How to make insurance more relevant, by experts

Identifying the need to diversify insurance products to meet the needs of every Nigerian will help to deepen insurance penetration across the country, industry experts have said.

Besides, helping people to understand the relevance of insurance to reduce risk should be a compelling message to Nigerians.

The Managing Director, Universal Insurance Plc, Ben Ujoatuonu, in an interview with The Guardian at the weekend, said that there is a need to see information and communication technology (ICT) as the driver of the growth process.

According to him, despite the slow adoption, there is no doubt that penetration and premium payment will rise. He noted that the industry is doing well symbolised in attractive salary payment.

He said professionals are extremely intelligent as they “read more than any other professionals” while they are dedicated to writing proficiency “examinations, attending seminars, conferences, and workshops”.

“They want to be heard, and an insurance person wants to be heard intelligently,” he added.

According to him, his organisation meets all its obligations, paying claims promptly. He added that the insurer is liquid enough to carry out its responsibilities.

“We have a competitive edge in claim settlement through investment in state-of-the-art ICT, thereby enhancing our operational efficiency and ability to pay legitimate claims. We have a tractable but reduced claims process circle,” the CEO said.

Also speaking, Director, Governance, Enforcement and Compliance, NAICOM, Leo Akah, cited lack of collaboration as a major challenge to implementing compulsory insurance in Nigeria. He added that implementing compulsory insurances in Nigeria has been a challenge.

Akah said the solution to achieving compulsory insurance is a collaboration by all stakeholders, saying: “There is only one solution when it comes to achieving the implementation of compulsory insurance. The solution that I recommend is collaboration.”

He added that most operators are not achieving much because they are not playing their roles in growing the economy.