The National Insurance Commission (NAICOM) is working with insurance practitioners on sandbox, an initiative that would enable them test and withdraw a product that failed to meet public expectations.
The initiative, it was learnt would enable operators team up and develop a unique product, which would be presented to NAICOM for an approval with a condition that it would be withdrawn if it failed to yield expected result gathered that the industry embraced this initiative so as to ensure products are designed in line with market needs.
The initiative would also help stem the ‘cut and paste’ approach to product development by some operators.
The Commissioner for Insurance Sunday Thomas, on
deepening insurance penetration, said NAICOM would continue to encourage insurance practitioners to explore opportunities in the retail market space.
He said efforts would also be intensified to create awareness on benefits of insurance, stressing that the people need to know more on the benefits of insurance.
“We need to encourage and mop up individual lability. Another thing is that we have not been able to communicate the benefits of insurance to the public. Why should we be raising money for relations when a member of the family dies? That would have been done through insurance. We must begin to tell people about insurance. That would be the game changer,” he posited.