Insurance experts advocate prompt claim settlement to grow industry

Stakeholders in the insurance industry have stressed the need for underwriters to fast-track claims payment processes to increase insurance policy adoption.

The stakeholders who gathered at the Carefirst Consult 2022 Claims Advocacy Conference, themed, ‘Catalysing Insurance through Better Claims Experience, held at the weekend in Lagos, said the way to promote the industry is prompt claim payment.

Speaking at the conference, the Principal Consultant, Carefirst, Gus Wiggle, said the organisation was committed to pioneering a new outlook in claim management to strengthen the value chain in the insurance industry.

Wiggle, who is a former Chairman of the Nigeria Insurers Association, said: “We have been seeing a trend that has become very challenging. And that trend manifested itself during the #EndSARS protests where insurance companies started reminding the insured that some of their policies will not cover their exposure.”

He assured that Carefirst Consult was established to work for both insurer and the insured. For the insured, he said, the firm intervenes to ensure that their genuine claims are paid promptly.

Sharing her experience about insurance at the event, the Chairperson of Agricultural and Allied Group, Lagos Chamber of Commerce and Industry, Edobong Akpabio, said she had seen both positive and negative sides of the industry.

The positive experience, she said, was the prompt settlement of claims involving her husband’s car when he had a fatal accident.

She reiterated the fact that trust is a key factor to drive the industry.

“When trust is lost, there is no way you can make it. There is no customer satisfaction when there is no trust,” she said.