Retail Insured Family Association of Nigeria
… Confidence to Insured!
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
A group of well-meaning Nigerians decided to form the Retail Insured Family Association of Nigeria, also known as RIFAN.
Retail Insured Family Association of Nigeria was registered by CAC an an NGO.
RIFAN was launched to the public on Thursday 22nd November, 2018 at National Press Centre, Radio House, Area 10, Garki, Abuja.
RIFAN official website opened for membership and onbaording of all stakeholders.
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.
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.
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.
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.