Sanlam Nigeria recently launched the #ProudMoments campaign to herald a fresh approach to deepening financial inclusion and aid the appreciation for Insurance services across businesses and for individuals.

The campaign, with visuals shot in location in Nigeria, centers on the need to protect the things that matter through insurance. It advocates resilience and grit as critical ingredients required to achieve success.

The creative delivery highlights a clear theme around celebrating genuine success whether personal, professional or organizational while emphasising the need to put in place adequate protection for same.

Sanlam Nigeria -made up of Sanlam Life Insurance and its subsidiary, Sanlam General Insurance- is a leading financial service powerhouse dedicated to actively seeking new and advanced mechanisms for safeguarding the hard-work and achievements of its policy holders through innovative insurance solutions, thereby enhancing its customers’ financial security that in turn assures a confident lifestyle.

During the launch in Lagos, the Managing Director/Chief Executive Officer, Sanlam Life Insurance Nigeria, Mr. Tunde Mimiko, restated the company’s unstinting commitment to promoting well-intentioned living that encourages success stories and celebrates individuals who are constantly challenging themselves to promote a healthy, vibrant and secure future.

“Success means different things to different people. For some, it is getting that new car, moving into a new home or even starting a business. With #ProudMoments, we are leading the conversation around putting adequate buffer, nay protection, around your success indicators.  What we are promoting is a confident and secured future with diverse resources that covers all aspect of human living ranging from car, properties, health, education and to life itself,” Mimiko said.

He added: “Our #ProudMoments campaign therefore is an exciting creative endeavor that succinctly demonstrates how our most valuable achievements are worth protecting because they are a source of our pride, a testament to our commitment to live a more qualitative life.”

In his remarks, the Managing Director/Chief Executive Officer, Sanlam General Insurance, Mr. Bode Opadokun, reiterated Sanlam Nigeria’s continuous efforts at celebrating individuals’ achievements and successes, connecting its drive to creating an environment that appreciates lasting impact and legacy through insurance.

“Insurance is a promise; a promise to deliver stated support when pre-covered losses occur. So, for every individual who seeks success, our #ProudMoments campaign represents one of the ways by which we remind them to pitch their tent with the one insurance company that can confidently help them protect their successes come what may.”

About Sanlam Nigeria

Sanlam Nigeria, formerly FBN Insurance, comprising Sanlam Life Insurance Nigeria Limited and Sanlam General Limited, is Nigeria’s fastest growing insurance company with multiple awards and recognitions including 4-time World Finance Life Insurance Company of the year among others.

With presence in over 66 locations, the brand is easily one of the most retail-driven insurer in Nigeria boasting a sales force of over 3000 sales champions and a strong user-friendly technological support to ensure on-the-spot policy uptake.

Sanlam Nigeria is a member of the Sanlam Pan Africa (SPA), a truly pan-African brand with a rich history and heritage founded in 1918 as a life insurance company.

Headquartered in South Africa, the brand has grown to become Africa’s largest non-banking financial services group, with a strong presence in 33 countries on the African continent including Nigeria, and a niche presence in India, Malaysia, the United Kingdom and Australia. Indeed, Sanlam operates in 8 out of the 10 largest economies in Africa, with over 154,000 employees globally, delivering superior value to customers, shareholders and the broader society.

The second edition of the Insurance Meets Tech (IMT) conference is set to take place on September 28 and 29, 2023 in Lagos, to address prevailing concerns in Nigeria’s insurance industry and on the continent.

Riding on the theme “Unlocking Policy and Tech Bottlenecks Hindering Disruptive Insurance Penetration”, IMT 2.0 will converge prominent players in government, finance, health, tech, and telecom sectors, as well as the prime sub-sectors players in insurance and insurtech, to brainstorm, untangle, and evolve viable solutions to the challenges of insurance penetration in Nigeria and across Africa.

The two-day conference will feature policymakers, regulators, keynote speakers, and sector leaders in panel discussions, exhibitions, specialised masterclasses, and product and service demos, providing a platform for stakeholders to share ideas, insights, and experiences on how to leverage technology to drive insurance penetration and improve the insurance industry’s efficiency and effectiveness, such as its use of data analytics to improve underwriting and claims management processes; cyber insurance; and the role of web aggregators in the industry’s value chain.

The conference will culminate in a gala and awards evening to recognise excellence and outstanding contributions to the industry. With the COVID-19 pandemic and enabling government policies accelerating the adoption of digital technologies, IMT 2.0 is expected to be a catalyst for the digital transformation of the insurance industry in Nigeria and across Africa.

According to the convener of the conference, Odion Aleobua, ‘IMT 2.0 will be a game-changer for the insurance industry in Nigeria and across Africa. This second edition will build on the successes of the first and provide stakeholders with more opportunities to network, collaborate, and explore innovative solutions to the challenges facing the industry.

“Since the inaugural edition of the conference in September 2022, the Nigerian insurance and insurtech sectors have made visible strides. The National Insurance Commission (NAICOM) affirmed that Nigeria’s insurance industry recorded a 36.3% quarter-on-quarter growth and a 17.8% year-on-year rise in gross premium income at N726.2 billion in the fourth quarter of 2022, compared to the previous year.

“Data provided by Statista in May 2023 revealed that the value of gross life insurance premiums written in Nigeria exceeded €600 million for the first time. In 2022, life insurance premiums amounted to €677.3 million, up from €545.2 million in the previous year. The growth margins can be attributed to various factors, including increased awareness of insurance products, the expansion of distribution channels, and insurance companies’ gradual adoption of technology.

“Statista also stated that ‘In 2022, the value of gross property and casualty (P&C) insurance premiums written in Nigeria amounted to almost 800 million euros. This figure is believed to be the highest value since 2000 as P&C premiums increased by 100 million euros between 2021 and 2022.’

“These figures are, however, dwarfed in comparison to the country’s South African counterparts, where the value of gross property and casualty insurance premiums written amounted to approximately €5 billion in 2022, and P&C premiums peaked in 2021 when they reached €9.35 billion. The gap is further broadened when considering global insurance industry figures, which, according to McKinsey and Company’s Global Insurance Report 2023: ‘Closing the Personal P&C Protection Gap’, surpassed $6.5 trillion in GWP in 2022, with P&C representing almost one-third of total revenue!

“We have thus carefully selected our speakers and panelists from industry leaders, tech giants, and government regulators to ensure that conference delegates get the best insights and experiences on how technology can unlock policy and tech bottlenecks hindering disruptive insurance penetration. IMT 2.0 promises to be bigger, better, and more impactful”, Odion added.

L-R: Moses Oyeyemi, Head, Claims Department, Elizabeth Bodede and Abigail Adeleye, both of the Corporate Communications & Investor Relations Department of Sovereign Trust Insurance Plc flanked by Students of Igbobi College, Lagos, at the half year edition of the Bi-Annual Insurance Career talk and Guidance Counselling hosted by Sovereign Trust Insurance Plc on June 27, 2023 at the premises of Igbobi College, Lagos.

It is an initiative of the company in catching them young as potential Insurance Practitioners in the future.

Sanlam General Insurance Nigeria Limited, is thrilled to announce the launch of *1056#; a USSD Code of Confidence that allows customers access speedy resolution of third-party insurance claims in cases of road emergencies. This cutting-edge solution is the first of its kind in Nigeria.

This Code (*1056#) is Sanlam’s way of providing a seamless and customer-centric solutions to a number of challenges customers encounter while seeking report claims in case of any eventuality. With this new feature, Sanlam aims to enhance the claims experience for its valued customers by eliminating needless paperwork and unnecessary delays.

Customers can now use the simple and user-friendly *1056# USSD code on their mobile phones to initiate instant third-party claims. The process is quick and hassle-free, ensuring that customers receive prompt assistance and support during unexpected events and accidents involving third parties.

Speaking on the development, the Managing Director/CEO, Sanlam General Insurance Nigeria Limited, Bode Opadokun expressed excitement and affirmed thus, “We are delighted to introduce this Code of Confidence which revolutionizes the way our customers can access third-party claims. At Sanlam, we understand the importance of convenience and speed in the claims process. With this innovative service, we aim to provide our customers with a seamless and efficient experience at any time of need.”

According to a statement signed by the Marketing & Corporate Communications Manager, Sanlam General Insurance Nigeria Limited, Ajibola Liyide, he stated: “The Code of Confidence service was designed to offer customers a hitch-free claims experience. By dialing *1056# on their mobile phones, customers gain access to a simple prompt that guides them through the claims process. The user-friendly interface allows customers to provide essential details and initiate their claims swiftly and conveniently, ensuring they receive timely assistance. This can be done from any MTN line.”
Sanlam’s Code of Confidence is available to all Sanlam Nigeria motor policyholders, making it accessible to a wide range of customers across the country. The service is part of Sanlam’s ongoing efforts to leverage technology and innovation to enhance the customer experience and provide timely support when it matters most.
Sanlam is a pan-African brand with a rich history and heritage founded in 1918 as a life insurance company.

The brand has grown to become Africa’s largest non-banking financial services group, with a strong presence in 33 countries on the African continent, and a niche presence in India, Malaysia, the United Kingdom and Australia.

Indeed, Sanlam operates in 8 out of the 10 largest economies in Africa, with over 154,000 employees globally, delivering superior value to customers, shareholders and the broader society.

Mr. O.S. Thomas

Commissioner for Insurance/CEO

National Insurance Commission (NAICOM)

Federal Republic of Nigeria

Prince Cookey

Operators in the insurance sector in Africa are grappling with myriad market challenges ranging from low public awareness, religious beliefs, doubts about claims payment by insurance firms and low disposable income amongst citizens arising from economic condition in many African nations.

Will branding and reputation management help? Many experts say that is exactly what the industry and operators need at this time to scale most of the market challenges making it difficult for the industry to achieve its full potential.

For instance, in the first quarter of 2023, a media intelligence consultancy firm in Nigeria, P + Measurement Services Limited, analysed the perception of publishers, editors, journalists and opinion leaders on the day-to-day performance and public perception of the insurance industry and insurers in Nigeria.

The survey result gave the highest positive ranking to Leadway Assurance Company Limited and the most negative ranking to AXA Mansard Insurance Plc.

A statement by P + Measurement on the modalities that drove the survey stated in part:

“Nigeria’s insurance sector has maintained excellent media interactions, marketing and awareness since the start of 2023 despite the earlier scarcity of the Naira and its effect on business.

These were further enhanced by the remarkable data it gave the media in the first quarter of the year.

The media analysis monitored more than 1.3 million online publications from blogs, news sites, broadcasts, forums, and digital media in the local and global media space, as well as about 5,115 print publications (including daily, weekly, and monthly publications), from which different metadata were extracted, including the sentiments of reporters, editors, publishers, and opinion writers from various online and print publications, spokesperson analysis, CEOs performances, and other topics.”

The Branding Advantage

Mr. Ashley Lightfoot, writing in Latana, gave a three-part strategic roadmap for insurance firms in the area of branding:

• Why Insurance Brands Must Build Trust

It should go without saying that insurance is an industry that is built firmly on trust. While most will take out insurance policies hoping they never need to make a claim, for those consumers beset by misfortune, that policy could be the difference between two very different outcomes — one that allows them to overcome a life-changing event and one that leaves them devastated.

Despite playing such a crucial role, a survey in 2019 found that less than 30 percent of consumers from across the globe had a positive opinion of the insurance industry.

53 percent reported having had “a negative experience with their cover – most blaming claims settlement and product complexity for the hassle.”

Research shows that there are three key pillars to building trust — competency, benevolence, and honesty.

In the insurance sector, these three core values should run through every part of your brand identity and be considered in everything your business does.

• Why Insurance Brands Need to Make an Emotional Connection

Insurance is an extremely valuable and important industry, offering consumers a lifeline during times of need. But it’s not a topic that people get excited to talk about.

While it might be an essential consideration, consumers don’t think about insurance the way they do about sectors that are simply more inherently exciting — like technology, travel, entertainment, or even essentials like clothing and transportation.

Because of this, insurance brands can’t expect consumers to be automatically excited about their branding campaigns.

• Why Heavy Competition Means Your Brand Must Work Harder

One key challenge for any insurance brand looking to grow its profile is just how competitive the industry is.

This, combined with consumers’ general low interest in the industry, means that your brand has precious little time to connect with audiences and convert them.

Furthermore, whenever a consumer is on the market for insurance, you must overcome the pitches and campaigns of countless other brands looking to convert them.

The Emirates Example

A report in PRnomics details how Emirates, one of the world’s fastest-growing airlines made a profit of over $3 billion through deployment of five strong and innovative branding and public relations strategies:

• Iconic Sponsorships and Partnerships

Emirates Airlines has established an impressive portfolio of high-profile sponsorships and partnerships that have significantly contributed to its brand visibility.

It is the official sponsor of prestigious football clubs like Arsenal FC and Real Madrid CF, allowing the brand to reach millions of fans worldwide.

• Strong Visual Identity

Emirates has a distinctive and instantly recognisable brand identity, reinforced by consistent branding across all touchpoints.

• Media Relations & Social Media Power

The airline commands the highest share of industry voice as a result of its captivating social media presence and consistent media relations programs.

• Strategic Digital Marketing

Recognising the power of digital platforms, it has embraced various digital marketing initiatives to connect with its target audience effectively.

Its strong online presence allows Emirates to showcase its brand story, highlight its latest offerings, and engage with travellers in real time, further reinforcing brand loyalty.

• Cool Advertising Slogans

The airline has consistently produced captivating advertising campaigns that resonate with viewers around the world. Its commercials often feature captivating storylines and emotionally engaging narratives.

Its current slogan, “Fly Better” builds on the appeal of the previous tagline, “Hello Tomorrow.”

Looking Ahead

The African insurance sector has huge business potential given the combined population of the continent, especially the youth segment.

Its glorious future is however hampered by traditional and self-inflicted challenges.

To scale those barriers and reap the fruits of the market, the players must embrace the tenets of branding and reputation management, especially media engagement.

NB: First published in Africa Ahead!

L-R: Oracle MEA Official; Mr. Emeka Akwiwu, Group Executive Director, Continental Reinsurance Plc; Ms Liz Booth, Managing Editor, Africa Ahead and other participants at the IFRS 17 Roundtable organised by Oracle MEA in collaboration with Africa Ahead in Lagos recently.