Wednesday, July 2, 2025
23.4 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

Stanbic IBTC Bank Nigeria PMI: Output Growth Slows but Business Confidence Rises Sharply

The Nigerian private sector remained in growth territory as...

NIA: Insurance Week Designed to Boost Industry Awareness in Nigeria

Mr. Kunle Ahmed Chairman Nigerian Insurers Association (NIA) The Nigerian Insurers Association...

NAICOM Chief: The Future of Nigeria Depends on How We Manage Risks

Keynote Address by Mr. Olusegun Ayo Omosehin, Commissioner for...

SEC Canvasses Advanced Financial Inclusion by 2030

The Securities and Exchange Commission (SEC) has stressed the...

NCDMB to Champion “Nigeria First” Policy in Oil and Gas Sector

The Nigerian Content Development and Monitoring Board (NCDMB) has...

Topics

3 Ways to Connect the Dots of Nutrition in Nigeria

Food is a universal language. It knows no barrier....

Nigeria Needs $3tr to Plug Infrastructure Gap

Mr. Andrew Alli, President/CEO, Africa Finance Corporation (AFC), says...

Nominations Open for 2nd IATA Diversity & Inclusion Awards

The International Air Transport Association (IATA) has announced the...

SEC Approves NGX Technology Board Listing Rules

Nigerian Exchange Limited (NGX) is pleased to announce that...

Why Brands Should Take Media Monitoring Serious in 2023

By Queen Nwabueze Please allow. Let's start this article by...

Equity Market Halts 7-day Bearish Run… NSE ASI up 1.1%

The local bourse halted a 7-day bearish run yesterday...

NASENI, Imose Unveil Made-in Nigeria Laptops, Tablets

The National Agency for Science and Engineering Infrastructure (NASENI) and...

PenOp Appoints Anthonia Ifeanyi-Okoro as Chief Operating Officer

The Pension Fund Operators Association of Nigeria (PenOp) is...
spot_img

Related Articles

Popular Categories

spot_imgspot_img