By Rosemary Iwunze
The National Insurance Commission, NAICOM, has said that insurers must deliberately transition from a product-centric approach to a customer-centric model.
Commissioner for Insurance, Mr. Olusegun Ayo Omosehin who stated this at the opening ceremony of the Insurance Week 2026, noted that customer-centric model entails actively involving clients in the product development process seeking their input, understanding their expectations, and designing solutions that align with their real-life needs.
Omosehin, who was represented by the Deputy Commissioner for Insurance (Finance & Administration), Mr. Ekerete Ola Gam-Ikon, stated that when clients are actively engaged in product design, several positive outcomes emerge.
He said: “Products become more relevant and accessible, pricing structures have become more acceptable, and, most importantly, trust and ownership are significantly enhanced.”
Omosehin noted that the Insurance Week has progressively evolved into a vital platform for engagement, reflection, and constructive feedback within Nigeria’s insurance industry.
He said: “Insurance Week is far more than a ceremonial occasion. The array of activities outlined for this year demonstrates the industry’s clear intent to engage more closely with the market, listen to the voices of customers, and foster stronger relationships with all stakeholders. It provides us with a unique opportunity to assess our progress, confront persisting challenges, and, most importantly, renew our collective commitment to building a resilient, inclusive, and trusted insurance ecosystem.
“At NAICOM, we regard public awareness not as a peripheral activity but as a core strategic priority. The success of insurance in any economy is fundamentally anchored on the level of public understanding, trust, and acceptance. Without awareness, there can be no demand. Without understanding, there can be no trust. And without trust, sustainable growth cannot be achieved.
“Despite the inherent value of insurance as a critical risk management tool, insurance appreciation remains best parameter for measuring its impacts. A major contributor to observable gaps in the desired impacts is the persistent lack of adequate public understanding of insurance products, processes, and benefits. This reality underscores the need for a more deliberate and strategic approach to public engagement.
“We must therefore rethink and reposition our communication strategies. Public awareness campaigns must move beyond generic messaging and evolve into more targeted, relatable, and sustained initiatives. We must communicate in languages people understand, through platforms they trust, and using real-life scenarios that resonate with their everyday experiences.
It is not enough for people to simply know that insurance exists—they must understand how it works, why it matters, and how it can protect their lives, assets, and aspirations.
To this end, the Commission has continued to champion initiatives that promote financial literacy, consumer education, and transparency. We are leveraging strategic partnerships, engaging diverse stakeholders, and deploying innovative communication channels to reach underserved communities, small businesses, and emerging segments of the economy.
However, achieving meaningful and lasting impact requires collective action. Public awareness cannot and should not be the sole responsibility of the regulator. I must therefore emphasize that insurers have a pivotal role to play in reshaping public perception and strengthening confidence in our industry.
Article NAICOM charges insurers to adopt customer-centric business model Live On NgGossips.
