeking ways to assist insurance companies to reduce their operational costs to increase their profits.

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According to him, the industry is looking forward to partnering with an agency that came up with an initiative on how the industry could reduce its cost of operations.

He said the agency had disclosed to the committee how it achieved a similar goal for the banking industry.

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