Stop jumping on the road to arrest vehicles – FRSC

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Stop jumping on the road to arrest vehicles, FRSC warns officers

The Zonal Commanding Officer in charge of Ogun and Lagos State operations of the Federal Road Safety Corps, Mr. Samuel Obayemi, has said from January to date, the company has recorded 143 cases of assaults, harassment, knockdowns, abductions, and attacks on staff.

He said that the incident of knocking down of the FRSC operatives rose from 18 in 2018 to 60 in 2019.

“Several unfortunate incidents have claimed the lives of staff with others being injured. We have knockdowns while on duty which total 62. So far, six deaths have been recorded and 73 injured.

“So, as commanding officers, we are expected to regularly brief our officers and marshals, who go on patrol. We need to tell them on a daily basis what we expect them to do.

“Wrong position, jumping on the road to stop vehicles are some of the factors responsible for some of the knockdowns that we have recorded so far.

“Most of these negative reports that we are getting are all emanating from patrol misconducts,” the News Agency of Nigeria quotes Obayemi as saying.

He said the command is also worried over the penchant for operatives of the establishment to engage in under-hand activities while on duty.

According to the top official of the FRSC, operatives of the corps routinely engage in illegal activities, ranging from extortion, bribery, and misconduct while on duty on highways.

He said the development was rubbishing the image of the organisation once known for parading itself as an organisation where corruption is low.

The officer said the corps was also worried over reports of the increasing rate of attacks on officers while on duty.

Speaking at the FRSC Zone RS2 Fourth Quarter 2019 Retreat on “Building Capacity towards Effective Implementation of Operation Zero Tolerance”, Obayemi told commanding officers of the establishment to expose bad eggs in the company.

Obayemi, an Assistant Corps Marshal, said that exposing bad people in the FRSC was crucial for the company to move forward and achieve its set goals.

Making remarks on crime and criminality involving staff of the company, Obayemi, pleaded with officers to redeem the image of the FRSC, noting that no corrupt officer should be shielded.

NAN

Almond Productions promotes customer satisfaction

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by Nike Popoola

Almond Productions Limited, promoters of the annual Insurance Consumers’ Forum, says it is committed to ensuring a platform for operators and the insuring public to promote better customer experience in the insurance industry.

A statement by the Chief Executive Officer, Almond Productions Limited, Faith Ughwode, said the ICF which started in 2013, provided a robust platform for interaction between insurance practitioners and the insuring public on issues that bothered on excellent customer service delivery.

Following the success of previous editions, she said it was ready for the 2019 edition that would hold in November in Lagos, with the theme, “Creating and sustaining positive customers experience key to insurance growth in Nigeria.”

The forum this year would be chaired by the Managing Director, WJE Integrated Resources Ltd, Mr GUS Wiggle,the firm said

She explained that the grand finale of the forum this year would be the 2019 Insurance Industry and Consumers Nite, which would take place in the evening of the same day.

“The Insurance Industry and Consumers Nite is a social platform aimed at demystifying the insurance industry and connecting with the entertainment industry to create awareness about the importance and benefits of insurance in a fun and relaxed atmosphere,” she stated.

Ughwode said the forum was bigger and better this year because of the scope of participants who were drawn from trade groups in the formal and informal sectors, federal and state government agencies and parastatals, officers from the various law enforcement agencies who had dealings with the enforcement of insurance in Nigeria.

PTAD verifies 11,363 pensioners in North-Central

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by Nike Popoola

the Pension Transitional Arrangement Directorate says it has verified 11,363 parastatal pensioners under the Defined Benefit Scheme in the North Central region of the country.

It said the exercise produced a total of 11,363 verified parastatal pensioners during the two-week exercise.

The breakdown of the numbers verified showed Ilorin Centre had the highest number with 3,453 pensioners, followed by Lokoja Centre with 3,269 pensioners.  Jos Centre had 2,895 and Minna Centre had 1,746 verified pensioners.

In line with PTAD’s tradition, the pensioners were treated with respect and empathy, it said in a statement.

According to the directorate, the exercise was conducted in a conducive environment where pensioners were provided with lunch and medical facility to take care of any emergencies.

The Senate Committee Chairman on Establishment and Public Service, Sen. Ibrahim Shekarau, was at Lokoja centre to monitor the exercise.

He said he was satisfied with the verification processes and promised the support of the NASS to the directorate.

The Executive Secretary, PTAD, Dr Chioma Ejikeme, who was on ground at various verification centres while the exercise lasted, appreciated members of the National Assembly for their support for the senior citizens and PTAD towards improving the welfare of pensioners.

She also thanked the members of staff for their commitment and the pensioners for their cooperation.

She assured that the upcoming verification exercise in Abuja would include all the feedbacks received during the North Central verification exercise.

The next phase of the verification exercise was scheduled to hold in Abuja from November 18, 2019.

It stated, “Pensioners who missed the exercise in their zone should take the opportunity of Abuja verification exercise to be verified. Pensioners do not need to be anxious about being verified as the directorate has the capacity to verify all pensioners who present themselves for the verification within the period slated for the exercise.”

PTAD said the exercise was strictly for parastatal pensioners and did not include Customs, Immigration, Prisons, Civil Service, Police pensioner and others that had already been verified by PTAD.

Total pension assets rise to N9.8tn

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by Nike Popoola

The total assets under the Contributory Pension Scheme rose to N9.81tn as of the end of October, the National Pension Commission has stated.

According to the commission, a total of N6.91tn or 70.43 per cent of the funds has been invested by the Pension Fund Administrators in the Federal Government of Nigeria’s securities, including FGN bonds, treasury bills, agency bonds, Sukuk bonds and green bonds.

The acting Director-General, PenCom, Mrs Aisha Dahir-Umar, said the CPS had, in the last 15 years, made appreciable progress in addressing most of the shortfalls of the erstwhile pension system.

As of September 30, 2019, she revealed that the pension industry membership had grown to 8.85 million participants while the pension fund assets under management were deployed in critical sectors of the economy.

She said, “The number of retirees under the CPS as of September 30, 2019 amounted to 298,614. Out of that number, 227,400 retirees are on programmed withdrawal and 71,214 opted for annuity.

“In the same vein, death benefits have been paid to 59,057 beneficiaries. These statistics are clear evidence that the CPS has greatly improved access to retirement benefits for employees in both the public (Federal and State Governments) and private sectors.”

 

Are You Covered? Surge on Fake Insurance Bandwagon

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Julius Raja Pillai

The insurance industry has long been perceived to be steeped in tradition and driven by conservative business values. Consumers have always viewed the process of engaging with insurance companies as bureaucratic, time-consuming, and tedious. However, insurance is a pervasive part of our lives, almost on a daily basis.

Today, customers have wholeheartedly adopted digitally-driven business channels and the insurance industry finds itself in the midst of this digital storm. New products are being built and distributed, purely on the basis of data and analytics. The new players in the insurance space are using digital-only business models, making it easier and quicker for their customers to consume insurance products and services.

Traditional insurance providers need to understand that the use of digital technologies does not lead to the complete overhaul of their business operations. Instead, such technologies focus on the enhancement of the insurance value chain. Even though large insurance companies have understood the need for digital transformation and would like to initiate such change, they still find it challenging to identify the apt areas within their business that are ripe for transformation.

Trends That Drive RIFAN

More than 90% of insurance CEOs emphasize the importance of data in understanding customer needs and making enterprise-risk related decisions, yet only 10% believe that the data they receive is comprehensive. This is a clear indicator of how the harnessing of data through technology is crucial to the future of the insurance industry.

Data is at the heart of innovation in any industry, especially in insurance, as the amount of customer data being generated is huge. Also, it is a balancing act for insurers, as insurtech-led transformation is not just about changes in technology, but also altering their existing business models.

The trends mentioned below focus on customer satisfaction and retention, leveraging of customer data to obtain precise market insights, application of AI and machine learning across the insurance value chain, automation of insurance platforms, and much more.

  • Business Process Transformation: Traditional insurance companies must prepare for the future right away by innovating digitally. Else, they might find their business being eroded by early adopters of digital technologies and insurtech startups. The digital transformation of insurance processes is holistic in nature, as the complete business model has to be changed, instead of piece by piece. Insurers must have a digitally driven, customer-centric business strategy in place.In terms of technology, the focus will be on API or microservices architecture, which will enable insurers to find a way to work with transactional legacy systems such as RIFAN, as well as permit interconnectivity with other systems. RPA can also be deployed to enhance customer interaction and data harvesting.To achieve the goal of complete business process transformation, insurers must first clearly define their business processes, identify the issues that have to be resolved, and determine the opportunities that can be exploited. This will then establish what needs to be removed, automated, outsourced, and the technology solutions that provide the best possible ROI.
  • User-driven Ecosystems: Customers today are looking for an integrated user experience that provides access to a set of interconnected products and services. Placing the customer at the crux of digital initiatives can help insurers rapidly scale adoption of their products and services and acquire previously unheard value.Ecosystems can help users manage and access different products and services, without having to switch between different portals, handle different login credentials, or waste time maintaining various applications. Insurers have the potential to engage and partner with players within and outside of their domain to effectively connect and engage across a much broader user base.For example, Progressive corporation has partnered with Zubie, a GPS fleet tracking system for businesses, to provide customers with insights into how their driving habits might impact their insurance premiums. Insurance companies that have adaptability as an integral part of their product design and business strategy will be able to fully exploit the benefits of a digital ecosystem.
  • AI and Machine Learning: Insurers need to collaborate with insurtech service providers to take advantage of the benefits that AI and Machine Learning can bring to their business. These technologies can simplify customer onboarding and greatly improve customer service. For example, insurance used to depend on statistical sampling to build risk pools. Now, IoT sensors allow insurers to base their coverage price on real events through data obtained from individuals, rather than group data samples.AI can also be leveraged to completely transform critical insurance functions, such as fraud detection, underwriting, insurance premium pricing, and much more. AI generates a huge amount of data, which can be used to obtain more customer insights and subsequently insurers can convert these insights into actions.Insurers can identify and bridge gaps in data, processes, product, and customer interaction through the application of AI/MI and other allied technologies.

Insurtech is bravely moving forward, with or without you

Insurtech is no longer an afterthought, but the central driving force of digital transformation in the insurance industry. However, such a transformation and adoption of new technologies will not be successful without a paradigm shift in how the insurance industry works. Long-term business sustainability will be in question, if insurers fail to adopt a digital-first approach. It is important for insurers to think beyond the constrictions of their legacy systems to provide a customer-centric architecture. The path to digital transformation is not without its risks or bottlenecks, but the ultimate prize is worth the effort and time.FacebookTwitterLinkedInPinterestBack to blog 

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MicroInsurance Ecosystem in Nigeria

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Microinsurance is the protection of low-income people against specific perils in exchange for regular
premium payments proportionate to the likelihood and cost of the risk involved1
. It typically refers to
insurance services offered primarily to clients with low income and limited access to mainstream
insurance services and other means of effectively coping with risk.
Microinsurance in Nigeria is at a very early but growing phase. The EFInA Access to Financial Services
(A2F) in Nigeria 2016 survey highlighted that – of 96.4 million adults, only 0.3 million use Microinsurance
products. A further review of the survey findings suggested that while uptake is currently low, 32.1
million adults will be interested in using Microinsurance. This presents a significant opportunity for
Microinsurance operators to develop products that meet the needs of adult Nigerians.
The Insurance industry regulator, the National Insurance Commission (NAICOM) has released the
guidelines for Microinsurance operation in Nigeria, which establishes a uniform set of rules, regulations
and standards for the conduct of Microinsurance business in Nigeria with effect from January 1st 2018.
These are signs that the Nigerian Microinsurance sector is awakening and considering low-income
insurance distribution. The guidelines defined Microinsurance as insurance developed for low income
populations, with low valued policies provided by licensed institutions, run in accordance with generally
accepted insurance principles and funded by premiums. It explained that Microinsurance products are
insurance products that are designed to be appropriate for the low income market in relation to cost,
terms, coverage, and delivery mechanism. It also clarifies the scope of Microinsurance for the operators,
stating that the sum insured under a Microinsurance policy(ies) shall not be more than N2,000,000 per
person per insurer.
EFInA has commissioned this study to highlight the different Microinsurance players in Nigeria with an
aim to understanding the current Microinsurance network in Nigeria and opportunities to deepen the
uptake and usage of Microinsurance. The study also analyses the different distribution models for
Microinsurance in Nigeria and other landscapes, with a focus on the opportunities available in
leveraging the agent networks for the distribution of Microinsurance.
2.0 The Microinsurance Ecosystem – Focus on Nigeria
The key drivers of Microinsurance to reduce the vulnerability of low-income earners include appropriate
cover, simple and easily understood products, manageable premiums, suitable delivery channels and
convenient premium collection methods.
Microinsurance is very broad and it is pertinent that the Nigerian Microinsurance industry players have
full understanding of all the elements available in the sector to explore the different opportunities
available for Nigeria. These can be clarified in terms of:

Microinsurance Stakeholders: In different countries around the world, Microinsurance products
are generally developed and offered by commercial insurers, mutual funds, microfinance
institutions, NGOs, governments or semi-public bodies. Microinsurance ventures are often joint
efforts among several of these stakeholders, who can play roles ranging from market research and
product design to selling, delivering, and servicing claims.
 Microinsurance Products: Microinsurance products can cover any insurable risk, including death,
illness, accident, property damage, unemployment, crop failure, or loss of livestock. The
Microinsurance Guidelines for Nigeria further clarifies that the products/services risk, procedures
and coverage must be unambiguous and easily understood. Microinsurance products must be
affordable and accessible to the target market in terms of purchase, premium payments and
claims. The products or services shall be designed to meet the needs of clients, be beneficial, fair
in price and coverage.
 Microinsurance Portfolio size: Microinsurance can operate at any scale (from small to large), as a
microinsurer may cover dozens of policyholders or millions.
2.1 Microinsurance Stakeholders
Nigeria currently has 17 organisations with Microinsurance windows; however, they are required to
apply for a commercial licence to operate fully as Microinsurance providers in Nigeria. The scope of this
document is limited to Microinsurance stakeholders and their different roles which are highlighted in
the table below

What is RIFAN?

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Retail Insured Family Association of Nigeria (RIFAN) is a non-profit
organisation bringing together an association of insuring public in Nigeria
with the primary objective of enhancing insurance growth in Nigeria.


Our mission is to be a trustworthy and useful information resource and an
effective voice for consumers of all types of insurance in all 36 states of
Nigeria and the Federal Capital Territory.

RIFAN was founded by a group of technocrats of high integrity which
includes lawyers, insurance professionals, financial planners, Security
Experts, construction experts, and technology experts. No insurance
companies underwrite or fund our programs.

Our members benefit tremendously from this association as they now
have a voice through which they can ensure that their insurance claims
are attended to expeditiously and are settled within the shortest possible
time frame.
The RIFAN Portal is designed to deploy cutting edge technology and
transparency in the purchase and management of insurance products and
thereby creating wealth for the nation through renewed confidence in the
purchase of insurance in Nigeria.

 

Welcome to RIFAN

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Coordinator of Retail Insured Family Association of Nigeria, Chief Ali Ugwu Theophilus

Insurers Must Rebuild Confidence

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A top leadership expert has urged brokers to invest in confidence-building, saying a lack of self-assurance often holds professionals back from reaching their full potential.

“Very few people succeed in business without a degree of confidence,” says Festus Onwe, a prominent expert in the Insurance Industry and Director ICT, RIFAN.

“Confidence helps us maximise our potential,” he continues. “Without it, we can get the job done and be very competent in doing so but with it, we set our bar higher, believe more things are possible, we can have more impact and be more successful.”

According to Festus, confidence is particularly important when it comes to moving into more senior roles and professionals suffering from insecurity will often find themselves overlooked for a promotion.

“Often confidence gives you the ability to first put your hand up for that more senior role and then be successful at nailing the selection process,” he tells RIFAN News.

“Without it, you may have all the competence and skills required to do the job but just never feel ready to go for it,” he continues. “Without confidence, you can give up too easily, refuse to believe an opportunity is possible and, therefore, make limiting decisions about what you do and how you do it.”

Of course, Festus – who has works with Anchor Insurance, a top corporate insurance giants acknowledges that everyone goes through periods where their confidence level dips.

“This can happen whether you are just entering your professional life, or you are highly experienced,” he tells RIFAN News. “No-one is immune to these bouts of insecurity at work.”

While fluctuating levels of confidence can be expected, Festus says it’s a complete myth that confidence is a personality trait that some people just naturally possess.

“Often people think of confidence as something that the lucky few are born with and the rest are left wishing for,” says Festus. “This simply is not true.”

Instead, Festus insists that confidence is learnable and outlines four key areas that brokers should focus on in order to build confidence for sustainable success.

  1. Show up as the real you and the best version of you
  2. Stand up for yourself, your team, your values and your point of view
  3. Speak up and have a voice and be able to influence
  4. Step up your performance and your impact
     

“With consistent effort, and the courage to take a risk, we can gradually expand our confidence and, with it, our capacity to build more of it,” he says.

However, as most people are aware, there is a fine line between confidence and cockiness – stray too far and it’s unlikely that clients will appreciate the unnecessary bravado. So, how can brokers be sure they don’t cross that line?

“Having the ability to ‘show up’ with real confidence means you know yourself, you can be yourself and you show up as the best version of yourself,” says Festus. “Real confidence is about the ability to be authentic and vulnerable – not about bravado and cockiness. This is work that requires a good level of self-awareness and people that you trust giving you feedback along the way.”

Festus also says it’s important that brokers regularly reflect on what is most important to them – their values, purpose and beliefs.

“Reflect on the decisions you are making and whether your behaviour is in line with your values,” he says. “And finally, what impact are you having on those around you, and what feedback have you received?”

 

Insurance, a dividend of democracy —Ationu

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The Executive Director, Business Development, UBA Metropolitan Life Insurance, Mr. Henry Ationu, has described insurance as a dividend of democracy.

According to a statement obtained on Sunday, he said this last week in Kaduna, at the official presentation of benefit cheques by the Kaduna State Governor, Mallam Nasir El-Rufai, to the families of the deceased Zaria bomb blast of last year.

“Insurance, especially life insurance, can be used as a fulcrum for dividend of democracy,” he stated.

The firm said the governor gave out a total of about N30m to 24 beneficiaries, at a ceremony, which took place at the Gvernment House, Kaduna.

Ationu commiserated with the deceased families and commended the governor for putting in place the insurance scheme to protect the people of Kaduna State.

He stated that one of the primary responsibilities of governance was to protect lives and property of its citizens.

He noted that insurance especially life insurance can be used as a fulcrum for dividend of democracy.

Ationu advised that other state governors should emulate the positive step taken by the Kaduna State Government.

“UBA Metropolitan Life Insurance is a specialist life insurance company reputed for prompt claims payment, good corporate governance, professionalism, actuarial expertise and technical knowhow,” the statement said.

According to the statement, the company has developed unique products for the Nigerian market, using comprehensive but flexible risk-management skills to ensure that issues affecting life insurance in Nigeria are managed to protect the interests of policyholders and other stakeholders.