The insurance industry is putting modalities in place to partner with the Nigeria Interbank Settlement System (NIBSS) in the use of technology to reduce overhead costs. Chairman of Publicity and Communications sub-committee of the Insurers Committee, Mr. Oye Hassan-Odukale, disclosed this at a media parley after the Committee’s meeting in Lagos last week.
Hassan-Odukale said that the move became necessary due to the skyrocketing overhead costs that individual companies incur at the end of every financial year.
Accordingly, the industry is presently working out measures to reduce their cost burden, Hassan-Odukale stated. Odukale maintained that officers of NIBSS had made a presentation to the Committee, of which they were happy about the initiative. He said the committee had mandated its information sub-committee to examine the initiative and advise the general body.
He noted that the implementation of the initiative when adopted would help reduce the overhead costs of many insurance companies, adding that the initiative has helped the bankers in reducing and managing their overheads. Vice Chairman of the Publicity sub-committee, Eberechukwu Nwachukwu said the Insurers Committee will commence an industry wide campaign from 1st of October to rebrand the image of the industry.
According to her, the sector is also working on improving customers’ relations, stressing that the committee believed the rebranding initiative can only be successful when customers are treated with high esteem.