The possibility of insurance industry operators kicking off the Industry’s rebranding project January 1st, 2018, is now very bleak as there is current controversy over fund raising for the project among the industry market leaders.
The rebranding project, an initiative of the Insurers Committee set up by the regulator and the industry operators for the purpose of advancing the industry and creating awareness and trust among the public was billed to have started this year but was later postponed due to monetary problem.
The Chairman, Publicity Subcommittee, Oye Hassan-Odukale, had at the end of one of the meetings of the committee in Lagos, said the rebranding project would start January, 2018.
But lately, OptimumTimes findings reveals that the project may after all not commence at the stated date as individual insurance firms are not ready to spend on the project.
According to findings, this time, the insurers are casting lots on who would bring the bulk of the money needed for the project.
It was gathered that after their first lot, they mandated the industry regulator, the National Insurance Commission (NAICOM) to provide N50 million out of the N250 million needed to kickstart the project.
This represents 20 percent of the total bill but the Commissioner for insurance, Mohammed Kari, argued that the project is operators’ project and for their own benefit and therefore they should not mandate his commission to give them specific amount.
Kari, had insisted that he would give them any amount the commission decides to willingly give.
It was also gathered that against this backdrop, the operators had turned to the market leaders like Leadway insurance, Custodian and Allied Insurance Plc among others to take advantage of their market leadership position and provide the bulk of the money but as at present, their response has not been promising. This is despite the fact that Leadway Insurance helmsman is the chairman publicity committee on whose shoulders rest the burden of publicity and rebranding project.
What this means is that since the project is billed to kick off January but as at October, no money has been raised, commencing the rebranding project in January may after all be a mirage while the industry development and growth remains at its low ebb.
Meanwhile, industry observers have opined that until the insurance industry operators change their current attitude of low spirit in things that would grow the industry, efforts towards achieving the much needed advancement of the industry will remain elusive.
According to them, this same attitude currently put up by the operators was what made them lose the workmen compensation business in 2010 to the National Social Insurance Trust Fund (NSITF).
They called the industry market leaders to live up to their expectation and take up the responsibility of providing the bulk of the money needed to take off the Insurance rebranding project.