L – R, Assistant Director, Corp. Affairs, NAICOM, Mr Rasaaq Salami, Vice Chairman Media & Publicity Sub-Committee, Mrs. Ebere Nwachukwu & the Chairman, Media and Publicity Sub-Committee, Mr. Oye Hassan Odukale during the Aug edition of Insurers Committee Meeting held in Lagos.

INSURANCE Industry said it is working with Nigeria Interbank Settlement System (NIBSS) to ensure reduction of risk in the sub sector.

This, among others was the fallout of Insurers Committee Meeting held in Lagos.

Briefing the press immediately after the meeting, the Chairman,
Media and Publicity Sub-Committee, Mr. Oye Hassan Odukale, said that insurance industry wish to toll the line of the banks by doing what the banks have done in reducing their cost.

He noted the noted the NIBSS team made an exciting presentation at the meeting adding that the industry would come up with risk mechanism that would be applicable to all insurance companies.

On insurance penetration, Odukale, who is also the Managing Director, Leadway Assurance Limited assured that the proposed rebranding concept was still underway, noting that by 1st of October, 2016, a lot of new changes would be seem in the sector.

“By 1st October, you will start seeing what we mean, of course the rebranding concept will lead to good destination for the insurance industry, I know we cannot do it over night”, said Odukale.

He assured that the rebranding concept is an industry initiative aimed at assisting insurance firms in selling their products which will in turn enhance insurance penetration.