In order to increase their profit margin as
well as strengthen their capital base, the players in the Nigeria Insurance
Industry are presently working out cost reduction measures to reduce their
operational costs.
The Chairman Sub Committee, Publicity and
Communications of the Insurers Committee, Mr. Hassan Oye-Odukale, disclosed
this after the committee meeting in Lagos.

He said that the industry hopes to achieve
the feat through the use of Information Technology, adding that the industry is
working with the Nigeria Interbank Settlement System (NIBSS) on the project.
Odukale maintained that officers of NIBSS
had made a presentation to the committee, of which they were happy about the
initiative. He said the committee had mandated its information subcommittee to
examine the initiative and advise the general body.
He noted that the implementation of the
initiative when adopted would help reduce the overheads of many insurance
companies, adding that the initiative has helped the bankers in reducing and
managing their overheads.

The Vice Chairman Sub Committee Publicity,
Eberechukwu Nwanchukwu, said the committee is also working on improving
customers’ relations, stressing that the committee believed the rebranding
initiative being worked on by the industry can only be successful when
customers are treated with high esteem.
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