Category: Insurance

• Targets N6.80b in the year

Unitrust Insurance Company Limited has refined  its processes to pay claims within 48 hours,  its new Managing Director/Chief Executive Officer, Dayo Arowojolu, has said.

Arowojolu, who made this known at a press conference in Lagos, assured policyholders of its capacity to ensure that they got excellent customer service.

He said the firm paid N3.35 billion claims between 2021 and first quarter of the year.

The firm, according to him, paid N1.09 billion claims in 2021; N1.98 billion in 2022 and N282.7 million as the end of first quarter of the year.

Arowojolu said the company at the end of first quarter of this year, achieved N2.99 billion gross written premium; N396,684 million underwriting profit; net operating income of N643,173 million and N382,717 million profit before tax, stressing that the firm is also targeting a gross premium of N6.80 billion in the year, underwriting profit of N1.223 billion; investment income, N1.096 billion; profit before tax, N961.64 million and profit after tax, N846.249 million.

He said the underwriting firm recorded N5.357 billion gross premium in 2022; underwriting profit, N283.8 million; investment income N833.25 million and profit before tax N94.757 million.

He noted that Unitrust is one of the reputable insurance companies in Nigeria, with over 37 years of experience in non-life insurance and a trademark of reliability in the timely settlement of genuine claims, which is one of the principles behind its by-line of ‘The Quiet Confidence’.

“Our core values, which include innovation, promptness, integrity and excellence has been the hallmark our relationship with customers and the driving force of our daily operations,” he submitted.

He added: “With a solvency margin of 302 per cent as of March 31, 2023, the firm’s capacity to settle  genuine claims is not in doubt.

“To ensure claimants enjoy the best of services, the firm has refined its processes to pay claims within 48 hours of receipt of executed discharged vouchers.’’

Lasaco Assurance PLC has indemnified 97 beneficiaries of its life insurance scheme for staff members of the Lagos State Universal Basic Education Board (SUBEB) and Local Government and Community Affairs for N190 million.

The company, which took the initiative in fulfillment of its corporate policy of maintaining trust and relationship with its clients, presented a letter of between N629,762.69 and N6,590,999.46 to the families of each of the deceased staff of SUBEB and Local Government and Community Affairs.

The Managing Director of Lasaco Assurance, Razzaq Abiodun, who gave out the letters to the beneficiaries, explained that the company had so far compensated 1,356 deceased staff members of the two organisations up to N3 billion since 2017 when the scheme commenced.

Abiodun traced the company’s life cover for the civil servants of Lagos State to the days of Asiwaju Bola Tinubu, the president-elect, as the governor of the state.

Seplat Energy Plc had launched an initiative to donate well-equipped laboratories to schools to promote a learning environment where students can participate actively in hands-on, practical learning.

The goal is to unleash students’ potential and assist them in developing their science, technology, engineering, mathematics, and art (STEAM) skills by using technology to create, collaborate and complete projects.

The STEAM Laboratory, supported by Solar Energy, has internet access to provide the teachers with a technology-enhanced learning environment to support project-based learning for their students.

Seplat STEAM laboratory is designed to help students learn how to work as part of a team, solve problems and apply their knowledge in advanced and creative ways.

Seplat Energy has commenced this initiative with the donation of a well-equipped laboratory firstly to Ihogbe College in Benin City, Edo State. It will extend to more schools in the state and Delta.

Director of External Affairs and Sustainability, Seplat Energy, Dr Chioma  Nwachuku, noted that Seplat distinguishes itself by implementing distinct educational initiatives to support achieving quality education for students and teachers in its states of operation.

“Seplat is excited that the STEAM laboratories will further strengthen the application of STEAM learning that the company has continued to promote in schools through the Seplat Teachers Empowerment Programme (STEP),” she said.

She affirmed that the STEAM laboratory would create a student-centred learning environment, focusing on developing their skills and connecting the STEAM subject areas while preparing them for future careers and the real world.

The Seplat Teachers Empowerment Programme, known as STEP, equips secondary school teachers with the knowledge, skills, and competencies to teach students the STEAM (Science, Technology, Engineering, Arts, and Mathematics) learning model. Teachers are critical factors towards achieving quality education. Hence, in 2020, Seplat commenced the STEP initiative to empower teachers with the essential STEAM knowledge and skill sets. This highly sought-after programme has delivered immense outcomes for 634 teachers and over 25,000 students in Delta and Edo states’ secondary schools.

The Director, New Energy Seplat Energy, Mr Effiong Okon, added: “We (Seplat) started the STEP initiative by training teachers, and  we have taken the next step by investing in the STEAM Lab and providing unique gadgets. This laboratory will significantly change how students learn and how our children’s potential can be unleashed.”

He highlighted how the initiative aligned with the company’s strategic business goals: “Although we started with producing oil, Seplat is investing in New Energy, and this STEAM Lab will be  powered by solar Energy because we have a high sun density.

“So, we do not have to rely on the grid or power-generating sets to run the Lab. We look forward to collaborating with the students and possibly championing new scientific breakthroughs.”

The Seplat STEAM Lab boasts various science devices and tools, including electrical kits, chemical supplies, computers, art materials, and a projector. There is provision for a suite of online STEAM resources to support 3D model creation, develop coding skills, and control robotics.

The donation of STEAM labs to schools attests to Seplat’s commitment to improving creative thinking powered by science and higher teacher-student engagement for a well-rounded education.

Also, the lab buttresses  Seplat Energy’s aspiration to lead the energy transition towards cleaner, more reliable energy accessible for all.

The Energy transition drive is a new worldwide energy sector direction. While it presents new opportunities, it also demands more effective use of technology to support projects and requires new skill sets and higher critical thinking skills. As a result, speakers at the occasion urged the teachers to utilise the STEAM laboratory to support project-based learning and promote student teamwork, creativity, and innovation.

In her speech, the Honorable Commissioner for Education, Edo State, Dr Joan Oviawe, thanked Seplat on behalf of the state government while reiterating that this donation supports the state government’s drive to enhance the role of technology in improving the quality of education.

“The Edo State educational eco-system is proud to be associated with Seplat. This gift is welcome, and we want to assure you that this school would put the Lab to good use.”

The Principal of Ihogbe College, Mr. Johnson Egharevda, expressed the excitement of the entire school as he remarked that his students have also attended Seplat-organised competitions, noting that three of the school’s STEP-trained teachers have developed power banks based on knowledge gained STEP.

Selecting schools to qualify for the STEAM laboratory donation entails a competitive process. There will be a periodic review of schools of STEP-trained teachers to choose from those who display utilisation of their learnings at the STEP programme to create remarkable positive learning outcomes for their schools and students in their respective schools. Seplat is pleased to note that the STEP-trained teachers at the first school to receive the STEAM lab, Ihogbe College, Benin City, had, despite a relative lack of infrastructure at the school, demonstrated outstanding achievement by applying their learning. These teachers of Ihogbe College, who were beneficiaries of the Seplat Teachers Empowerment Programmes, put into practice the knowledge gained in the STEP programme by designing and producing a Power bank utilising the STEAM principles.

Seplat has continued to validate its commitment to quality education through its flagship educational programmes for schools and teachers. The company pledges to ensure the sustenance of this new initiative and donation of STEAM laboratories to schools through monitoring and provision of support required for the efficient running of the facility.

Nigerians have been cautioned not to ignore the early warning forecast by the relevant weather monitoring and emergency management agencies about this year’s rainfall and flooding expectations.

The Managing Director/Chief Executive Officer, Leadway Assurance, Tunde Hassan-Odukale, made the call in a statement.

Quoting the Nigeria Meteorological Agency (NiMET), he warned that  the year would witness early  rains accompanied by flooding.

He said NiMET, which had also issued a grim forecast last year, stated that starting in March, the coastal areas in the Southsouth, particularly Bayelsa, Akwa Ibom, and Rivers states, would experience downpour; Southern Inland cities would see precipitation in the month, while central states would see rain next month.

He said: “NiMET also predicted ex-tended rainfall in Gombe, Kaduna, Kwara, Enugu, Anambra, Ogun, and Lagos states.

“It said between June and July, the northern states of Sokoto, Kebbi, Zamfara, Kano, Katsina, Jigawa, Yobe, and Borno would experience the beginning of rain, which will peak between July and September.’’

Hassan-Odukale further stated that according to federal authorities, the last year’s floods resulted in 662 deaths in 33 states as the heavy rains destroyed investments in agriculture,  farms, and properties worth trillions of naira.

“The Federal Government estimated that over two million Nigerians were displaced and that the national economy lost well over N4.2 trillion to the floods.This year’s weather forecast paints a bleak picture, especially against the backdrop of the prevailing global inflation and economic vulnerabilities and uncertainties. As expected, these projections call for a prompt response from all stakeholders. 

“As a nation, as agribusiness investors, business owners, property and asset managers, families, and individuals, we must proactively take action to mitigate the disheartening and devastating human and material losses from the flooding incidents in 2022.

“With the National Bureau of Statistics (NBS) reporting that Nigeria’s food inflation rate peaked at 24.35 per cent in February 2023, there is an urgent need to prioritise food security and protect the enormous investment in agriculture,’’ Hassan-Odukale said.

On our side, we have designed insurance policies to help victims of devastating flooding recover from the massive financial losses, which experts estimated at over N4.2 trillion”, he added.

Hassan-Odukale pointed to the Agricultural market, which contributed 26.97 percent to the national GDP in 2022, as the most vulnerable sector to flood devastation. The National Agricultural Extension and Research Liaison Services (NAERLS), Ahmadu Bello University, Zaria, estimated that the industry lost about 700 billion Naira to the 2022 flood.

Similarly, the construction and property market, which NBS reported contributed about N20 trillion to the Nigerian GDP in the first three quarters of last year, is also one of the vulnerable sectors to watch, he noted.

In the business landscape, consumers are aware of the importance of corporate social responsibility (CSR) and are demanding more from corporate entities, the Head, Strategic Marketing and Communications, AIICO Insurance Plc, Segun Olalandu, has said.

According to Olalandu, it is one of the metrics for choosing, rating, and staying loyal to brands.

Highlighting the roles AIICO Insurance has played in CSR, he said over the years, the company has been able to create better relationships and connect deeply with the community and its people via several socially impactful programmes.

He said: “One of the key areas of focus for AIICO’s CSR is health and well-being.The company has established relationships with partner agencies, government establishments, and non-profit organisations through which it touches many lives more meaningfully.

“Annually, AIICO commemorates World Blood Donor Day with an internal blood donation drive in partnership with the Lagos State Blood Transfusion Service. AIICO’s employees troop out voluntarily to donate blood. This intervention is in response to the enormous supply gap and the continuous rise in the demand for blood in local health institutions.

“AIICO is also helping to fight and end infant homicide (infanticide) in Nigeria. Unfortunately, this barbaric practice is still in practice in some local communities. AIICO donates N100 from every sale of its Travel and Automobile insurance products to this cause yearly. It partners  ActionAid Nigeria and Vine Heritage Home, who are at the forefront of the campaign to rescue these children. They provide them with shelter and access to quality education and ensure they reintegrate into society without harm.”

He further stated that discussion on health in sub-Saharan Africa is incomplete without touching on malaria and its impact on public health in the region.

“Malaria accounts for up to 30 percent of all childhood deaths and 11 per cent of adult deaths.

“In 2022, AIICO partnered HACEY, distributing treated mosquito nets to many households through Primary Healthcare Centres in local communities across Lagos, Rivers, and Oyo states.

“Over 500 women benefited from the enlightenment on prevention, diagnosis, and treatment, besides over 3,000 who were engaged online.

“The company has consistently driven awareness of breast cancer. It recently partnered CancerAware Nigeria to continue the awareness effort and goes one step further.

“As a result, AIICO sponsored the treatment of 30 women with triple-negative breast cancer. It also supported 100 employees and their spouses for breast cancer scans, mammogrammes, and other public enlightenment campaigns.

“Also, recently, AIICO co-sponsored free eye surgeries through a partnership with the Indo-Eye Care Foundation in Lagos. As a result, 2,000 Nigerians benefited from the project and had their eye sights fully restored.

These commitments to a meaningful impact on people and communities leveraging result-focused partnerships continue to endear the AIICO brand to the marketplace. It is one of the factors that keep many individuals and corporates as long-term customers while attracting new ones,” he stressed.

Third Party Motor Insurance policy owners should heave a sigh of relief: insurers are partnering the Lagos State Vehicle Inspection Service and other states vehicle inspection services to stop the wrong booking when their policies have not expired.

Third Party Motor Insurance is a compulsory insurance mandated on motorists by law to have before driving on the road.

While Lagos remains the best enforcer of insurance, it does have a few challenges.

Lagos deployed its PayVIS service to enforce Third Party Motor Insurance for the insurance industry and generate revenue for the state.

PayVIS is a number plate detection platform that captures vehicle offenders when they violate traffic laws and bills them.

Findings by The Nation showed that motorists, however, started encountering undue fines when their insurance policies were still valid which should not be the case.

This occurs, for instance, when a policy states expiry date as April 24 without taking into cognizance that the day is not over until midnight. The system books motorists that are yet to renew from the early morning of April 24, when, in fact, they ought to be booked from April 25.

According to the information on the website of PayVis, “PlateDetect is a Traffic analytics and access control application developed for Lagos State’s Vehicle Inspection Service to track, monitor, and book traffic offenders.”

“LASG VIS’s PlateDetect ensures that vehicle documentation, which comprises vehicle licence, Insurance policy, Roadworthiness certificate, Driver’s license, Hackney permit (Commercial vehicles only), Lagos State Drivers’ Institute card (Commercial vehicles) can be verified and tickets raised for violators.

“Traffic cameras are located beside traffic lights to capture traffic offenders without the presence of traffic officials. The camera takes a photo shot of the vehicle’s plate number, and runs a scan of the vehicle’s records in the state’s database. Once this is done, a bill is generated for any outstanding offence.”

A source, who spoke on condition of anonymity, said they were getting feedbacks from motorists that they were being booked for expired policies when indeed the policy had not expired.

She said the state system was set to flash vehicles from the date set in their insurance certificate without setting a time for it.

She said this has since been corrected by the state.

She, however, said the ticket issued by PayVis could be contested and urged people to take advantage of it when they found that they had been wrongfully booked.

She said: “Since Lagos State deployed the camera system, it had been that their platform talks directly to the Nigerian Insurance Industry Database (NIID) through technology. There is no human interaction unlike before where Vehicle Inspection Officers (VIO) stop motorists to check their particulars on the phone.

“However, we found that people are being booked before their policy expires. For example, if NIID shows that a policy is expiring today, the business of insurance says the policy has not expired until that  midnight, but the way they programme their system, it says the policy expires by today without taking into cognizance that the day is not over until 12pm. So, it will pick it in their record that it has expired and their system will flag the motorist and issue him or her a ticket. We didn’t know for a very long time. This has been going on for over a year. Specifically, it started during COVID-19.

“But we have started the linking of system with Lagos for a long time after they deplored the camera system. Before then, they were using the phones we gave them to be check, but they later came up with their camera system technology, which was better. Then we noticed the error after COVID-19.

“During this period, they shut the cameras because they felt there were not many people on the road and everybody were running away from each other, so they there was no need. They put it on again when things began to return to normal. Then we have started seeing different things like this where a policy is not due and their system will book the person. We were getting feedbacks from clients complaining that their policy is still running and they have been booked. We investigated and discovered what was happening.

“We mention to them that they need to rework their system that it should be after midnight. They corrected it from their system. Sometimes, they call us, too, to help them check our record when a motorist argues with them that his insurance is valid.

“Meanwhile, there are some people who don’t know how to make complaints or don’t want their vehicles to be seized or their time wasted. So, they just go ahead and pay.”

She said the state has appealed to companies to inform their clients to contest the ticket when this  occurs.

“The Nigerian Insurers Association (NIA) has told us to appeal to people that they should let us know when they encounter such a challenge. They should not rush to pay, but go to the VIS platform and contest the ticket issued to them. If it is confirmed that the policy was still valid, they will cancel it. It is not a deliberate action on the part of Lagos State.

Insurance is by law, but people don’t comply. This is how our partnership with Lagos began and they have been able to enforce it to a reasonable extent. We went them because we know that it is only the agencies of government that can help us to enforce motor insurance.

On the part of PayVis, information contained on the website states: “In case any vehicle owner wants to contest a fine, he or she should visit the vehicle offence detection website: payvis, where you will see the ‘Contest Bill’ button. Hit it.

“Upload your evidence of valid documents to seek redress,” it read.

Ensuring that buildings are properly insured from the beginning can help to mitigate the risk of collapse. Insurance operators bare their mind on the incessant building collapse across the country with the latest being the seven-storey building in Banana Island, Lagos. Omobola Tolu-Kusimo writes.

The incessant collapse of high-rise buildings across the country,especially in Lagos’ artificial or man-made islands have become worrisome.

Many have lost their lives and billions of money have been lost in the real estate sector with insurance sector bearing the brunt.

Last week, a seven-storey building in Banana Island, Lagos went down with records of many sustaining serious injuries and a death.

It would be recalled that in November 2021, a high-rise of luxury flats under construction in Gerrad Road, Ikoyi in Lagos, collapsed in which several persons died.

Chieftains in the industry have, however, said the collapse of the seven-storey building brings to questioning the recalcitrance of  contractors to adhere to regulations on public buildings.

This came more to mind following revelations by the Deputy Director, Physical Planning and Urban Development, Mukaila Sanusi, who said the collapsed building was “unapproved”.

This was also the case with the 21-storey on Gerard Road as it was found that agencies responsible for approval and supervision of the  project were negligent.

But are buildings on Banana and others built on artificial and man-made housing areas on the island high risk for insurers and are they insured?

How would insurance checkmate the menace if the buildings are insured from the beginning?

The Managing Director, Stanbic IBTC Insurance, Mr. Jide Orimolade, who is also the Chairman, Sub-Committee on Publicity and Communication of the Insurers Committee, in an interview said it had become important for them to speak out because the building falls under the compulsory insurance laws, which mandates that buildings under construction must be insured.

He said while he could not ascertain whether the property is insured, he advised that they need to engage with their clients more to let them know the policy terms and conditions.

He said: “This is also the reason it is important for people to make use of a broker who will give professional advice.

“I think it’s important the underwriters work with the surveyors within the insurance space so that when they have a project of this nature, insurance companies can have a project manager that can work with the external surveyors so that they can analyse and see that the dimensions of quantity of materials among others.

“I also think it’s important that we can voice this out to the Lagos State government. We need to see how we can work with those in charge of the physical planning to make sure that any building that is about to get approval secure insurance against damage to other properties and at the same time injuries to third party. While we, as insurance practitioners, need to create the awareness, it is important that everybody takes insurance seriously to forestall future occurrences,” he added.

The Managing Director/CEO, AIICO Insurance Plc, Mr. Tunde Fajemirokun, also said the collapse of a building is a tragedy, especially when it happens in an area like Banana Island, which is known for its high-end properties.

He added: “However, building collapses are often caused by a combination of factors, including poor construction materials or techniques, inadequate maintenance, and environmental factors such as soil instability or flooding.

“It is of concerns to see building collapses becoming more common in Nigeria, and it’s important to investigate the cause of each collapse to prevent future incidents. Some possible factors that could contribute to building collapses include poor construction practices, inadequate maintenance, and building on unstable ground.

“It is also of concern that a building was constructed without proper approvals or permits. Building regulations are in place for a reason, and they are meant to ensure that buildings are constructed safely and in compliance with local laws. If buildings are being constructed without proper approvals, it’s important to investigate why this is happening and take steps to ensure that they are constructed in compliance with local regulations.’’

He further stated that buildings constructed on artificial or man-made housing areas may present unique risks to insurers.

“Insurers will need to evaluate each property to determine the level of risks involved. It’s also important for property owners to ensure that they have adequate insurance coverage in place to protect against potential losses,” he said.

On how insurance could help checkmate the menace, the CEO said buildings should be insured from the beginning.

He said the industry has developed an online portal for the government agency to check valid insurance certificates before issuing approvals. Insurers can provide guidance and advise on how to minimise risk and help to ensure that proper safety measures are in place.

“However, insurance is just one piece of the puzzle, and it’s important to also focus on preventing building collapses from happening in the first place,” he noted.

“There are a number of steps that can be taken to prevent building collapses, including improving building codes and regulations, increasing oversight and enforcement of building standards, and promoting better construction practices.

“It’s also important to ensure that  buildings are properly maintained and inspected on a regular basis to identify and address any potential issues before they become major problems. Collaboration between government, industry leaders, and other stakeholders is key to finding effective solutions to this important issue,” the AIICO boss said.

The President, The Nigerian Council of Registered Insurance Brokers, Mr. Rotimi Edu, said the Council had noted that the collapse  indicated that contractors do not adhere to regulations of public buildings.

He described incident as negligence by the experts.

Edu underscored the sensitivity of public buildings necessitating the need for builders and owners to imbibe insurance policies such as Public Liability, Contractors All Risk (CAR) and other prescription of Section 64 & 65 of the Insurance Act on public buildings.

“If these insurance policies had been in place, the risk of total loss incurred by the owners of the collapsed buildings would have been greatly reduced,” he noted.

Edu called on the Lagos State Government to expedite investigation on the cause of the building collapse and apprise the public with the result of the findings and actions to be taken to avert future building infractions in the state and the country.

The International Energy Insurance (IEI) has invested in the development teenagers’ talents as part of its Social Corporate Responsibility (CSR).

The firm sponsored this year’s Kids & Teen Got Talent Africa Finals in Lekki, Lagos, where three finalists emerged.

The firm promised to invest more in children by sponsorship major events targeted at teenagers.

The Dynamic Stars, a group of kid and teen dancers, won the star prize of N500,000, Chrysolite Crew came second and won N100,000 and Moyinoluwa Sodeinde came third with N50,000 prize.

Kids & Talent Africa Finals organises talent hunts yearly for children and teenagers to identify and develop talents of children.

Speaking on the sidelines of the event, the Managing Director/CEO of IEI Plc, Mr. Supo Sogelola, said the involvement of his organisation was in line with their objective to support children in realising their ambitions.

He added that this was also meant to teach the children insurance so that when they could grow up, thy would appreciate it or even practise the profession.

Promising that his underwriting firm would sign five-year sponsorship with Kids & Talent Africa Finals, he said the gesture was in tadem with the objective of the insurer to invest in children, sports and edutainment.

He said: “As a company owned by Norrenberger, IEI Plc wants to ensure we sell the message of insurance to the children from childhood so that they can grow up with the understanding of how insurance works and by that, we will be increasing insurance awareness and the kids can grow up to pick interest in insurance in the future.

“Apart from selling the brand, it’s a means of advertising insurance. IEI, powered by Norrenberger, feels it is also a way of selling insurance, making it popular with the children from school. We are going to sign a five-year sponsorship deal with Kids and Teen Got Talent. That is our plan and each year, we make it bigger, better, lovelier and interesting, such that we continue to entrench the brand and also, insurance in getting children and teenagers’ talents that were hidden and show them to the world. So, we are going to be doing this often. What we are doing is not wasting money, but building talents.”

Similarly, the founder, Kids & Talent Africa Finals, Mr. Kola Lenson, who was elated, stated that the edition was one of the most keenly contested, with 32 teams participating, before they were trimmed to 10 out of which the second and first runners up and the winners were chosen.

He said as a former teacher, he believed that if a child isn’t good academically doesn’t mean he or she can’t be good in other areas of skills.

“There is no industry for children entertainers, which is a gap that can be filled in the future. The motive of the programme is to identify talent and breed them and the participants came from different schools across Lagos State,” he noted.

Getting an agent to join an agency team is as difficult as a camel passing through the eye of a needle.

  This was how a chief in the agency network described the inability of insurers to attract young people as underwriters.

Insurers are unable to attract young people as agents even as 15 per cent of trained agents have left the sector, The Nation has learnt.

A source, who does not want to be mentioned, said most firms have resorted to poaching of agents to remain afloat.

He said young people who are not agents but are in other departments in the insurance companies are also leaving in droves.

He stated that while the emigration problem has not help matters, insurance companies have also not provided good renumeration.

He said an insurance agent can move around four underwriting firms in two years, a development he considered not-too-good for insurance.

He said: “I can count close to 27 Chief Executive Officers (CEOs) in real estate that are from insurance agency network. Many agents are migrating. They are not just going, but migrating. They are moving from the insurance industry to other sectors and bigger players are not showing much concern. Agents are  ambitious and looking for greener pastures outside. I can count seven of my boys that are chief executive officers in real estate.

“The major players are not paying adequate attention to agency network as a critical unit in the insurance value chain. Agents are faced with unresolved challenges such as acquiring and renewing their licences, poor remuneration, and lack of recognition, among others.

“The way forward would be to hold a roundtable and enactment of policy of inclusiveness.

He said licensing should never be a challenge for agents, adding that Association of Registered Insurance Agents (ARIAN) had a discussion with National Insurance Commission (NAICOM) on the need to review the agency network.

“We don’t want to continue to be captive agents, we need classes of agencies such as captive; independent and corporate,” he submitted.

He further suggested that the present challenge in the agency network should be handled as an industry concern and not be left to individual companies to manage.