Stakeholders in Nigeria’s insurance and pension sectors have requested that “the current Pension Law should be reviewed to offer clients more flexible options that will give them more control over their future while also catering to the profit motive of operators.”

A communiqué issued at the end of The 2021 Conference Of National Association of Insurance & Pension Correspondents (NAIPCO) held at Oriental Hotel in Lagos, with the theme “Covid19 Impact On Financial Inclusion: Opportunities For Insurance & Pension Sectors” states “that Insurance and pension sectors should take advantage of Covid-19 pandemic to grow both sector”
It further reads: “The two sectors should work more on their products and services by simplifying their products and improving service delivery.

Insurance products and pension plans should be personalized towards meeting individual customer’s needs while special products be developed to meet the needs of those in the Micro insurance and Micro pension segments.

Pension Administrators should offer Incentives like basic levels of healthcare to encourage clients to remain with their pension provider after their retirement.

Insurance and Pension sectors should embrace digitalization, constant and continued training of workforce to drive growth. Pension and insurance industries must remain committed to the inclusive growth of the Nigeria economy.

Insurance and Pension sectors should embrace self recapitalization and Regulators of the two sectors should take into considerations the peculiarities of Nigerians and Nigerian situation.”

The conference emphasized the need to review rates and revisit some of the policy conditions and exclusions earlier permissible for some insurance and advocated deliberate and sustained insurance and pension awareness for the realization of the Federal Government’s financial inclusion initiative.