Insurance firm backs NAICOM’s move to insure all public buildings

One of Nigeria’s leading insurance companies, Enterprise Life Assurance Limited, has supported the recent move by the National Insurance Commission (NAICOM) to insure all public buildings in the country.

The Managing Director/CEO of the company, Funmi Omo, made the disclosure at a professional forum organised by the Nigerian Council of Registered Insurance Brokers (NCRIB), Abuja Area Committee, over the weekend.

Speaking on the recent development, she said, “Ensuring that public buildings and properties are insured will significantly improve risk management practices in the country. It will also provide a safety net for public assets, protecting them against unforeseen events such as natural disasters, fires and other risks.

“As more public buildings and properties are insured, there will be an increase in the uptake of insurance policies. Beyond that, the economy will finally see an opportunity for stability. For instance, in the case where there is damage or loss, rather than diverting public funds from other critical sectors, insurance claims are able to mitigate the financial burden on the government.”

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Speaking on its operations in the insurance landscape, the MD said Enterprise Life Assurance had digitised insurance processes with the introduction of Life Planners.

She explained that, “Life Planners are professionals who are trained to understand the unique goals, aspirations, and challenges of each customer, and use that knowledge to create tailored solutions suited to their individual lifestyle and needs.

“To enhance these interactions, we launched AdvantageConnect, a digital insurance channel built on geo-technology (just like Uber) which bridges the insurance gap by connecting users to professional Life Planners who reside within their location for financial planning, advisory and tailored insurance solutions.

“We are also launching educational programs targeted at the younger generation, especially in secondary schools and universities. These initiatives emphasize the importance of insurance as an integral part of financial planning and security, fostering a culture of financial literacy and responsibility among Nigerian youth.”