Insurers set up committee to rebrand industry

Determined to change the negative perception of the insuring public about insurance business in Nigeria, the Insurers’ Committee has set up a committee to rebrand the industry to identify the benefits and advantages of insurance.

The Insurers’ Committee – a baby of the National Insurance Commission and chief executive officers of all underwriting companies in the industry – at a press briefing after their fourth meeting in Lagos, said the aim of the rebranding is principally to work on strategies to change the mindset of Nigerians about the business of insurance and to educate the insuring public on the benefits and advantages of taking insurance to mitigate risks.

Besides, the roadmap on risk based supervision concept will be released for input from the industry in July this year.The Vice Chairman of the Publicity and Communication Committee and Managing Director and chief executive, Zenith General Insurance Company Limited, Ebelechukwu Nwachukwu, said the rebranding will help the industry to change the mindset of Nigerians towards insurance as an important business which will enable them to appreciate the value and importance of insurance benefits.

She explained that the rebranding will assist the insuring public to see insurance as necessary, increase awareness on the benefits of insuring our assets and the need to maintain efficient service delivery to encourage more Nigerians to take up insurance.

Besides, she said that a roadmap and draft on risk based supervision bill be released in July to the industry for suggestions and input before the final guidelines will be released to the industry.

Industry sources said the rebranding was long overdue because insurance consumers are increasingly becoming more sophisticated and would insist on efficient service delivery for premium paid, adding that the industry must rise to meet these challenges. According to him, over the years incidents of unsatisfactory response to settlement of claims by underwriters seem to have contributed to the poor perception of insurance as a financial option.

He said that the industry must shake off the yoke of the inglorious past and chart a new beginning for the industry anchored on the principles of trust and utmost good faith, the basic insurance practice the world over. This should be the focus of the committee to build a better industry that will command the respect of consumers, investors and government.