InsuranceSeptember2018: Stakeholders call for a trustworthy Nigerian Insurance Industry

Proshare

Wednesday, September 26, 2018 4.15PM / Proshare WebTV

 

Stakeholders at the end of the second edition of the Insurance September forum in Lagos, agreed that “Trust” was a vital component for driving the penetration of the industry in Nigeria, which is currently below 2% at the moment. 

This meant that the operators in the industry have to ensure that they build trust in the system, while the regulator(The National Insurance Commission, NAICOM)  provides the enabling environment for the ecosystem to thrive. 

Convener of the Insurance September Mr Ekerete Ola Gam-Ikon said “Trust” was the blood of the insurance business in any clime. 

Welcoming stakeholders to the forum, he noted that “Trust” was the key component for the survival and growth of the sector in Nigeria.

 The Chief host of the event and Group Managing Director of NEM Insurance Plc Mr Tope Smart alluded to the fact that the centrality of the insurance industry, revolves around “Trust”. 

He was of the view that where trust was lacking it was likely to adversely affect the development of the insurance sector. 

As the Chairman of the Nigeria Insurers Association, Mr Smart said it has established a complaints bureau to address customer issues in the country. 

Mr Smart assured stakeholders that under his watch the NIA will work assiduously to deepen insurance penetration and contribution to the national GDP. 

Mrs Sola Salako Ajulo, President of the Consumer Advocacy Forum of Nigeria, CAFON in her intervention at the event shared that Nigeria was a viable market for insurance , due to the various risks the citizens were exposed to in the nation. 

The CAFON President called on the insurance operators to work out modalities and address the poor perception of the sector in Nigeria. 

She believed engaging religious bodies will also go a long way in scaling the awareness required for insurance. 

Mrs Ajulo also asked the insurance policy makers in the country, to look into the language of insurance contract issued to Nigerians, which she wanted to be simplified in a way that the mass population can understand. 

Charles O’Tudor Principal Partner, ADSTART Branding speaking at the event said recapitalization of insurance companies was vital, while there was  need to strategically rework the communication level with customers and the un-insured in the country. 

CEO of Proshare Mr Olufemi Awoyemi harped on the need for a clear understanding of the operator-regulator-consumer interface to reposition insurance. 

He was of the  view that Nigeria required a market-led regulatory system to grow and develop its insurance sector. 

Mr Awoyemi agreed with Mrs Sola Salako-Ajulo that the industry needs to access clusters like the religious bodies, sports associations etc to increase insurance awareness. The financial analyst also called for innovation and new products that reflects the changes in the financial services sector. 

The forum featured interactive sessions that allowed stakeholders to share their perspectives on the evolution of the Nigerian insurance industry so far.

 

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