Departments

TECHNICAL Departments

The Department is saddled with the responsibility of underwriting all classes of insurance businesses as stipulated by the NAIC Establishment Act.

Other activities of the department include the following:

  • Expression of interest in prospective transactions.
  • Determine the terms and conditions of each business before acceptance.
  • Determination of the premium rate appropriate with the level of exposure/risk.
  • Assessment and review of proposal forms and all other relevant underwriting documents.
  • Issuing of policy documents.
  • Processing of agency/brokerage commissions.
  • Maintain records of all underwriting activities.
  • Generation and issuance of renewal notices to existing policy holders.
  • Re-assess risk when policies come up for renewal.
  • Attending renewal meetings for corporate clients.
  • Issuance of renewal endorsements.
  • Provision of assistance and enlightenment to our clients and prospective clients on the types of policies available in the corporation.
  • Liaising with insurance regulatory bodies such as NIA, NAICOM, and NCRIB etc.
  • Conduct pre-insurance inspection and post loss inspection in collaboration with Agric. Services/Claims department.

The responsibility of handling claims settlement and reinsurance activities of the Corporation.

  • To document all reported claims in various registers and records.
  • To scrutinize and process all genuine claims.
  • To conduct post-loss inspections, investigations and assessments of reported claims.
  • To approve all processed claims within the authorized limit and refer higher claims to appropriate authorities.
  • To compile all relevant claims statistics for management and rendering claims returns to supervisory authorities.
  • To attend to correspondences (letters) and other enquiries from claimants on various claims matter.
  • To compute all claims settlement offers based on submitted documents.
  • To arrange, negotiate and agree on Treaty Reinsurance wordings for the Corporation.
  • To prepare quarterly returns to Treaty Reinsurers.
  • To make claims recoveries on paid claims from Treaty and Facultative Reinsures.
  • To prepare Treaty statistics, risk profile, and premium adjustment for Treaty Renewal.
  • To Respond to correspondences on Reinsurance matters
  • To Attend preparatory meeting with Reinsurance brokers before a Treaty Renewal.
  • To negotiate the Placement of Facultative Reinsurance Outwards/Inwards.
  • To render all relevant statistics to NAICOM and other regulatory body functions of the Claims Department.

The Business Development Department has the overall function of supervising the Corporation’s marketing outlets which include the Branch Offices across the Nigerian Federation and Abuja. Specifically, the functions of the department include to:

  • Act as the first contact to partners/clients, create and maintain long-term mutually beneficial business relationships with them.
  • Identify new sale leads and pitch the Corporation’s Products and Services.
  • Monitor existing businesses with a view to reminding policy holders of the anniversary of the renewal date.
  • Develop and present proposals to identified clients across the strata of Nigerian society.
  • Prepare, submit and monitor bid documents on businesses with corporate clients.
  • Develop, monitor and drive the attainment of sales goals nationwide.
  • Promote strong affinity with Commodity Associations, Farmers Associations and other intermediaries such as Insurance Brokers and Agents.
  • Fully participate in the activities of the Operations Division as a member of Technical and Claims Committees.
  • Attend bilateral meetings and technical sessions with other stakeholders across the value chain.
  • Participate in corporate forums that are geared towards enhancing the Corporation’s visibility such as agricultural shows, exhibitions, farmers sensitization, etc.
  • Serve as a feedback medium by identifying requests/wishes from existing and potential clients with a view to developing such requests and wishes into new products.

The Department serves as a reservoir of technical knowledge in all disciplines of Agriculture such as Crop science, Animal science, Soil science, Veterinary medicine and Agricultural economics for policy review, product development and liaising with institutional stakeholders.

Other Functions of the Department include the following:

  • Designing of the template/guidelines for agricultural underwriting. Risk assessment, loss assessment, yield assessment and claims for agricultural insurance.
  • Periodic review and computation of estimated production cost (EPC) for all crop and livestock items insured by the Corporation.
  • Liaise, collaborate and develop relationships with relevant institutions, stakeholders and international organizations.
  • Commissioning of effective inspection/monitoring of farms and projects for proper risk assessment and management.
  • Offer and provide technical support and farm advisory services to all insured farmers/projects on modern techniques of agricultural production and risk management techniques.
  • Organization of sensitization, enlightenment and training workshops on agricultural insurance for staff, farmers, agents, brokers and farm extension workers.
  • Other duties as may be required by the management.
  • Initiating and driving high-level, long-term stakeholder collaborations with Public and Private Sector Institutions in the formulation and execution of their projects
  • Formulating and executing insurance components for various public and private sector projects
  • Organizing presentations to prospects at various fora and speaking publicly to cooperatives and community groups about the NAIC and its products.
  • Representation on various in-house committees such as the Technical and Claims Committees
  • Presenting periodic Departmental Performance Reports to Management.
SERVICE DEPARTMENTS
  • Appointment, promotion and discipline.
  • Maintenance of staff records.
  • Handling of all aspects of staff welfare.
  • Medical matters
  • Liaising/handling correspondences from other Federal Ministries and Parastatals such as NSITF, Federal Character Commission, NAICOM, ITF, Head of Service etc.
  • Handling staff training and official tours.
  • Handling of staff industrial and labour relations.
  • Handling of pension matters.
  • Computation of Severance and Exit Benefits
  • Handling of office rent matters.
  • Maintenance of office building i.e. electrical, plumbing, waste management.
  • Handling official vehicle maintenance.
  • Handling of utilities i.e. water, electricity, courier, telephone etc.
  • Coordinating/maintenance of standby generator and lifts.
  • Coordination of Driver’s activities.
  • Supervision of outsourced security and janitorial services.
  • Handling matters relating to temporary staff i. e. NYSC and IT Students.
  • Any other assignment as may be directed by Management.
  • The finance department collects revenue and disburse expenditure in line with the extant rules, regulations, directives and approvals.
  • Revenue: This refers to all the income generated by the organization which include;
  • Premium Income
  • Rent income, Interest on Investments, and statutory deposit interest.
  • Commission income and other miscellaneous income.
  • Disbursement of expenditure: These include all the payments made after approvals such as:
  • Personnel expenses (wages and salaries, pension, post-employment benefits etc)
  • Operating expenses
  • Insurance claims, reinsurance and contracts payment etc.

The department is also responsible for providing financial information/reports to the Board and management for decision-making. Other institutions/bodies that require financial information and reports are the regulators, government, tax authorities, legislatures, and other authorized bodies.

  • The department prepares a budget and monitors performance to guide the management in decision-making.
  • Financial Reporting: Preparation of financial statements of the Corporation.
  • Liaison with external auditors, tax authority, Office of the Accountant General, Office of the Auditor General, the Fiscal Responsibility Commission, etc.
  • Pre-payment audit of all transactions;
  • Treatment of monthly imprest and income returns from field offices;
  • Raising of monthly working imprest for zonal and branch offices;
  • Certification and documentation of goods from contractors for onward passage to the store;
  • Routine Audit visit to Zonal/Branch Offices;
  • Audit of insurance claims and commission documents;
  • Conduct of market survey on goods and services;
  • Maintaining the inventory of assets of the corporation;
  • Carrying out Audit activities to all the departments/units
  • Preparing reports such as:

               Audit Quarterly;

               Investigation;

               Audit Review;

              AML/CFT Programme;

               AML/CFT Report.

  • Conducting lectures on Anti Money Laundering/Combating Financing of Terrorism (AML/CFT) activities;
  • Answering Queries from the Auditor General for the Federation;
  • Conducting of investigation as may be directed by management.
  • Responsible for legal, compliance and corporate secretarial operations of the Corporation.
  • Review and preparation of Agreements, Memorandum of Understanding and other such legal documents.
  • Issuance of legal opinions on legislation, operational documents, and sundry documents.
  • Provision of support services to Business Development Department.
  • Inter-departmental assistance. Review and scrutiny of performance bonds, Advance payment guarantees etc.
  • Treatment of sundry documents from the Managing Director’s, ED F & A’s offices.
  • Anti-Money Laundering and counter-terrorism, manning the sanction desk. Anti-corruption and transparency unit.
  • Carry out other transactions in the opinion of the Board calculated to facilitate due functioning of the Act.
  • Attendance at court sittings for NAIC matters.
  • Freedom of Information (Desk on Freedom of Information)
  • ACTU (Desk unit work on Anti-Corruption & Transparency unit)
  • Attendance at all Board room matters.
  • Advising management on ICT policy
  • Implementing management policy on ICT
  • Administration and maintenance of the corporation’s network infrastructures
  • Liaising with external consultants on ICT issues
  • Users support
  • Management of the ICT equipment both at head office /zones/branches.

Developing and implementing corporate communication strategies to promote the Corporation’s brand identity and reputation.

  • Managing the Corporation’s relationships with the media and other external stakeholders, including responding to media inquiries and managing public relations.
  • Develop effective involvement in public/government policies through government circulars, press releases etc.
  • Developing and implementing crisis management plans to mitigate risks to the Corporation’s reputation.
  • Providing strategic advice to senior management on issues affecting the Corporation’s reputation and stakeholder relationships.
  • Dissemination of news, especially as it breaks after the authenticity of the news is verified and ensuring it is from a reliable source.
  • Conducting research and analysis on issues affecting the Corporation’s reputation and stakeholder relationships, and providing recommendations to senior management.
  • Management of Social Media platforms
  • Protocol- Passport procurement, Travels & Tours.
  • The Corporate Affairs Department is responsible for managing the Corporation’s relationships with various stakeholders, including shareholders, customers, employees, and regulatory bodies. Below are the functions of the department.

The Planning, Research and Development Department plays a crucial role in the Corporation. Here are the key functions of the department:

  • Planning: The department formulates strategic plans and policies to ensure smooth operations and goal achievement.
  • Research: Periodic data collection and analyses are conducted to research the activities of the scheme, market information, and new products. The department also collaborates with research institutes when necessary.
  • Monitoring and Evaluation: The department monitors the scheme & impact on the target population, the agricultural sector & performance, and the overall economy through various survey methods and initiates feedback mechanisms with the Insured public to elicit relevant information on the adequacy or otherwise of existing policies.
  • The department also keeps track of what is happening in the Insurance sector in order to make sure the Corporation is up-to-date and current with the most recent policies and developments. This is aimed at ensuring the Corporation maintains its competitiveness.
  • Administration of Management Information Systems, Statistics, and Databank: Data and statistics are collected and processed to keep management informed about the scheme & day-to-day operations.
  • The department maintains a databank for readily available information.
    • Product Development: The department serves as the secretariat for product development, utilizing the available data and information to guide decision-making in developing new products.
    • Production/Preparation of Periodic Reports/Briefs: The department generates periodic reports, including progress reports, monthly, quarterly, and annual reports on production.
    • Coordination/Policy Matters: The department ensures coherence in implementing the Corporation & initiatives and provides guidance to policymakers. It supervises and coordinates efforts aimed at achieving set goals.
    • Liaison with Relevant Bodies: Regular liaison with bodies like the National Planning Commission, the Planning Department of the Federal Ministry of Agriculture and Rural Development, research institutes, and agricultural institutions to facilitate effective collaboration and knowledge exchange.