Retail Insured Family Association of Nigeria
… Confidence to Insured!
What is RIFAN?
We are an association of the insuring public in Nigeria with a mindset of creating value for its members as well as creating more awareness of insurance in Nigeria.
What RIFAN Does
RIFAN is committed to building confidence in the insured by making sure that all genuine claims are paid by underwriters to our members through our interference.
Why Join RIFAN?
As a trusted voice representing consumers of insurance products, you need not look further for a platform that seeks solutions to all the issues and challenges of its members in the industry.
Vision Statement
To pioneer confidence in the hearts of the public in buying insurance products in Nigeria.
Mission Statement
With its professional team, deploying cutting-edge technology, RIFAN seeks to create wealth for the nation through confidence building in the purchase of insurance in Nigeria.
Core Values
Our Core values are:
- Integrity
- Efficiency
- Empathy
- Relationship
Our Roles and Responsibilities
- To build ensuring public confidence in insurance in Nigeria.
- To ensure the protection of the interests and rights of the insurance contracts in Nigeria.
- Liaising with National Insurance Commission (NAICOM) to ensure proper payments of claims to our members and the general public
- To foster cordial relationships between the insured and the insurer.
- To promote the growth of the insurance industry in Nigeria through the enlightenment of members of RIFAN and the general public.
- To encourage micro insurance consumption in Nigeria.
- To educate the general public on significance of compulsory insurance
- Partnering with Law Enforcement Agencies to face out the fake insurance Agents in Nigeria.
Brief History of RIFAN
RIFAN history dates back to 2016 when a couple of technocrats gathered together to look at the challenges facing the insurance sector in Nigeria viz: prescriptive legal framework, inadequate capital; limited human and technical capacities; lack of insurance awareness, and low public confidence in the sector. These issues have continued albeit perpetually and unabated and have spiraled into the abysmally low premium for underwriters, a surge of fake insurance policies, and very weak enforcement strategies for the nation’s compulsory insurances.
This group of well-meaning Nigerians decided to form an association, Retail Insured Family Association of Nigeria, also known as RIFAN, of insurance policyholders in Nigeria whose principal aim is to promote retail insurance business in the country and eventually got registered with CAC on the 20th November 2017.
RIFAN whose objectives include creating public awareness about insurance, enhancing public confidence in the insurance industry, by facilitating prompt settlement of claims, and protecting the rights of her members generally was officially inaugurated on Thursday 22nd November 2018 at National Press Centre, Radio House, Area 10, Garki, Abuja.
RIFAN website was officially opened on Friday, December 20th, 2019
Three Membership Types To Choose From and Enjoy
| Silver Membership Benefits | Gold Membership Benefits | Diamond Membership Benefits | Bronze Membership Benefits | Special Membership Benefits |
|---|---|---|---|---|
 |  |  |  |  |
| -Prompt claim settlement | -Prompt claim settlement | -Prompt claim settlement | -Prompt claim settlement | -Prompt claim settlement |
| -Group Personal Accident Insurance Cover (GPAIC) | -Group Personal Accident Insurance Cover (GPAIC) | -Group Personal Accident Insurance Cover (GPAIC) | -Group Personal Accident Insurance Cover (GPAIC) | -Group Personal Accident Insurance Cover (GPAIC) |
| Death/Permanent Disability benefit – N100,000 | Death/Permanent Disability benefit – N300,000 | Death/Permanent Disability benefit – N400,000 | sallah gift to the members | |
| Medical Expenses Benefit – N50,000 | Medical Expenses Benefit – N100,000 | Medical Expenses Benefits – N150,000 | ||
Frequently Asked Questions
How Does RIFAN Membership Work?
Everyone consumes one form of insurance or another. You either have an insurance policy or you need one. RIFAN is established for both groups and indeed for everyone. When you become a member, RIFAN takes over your policy accounts and steps-in on your behalf to interface your underwriter. In this way, we ensure your indemnity is guaranteed. We protect insurance consumers’ rights and thereby instill confidence in the insurance business in Nigeria.
Why We Protect The Insuring Public?
RIFAN’s strategies are related to activities to intervene in business to consumer (B2C) relationships to address issues related to unfair disadvantage insurance consumers tend to have in their relationship with the insurers. These disadvantages usually are in terms of product and service knowledge and also the resources they have at their disposal in the case of a breach. Consumers have difficulty understanding the functions of their contractual obligation and rights. Consumers need to be protected and that’s our vision at RIFAN.
How Will RIFAN Promote Growth of the Insurance Industry?
The insurance industry plays a vital role in a growing economy. However despite all creativity and initiatives, the issue of
confidence in the industry remains a problem. Policyholders are not properly enlightened on the advantages of insurance and they lack confidence in the sincerity of payment of claims. Also, there is a surge in fake insurance policies and their perpetrators.
RIFAN will ensure that members’ genuine claims are promptly paid. We are partnering with state governments to implement the largest database of the insuring public and enhance their IGRs. Our partnership with enforcement agencies will reduce in the short run the issue of fake policies and agents alike.
How Does RIFAN Fund It’s Activities?
RIFAN is a membership-based, not-for-profit, non-partisan organization funded solely by membership subscription. We are independent of any insurance operator but rather we are collaborating with regulators for enforcement and compliance. We are an association of insurance consumers and the general public representing their contractual interests and ensuring that their claims are promptly paid.
RIFAN
