The revelation was made by Nigerian Agricultural Insurance Corporation (NAIC) managing director Bode Opadokun, who said that the company aimed to increase the number of insured farmers from its current two million to as many as five million.
Speaking to journalists in Lagos this week, Opadokun added that the corporation’s plans included increasing its premium income by a minimum of 40 per cent by the end of 2015.
The strategy, he claimed, was to use electronic platforms and products to minimise cost and mitigate climate-related risks which threaten agricultural productivity.
Opadokun explained, “We intend to gain deeper insights into customers’ specific needs and learn to deliver the relevant products to the right types of customers, at the right price and at the expected level of service.
“We will, therefore, continue to review our business process and models in order to build resilience and achieve this laudable goal.”
The NAIC has begun to implement a new distribution model for agricultural insurance over the last year, targeting small scale crop farmers participating in the Ministry of Agriculture and Rural Development’s Growth Enhancement Support Scheme (GESS).
This is another key facet of the corporation’s strategy to broaden their customer base, with crop insurance worth US$100 available for premiums of US$2.50.