Lagos – The Managing Director, Lakeg Insurance Consultancy Nigeria Limited, Mr Mufutau Oyegunle, on Tuesday advised insurance companies to avoid payment of insurance claims to fraudsters.
Oyegunle told the News Agency of Nigeria (NAN) that such fraudulent payment could create poor cash flow for the insurance companies and the insurance sector.
He also urged insurers to evolve stronger structures and best facilities that could help detect fraudulent claims.
The managing director also called on the insurers to be conscious of the current economic reality of the nation and join the concerted efforts to avert the likelihood of it sliding into recession.
According to the expert, the future of Nigerian Insurance companies need to re-strategise through the development of road map for the sector and reviving its fortunes for the better.
He stressed the need to revive the fortunes of the insurance sector to become the leading sector and higher contributor to the economy.
Oyegunle commended the National Insurance Commission (NAICOM) for the provision of new guidelines for insurance companies.
He urged that insurance employees whose conduct brought penalty to their companies should be made to pay for fine for such offence.
“This will enable insurers to behave professionally, attract more businesses and contribute meaningfully to national economy.
“The challenges facing insurance companies are one too many; the internal staff need to be loyal too,” he said. (NAN)