Calls for Stakeholders Meeting to Combat Fake Insurance Agents
BY NIYI JACOBS
The Retail Insured Family Association of Nigeria (RIFAN) has commended the Nigerian Insurers Association (NIA) for its empathetic approach in granting a two-week extension for insurance practitioners to integrate with the Nigerian Insurance Industry portal (NIIP).
The initial deadline expired on May 31, 2024, but RIFAN’s intervention led to the extension.
RIFAN’s Director-General, Ali Theophilus, expressed gratitude to NIA’s Director-General, Mrs. Yetunde Ilori, for the extension, emphasizing the need for a vital stakeholders meeting in Abuja to address the pressing issue of fake insurance agents.
He highlighted Abuja’s significance in the insurance industry, particularly in third-party insurance, and his own expertise in this area.
Theophilus warned of a recent development where the leader of unlicensed insurance agents had made a business proposal to the Ministry of Agriculture and organized a press briefing to sell cooperative insurance to the public.
He cautioned that this trend could cripple the insurance industry if allowed to continue, as many unsuspecting customers may fall victim to fake insurance products.
Theophilus urged NAICOM, NIA, ARIAN, RIFAN, DRTS, and other enforcement agencies to participate in the stakeholders meeting to share knowledge and achieve greater results in combating fake insurance agents.
He recalled his team’s efforts in fighting fake agents in Abuja as far back as 2004, leading to the success of OSCAR (One Stop Claims Shop for Victims of Motor Accident), an NGO that prosecuted fake agents. He also highlighted the introduction of the Nigerian Insurance Industry Database (NIID) in 2010, which promoted online verification of insurance documents.
Theophilus emphasized the need for teamwork and a unified voice in the industry to combat fake insurance vendors effectively.
He called for a collaborative effort to explore technological upgrades and shape the industry, protecting customers from deceitful agents and promoting genuine insurance practices.
