Insurance brokers and other stakeholders in
the industry have called for transparency and clear communication between
insurance firms and customers for easy claim settlement.
The experts who spoke at a webinar hosted by BizWatch Nigeria on Wednesday, March 30, 2021 also advocated for a roadmap that would serve as a
guide for operators and ensure the growth
of the industry.
The Chief Executive Officer,
Finterate Projects, Mr Ekerete Ola Gam-Ikon, in his keynote address, said insurance companies needed to develop
products that were relevant to their market in order to thrive.
Addressing the theme 'Building
Financial Resilience With Insurance Solutions Amid COVID-19', he advised insurance companies to
ensure there is a constant line of communication with customers, especially
when there is a claim to be paid.
He stated that one of the lessons
learnt at the peak of COVID-19 pandemic was the way data was managed and how it
was utilised by stakeholders. "Customers expect you to communicate with
them (on claims) but what we have now is that they are asking questions and no
one is responding. It is tougher for us when people have to go through the
whole process of insurance. I hope that as we encourage them to buy insurance,
we encourage them to understand how it works," Gam-Ikon said.
According to him, operators need to
constantly assess the relevance of their products to the market they
operate in.
Other panelists who spoke on insurance products for SMEs at the event
were Senior Manager, Brand, Media and Communications
at African Alliance Insurance, Bankole Banjo; Managing Director/ CEO of FBN Insurance
Brokers, Olumide Ibidapo and Associate
Director, General Business Commercial, Leadway Assurance, Oluwatunminiu Ayodabo.
Unravelling the myth that insurance
was reserved for the elites in Nigeria alone, Banjo said that insurance was open to everyone and
that it was a natural part of life.
At the panel
session moderated by an Insurance Journalist, Helen Ajeamo, Banjo said, "Insurance is not an elite thing,
insurance is something that is literally part of life.” He urged
insurance companies to take hold of the narrative around insurance to tackle
cultural biases that had discouraged
Nigerians from buying insurance policies.
"We have to tackle the issue of cultural bias, make sure religious leaders
buy into the idea of insurance and build trust so that people can understand
the benefits of insurance," he added.
Also, the Managing Director/ CEO of
FBN Insurance Brokers, Olumide Ibidapo said the
industry was ripe for a roadmap that would guide
the operators on what they need to achieve.
He said insurance products suitable
for Small and Medium Enterprises should be simple and provide coverage for
financial loss, workers and physical assets.
“The type of insurance coverage for
SME should be wide enough to cover their financial loss, workers and physical
assets. In the event of a claim, it should be simplified and settled on time,”
Ibidapo added.
Speaking on the lessons from the
COVID-19 and #EndSARS saga for small business owners, the Associate Director,
General Business Commercial, Leadway Assurance, Oluwatunminiu Ayodabo, stated
that, “An unforeseen event like the #ENDSAR aftermath can adversely impact
businesses if the company does not have an insurance policy to help protect
against such an event or lack of adequate capital to restore any loss.
"However, business liability
insurance can help to minimize risks so that the business continues to operate
and grow. Largely, in an event where business hits severe misfortunes, it may
not be able to solely afford the cost of getting back on track and running
again.
“However, in the case of an insured
business, the risk is shared between the company and the insurance
company."
Earlier in his welcome remarks, the Managing Editor of
BizWatch Nigeria, David Oputah,
explained that the webinar was conceived to enlighten Nigerians on insurance
matters.
He described the insurance industry as
vital with a huge potential but underutilised in Nigeria.
He highlighted the importance of being insured against uncertainties,
especially in Nigeria, where
insurance is perceived as a taboo due to a lack of understanding of the
subject.
Oputah urged Nigerians to take advantage of insurance as a strategic safety net during a time of financial
crisis.
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