Nigeria: NAICOM’s new guidelines will drive insurance inclusion – Operator

The Managing Director of GOXI Microinsurance Shina Gbadegesin 1
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The Managing Director of GOXI Microinsurance, Shina Gbadegesin, Nigeria’s first licensed microinsurance institution, has praised the recent release of the regulatory sandbox guideline by the National Insurance Commission.

In a statement, he described it as a commendable initiative that would promote innovation and drive insurance inclusion at the grassroots.

Gbadegesin noted that regulatory sandboxes were guidelines that allowed operators to seek a relaxed regulatory environment to test innovative ideas such as products, services, business models, or distribution channels.

The guidelines, he noted, set parameters that had the potential to improve inclusion and efficiency.

According to him, the initiative by NAICOM would go a long way in promoting innovation and driving insurance at the grassroots, especially by licensed specialised microinsurers in Nigeria.

The statement said, “GOXI Microinsurance has invested significantly in technology since its inception, collaborating with various aggregators such as microfinance banks, cooperatives, fintechs, and community-based associations to drive insurance inclusion in Nigeria.

“The company sees the new initiative by NAICOM as an opportunity to further embrace technology innovation and drive all aspects of its operations.”

The managing director expressed optimism that the regulatory sandbox guidelines would inspire insurance companies to be more innovative in their approach to driving insurance inclusion in the country.

He urged the insurance industry to take advantage of the opportunity provided by the guidelines to enhance their operations and improve the industry’s overall efficiency.

“The regulatory sandbox guideline by NAICOM is a commendable initiative that will promote innovation and drive insurance inclusion at the grassroots,” he said.

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