Insurance Firms Seek Cost-cutting Measures

Insurance companies are seeking ways to reduce operational costs in order to increase their profits.

The Chairman, Sub Committee, Publicity and Communications of the Insurance Committee, Hassan Odukale, disclosed this while speaking to journalists after the committee’s meeting.
“We are looking for ways to partner an agency that came up with initiative on how to reduce our cost of operations,” he said.
He noted that the agency had disclosed to the committee how it was able to achieve a similar goal for the banking industry.

Odukale also said that the insurance sector was going on with its branding process to make the sector more attractive to the insuring public.

He said that the industry was still expecting the National Insurance Commission to release its draft guideline on the risk-based supervision, which would determine the way the sector would be regulated in its finances.
When officially released, he said the committee would expect its enforcement to take effect soon.
He also said that the insurance companies were working on how to increase their services to boost customer satisfaction.