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INSURANCE FIRMS ENCOURAGE INTRODUCING NEW PRODUCTS

By NBF News
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Okunniyi
The developing and introducing new products into the insurance market is agreed to be one of the major ways the insurance firms can survive and grow. So, insurance companies are now been encouraged to initiate and introduce new products into insurance market.

Besides, National Insurance Commission (NAICOM) opts for new strategies to grow Insurance industry, and the Commissioner for Insurance is now emphasizing on the market development restructuring initiative that may increase premium target in the near future.

It is discovered that any new insurance product that meets its expectation will always receive approval of the National Insurance Commission (NAICOM). The new four products introduced by Goldlink Insurance Plc., were approved, and before their approval, NAICOM source said the products were certified because they meet the needs of insuring public. The Commission was sure that they would also create employment for our teeming unemployed youths.

The Managing Director and Chief Executive Officer of Goldlink Insurance Plc. Mr. Femi Okunniyi who spoke on his company's new products said the products are all about capacity building via the creation of new products and the review of stocks on our warehouse to meet the needs and expectation of modern day business entrepreneurs, new technology and accommodate ventures hitherto considered uninsurable.

He said, 'the policy benefit that is, claim payment, risk management advices would be made at the point and country of claim origin and not policy incepted and only - foreign partners (Trans border alliance).

Some of the new products will require new sales representatives and he said this is in line with the philosophy of NAICOM on employment generation, 'our graduate self employment scheme,' which he described as 'Modified Agency Structure- where you train on a group basis, you manage on a group basis - Annuity with PFA.'

Okunniyi said the overall financial and commodities landscape has been in recent times, going through a turbulent and tortuous period. In spite of cautions predictions by market observers that financial markets are on the road to a hopeful recovery, market indicators have not shown sample signs in validating these forecasts. The crisis has severely impacted the way we assess and manage and liquidity flow issues, changing the way we operate, be it our systems, regulations strategies or measures.

However in Goldlink, we have gone ahead of times and in the spirit of innovation as chosen to find the golden opportunities concealed in the threats of the economic crisis. I believe that the Insurance industry players have in some ways applied this positive approach of looking at opportunities beyond threats, as we have begun to see the financial and commodities market looking at the brighter side of the cloud.

While the crisis has been harsh to Insurance industry, it has brought opportunities for the introduction of new products that would better the lives of our clients and deliver value to all stakeholders.

The crisis itself is an enhancer in deepening our insight and improving our perspectives and market intelligence, equipping the company better for the next level, declaring that the great thing is that Goldlink has been rising to the challenge of continued growth, in ensuring the provision of good quality services and commitment to improvement and innovation.

And it is note worthy that these products are significant outcome of that commitment. I am confident the products would continue the progress, as each address a particular risk in the industry and all have been developed in view of the dynamic needs of the marketplace. Goldlink Insurance Plc. launched four new products known as School Safety Policy, Goldlink Annuity Plan, Hospitality Plus Insurance, and Travel and Tours Insurance.

Okunniyi belief is that the well being of the financial and commodity ecosystem must first be protected. He said if all of us market participants continue on the part of providing greater transparency, deploying appropriate risk management tools and making better use of technology, the chances are, we will turn threats and crisis to opportunities and better times.

'NAICOM opts for new strategies to grow Insurance industry, the Commissioner for Insurance, Mr. Fola Daniel emphasized on the market development restructuring and initiatives that premium target in the Insurance industry for 2012 is N1 trillion Naira. Apart from working on the compulsory products introduction of well researched products will help to achieve this goal,' he said.