Target youths with tailored digital products, NAICOM urges insurers

The National Insurance Commission has urged players in the sector to produce digital products that are tailored for the youth.

The call was made by the Commissioner for Insurance, Olusegun Omosehin, at the ninth BusinessToday Insurance and Pension conference/exhibition, which was held in Lagos recently.

The conference themed ‘Banking on The Future: Youths, Pension & Insurance Penetration’ saw experts discuss the future of the insurance and pension sector in Nigeria, especially as it relates to youths and acceptability.

Omosehin, who was represented by the Deputy Director and Head of NAICOM Lagos Control Office, Dr Julius Odidi, in his keynote address urged operators to look into the future needs of consumers in terms of insurance products and services while making plans today, making decisions and designing policies.

“I commend BusinessToday for driving this conversation which will inform policies, encourage innovation, and expand financial penetration. Through such engagements, we can empower the next generation with the tools and knowledge necessary for long-term financial security.

 “As the future depends on how we engage and equip our youth, it’s essential to prioritise their exposure and relevance in the financial sector. To achieve this, the Commission is focusing on building trust and driving innovation to cater to the evolving needs of our growing young population,” he said.

He went on to call on underwriters to innovate on products fit for the younger generation.

“We encourage the insurance industry to ensure that insurance products and services are tailored to meet the unique requirements of younger generations, promoting financial inclusion, stability and greater adoption of digital insurance solutions,” the CFI advised.

By emphasising youth engagement and promoting financial literacy, there is a tremendous opportunity to unlock the vast potential for growth and development in the insurance sector. Embracing this strategy is not just beneficial; it is essential. It will significantly contribute to the overall economic prosperity of Nigeria. The insurance industry is pivotal in mobilising long-term savings, financing critical infrastructure projects, and championing effective risk management. Invest in our youth today, and they will help shape a brighter economic future for all of us.

“As a commission, we are committed to building trust and driving innovation which will pave the way for a more inclusive, resilient and sustainable financial system, where the needs of the young generation are at the forefront,” he reiterated.

Meanwhile, the Managing Director/Chief Operating Officer of Marble Capital, Akeen Oyewale, presented a paper at the conference on the readiness of Nigerian youths concerning financial security and survival in a volatile, uncertain, complex and ambiguous economic environment.

According to him, there would be a general shift and wealth transfer in the future; thus, young people need to be incorporated into insurance, pension, and financial education for their economic security.

Oyewale lamented that most young people are not prepared for financial uncertainty, hence the need to channel their energies in the right direction.

“Youths need to know the value of having a pension and insurance, not only for themselves but for the entire economy and the next generation. However, they need to trust the system. This is where NAICOM and operators come in. It’s been an issue for long. So, we must change this narrative,” he urged.

To achieve this, Oyewale said, the industry must “demystify negative narratives. We must debunk wrong perceptions if we are to make headway.”

He advised corporates to adopt the push marketing strategy to reach out to the uncovered markets, not forgetting the use of digital channels.

“There is a lot to do to take the insurance and pension sectors to enviable heights. Young people should be carried along now because of what awaits us tomorrow,” he concluded.