Stakeholders in the insurance industry have described the NIN linkage directive as a major step toward enhancing financial inclusion and strengthening system security.
Mr Segun Bankole, Deputy General Manager, Corporate Communications and Investor Relations at Sovereign Trust Insurance Plc, said the company had begun sensitising customers through direct messaging.
He noted that many policyholders had already responded by submitting their NINs, although some expressed concerns about data privacy.
Despite this, Bankole said the initiative had gained broad acceptance, likening it to the Bank Verification Number (BVN) system used in the banking sector.
“We usually attach the regulator’s memo to our messages so customers can be properly informed. It is a continuous exercise, and we are making steady progress,” he said.
He added that proper customer identification would help tackle fraud, terrorism financing and money laundering, while also strengthening relationships between insurers and clients.
Similarly, Dr Ebose Osegha, Managing Director of Anchor Insurance Company Ltd., said compliance across the industry was ongoing.
He acknowledged initial resistance from some policyholders but maintained that the policy was necessary for long-term growth.
“It is not unusual. If BVN works for the banking sector, there is no reason it cannot work for insurance policyholders,” he said, adding that the industry remained on track for full compliance.
