New guidelines from NAICOM will be driving force behind insurance inclusion – Operator

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

In a statement, he referred to it as a commendable initiative that would foster innovation and drive grassroots insurance inclusion. He also said that it would drive insurance coverage for more people.

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Gbadegesin made the observation that regulatory sandboxes were guidelines that enabled operators to look for a relaxed regulatory environment in which to test innovative ideas such as products, services, business models, or distribution channels.

He pointed out that the guidelines established parameters that had the potential to improve both the inclusiveness and the efficiency of the process.

According to him, the initiative that was taken by NAICOM would go a long way toward promoting innovation and driving insurance at the grassroots level, particularly by licensed specialists in the field of microinsurance in Nigeria.

According to the statement, “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.” GOXI Microinsurance was founded in 2016.

The company views the new initiative that NAICOM is undertaking as an opportunity to further embrace technological innovation and use it to drive all aspects of its operations.

The managing director of the company 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 make the most of the opportunity presented by the guidelines to improve the overall efficacy of the industry as a whole as well as the operations of individual companies.

According to what he had to say, “the regulatory sandbox guideline that was developed by NAICOM is an admirable initiative that will promote innovation and drive insurance inclusion at the grassroots level.”