Wednesday, October 22, 2025
29.7 C
Lagos

‘Insurers Must Close Communication Gap to Grow Sector’

Insurers must bridge the communication gap that exists between them and the insuring public for insurance penetration to increase in Nigeria.

This was the submission of Mr. Tunde Adeoye from the Lagos Mainland CDA. He said this during the Open Forum at the just concluded 2017 Almond Insurance Consumers’ Forum in Lagos.

The annual Insurance Consumers’ Forum, organised by Almond Productions Limited provides a platform for interaction between stakeholders in the insurance industry and the insuring public in a No-Holds-Barred atmosphere.

The forum this year with the theme: Insurance Penetration in Nigeria: Shifting Focus from Policies to Providing Value for the Customers was chaired by the former Group Managing Director, Royal Exchange Plc Mr. Chike Mokwunye while the Guest Speaker was Prof. Festus Epetimehin, first Professor of Insurance and Risk Management in Nigeria.

L-R: Mr. Val Ojumah, Managing Director, FBN Insurance; Ms. Faith Ughwode, CEO, Almond productions Limited; Mr. Chike Mokwunye, Chairman and Prof. Festus Epetimehin, Guest Speaker at the 2017 Almond Insurance Consumers’ Forum held in Lagos.

Speaking during his presentation on the theme of the forum, Prof. Epetimehin said that the practitioners are themselves responsible for the ‘No demand state of insurance by the public because they have not embraced any pragmatic marketing approach. Insurance according to him should be aggressively marketed. The present marketing mix of most insurance companies does not reflect that.’ This he said indicates that there is lack of innovation in product development and risk taking, narrow product lines, unscientific methods of premium determination, policy wordings that is meaningless to the consumers and shoddy survey leading to insufficient information. This entirely sums up the fact that the industry is not responsive to consumers needs.

In his welcome remarks, the chairman of the occasion, Mr. Mokwunye noted that for the insurance industry to take its rightful place in the economy, the regulator (NAICOM) must see themselves as developmental partners against the current practice of policing the industry and operators seen as offenders that must be arrested.

The 2017 Insurance Consumers Forum which began in 2013 was well attended by both corporate and individual customers from various sectors of the economy.

spot_img
spot_img
spot_img

Hot this week

FSI, Mentors Without Borders Launch Tech Mentorship Program at Thomas Adewunmi Varsity

Financial Services Innovators (FSI), in partnership with Mentors Without...

The Trouble with Nigeria’s Healthcare System

By Michael Owhoko, Ph.D The quality of a country’s healthcare...

Sterling Bank Leads Africa’s Green Revolution with Agriculture Summit Africa 2025

Africa’s agricultural rebirth gathers momentum as Agriculture Summit Africa...

Fidelity Bank Celebrates International Day of the Girl Child with Debate Showcase 

L-R: Second runner-up, Chizaram Ekueme of Awesome College; Head,...

LASAA Hosts Legislators, Vows Commitment to Visual Order, Safety

L-R: The Chairman, Committee on Information, Security and Strategy,...

Topics

Red Star Express Restates Commitment to Compliance with Regulations

Red Star Express Plc, a licensee of Federal Express...

5 Nigerian Insurers Under Investigation over Alleged Under-selling of Motor Insurance

Mr. O. S. Thomas Commissioner for Insurance/CEO National Insurance Commission Federal Republic...

Coronavirus: 290m Students Stuck at Home in 13 Countries

School closures in 13 countries linked to the COVID-19...

AMCON, ESVARBON Partner on Sale of Assets

The Managing Director/Chief Executive Officer, Asset Management Corporation of...

Improving Digital Economy through AI and IoT

By Elvis Eromosele The world has gone digital. From the...

FG to Telecom Operators: Reverse Tariff Increment

The attention of the Nigerian Communications Commission (NCC) has...

NIGERIA: Preparing for Post-2020 Global Economic Stature

- Robert Orya Year 2020 is forty-four months away. According...

9mobile Seeks Partnership with Cross River State to Accelerate Development, Growth in the State

L-R: Commissioner of Finance, Cross River State, Mike Odere;...
spot_img

Related Articles

Popular Categories

spot_imgspot_img