Experts charge insurance agents to adopt new business strategies

By Abdul Olalekan

The President, Association of Registered Insurance Agents of Nigeria (ARIAN), Mr. Gbadebo Olameru, has advised insurance agents in the country to adopt new business strategies to survive in a more challenging business environment,

Olameru, who was speaking at the 7th Annual Conference and Award Ceremony in Lagos, noted that the era of travelling from one place to the other to close insurance business deals is fast fading away, as most multi-billion Naira deals are now being sealed on the internet.

This, he said, means some agents might be out of jobs sooner than later, if they refuse to accept this change.

According to him, “The dynamics of our business climate is gradually changing where everything that matters is in the cloud, the internet and social media campaign and is gradually building multi-billion naira organisations with their skyscraper head office solely built in the cloud without any physical office.”

He cited an example of an Insurance Agent, Omolola Omogoye, who brought a N70 million insurance premium in one transaction, a transaction that was closed through Facebook platform from someone she has never met. “I can imagine how many bus stops she has to pass through to meet this man if Facebook was a street in Lagos,” he added.

Stating that the business is changing, he stressed that if agents want to maintain their relevance in the insurance industry, they must research more; increase their appetite for knowledge by becoming a professional in the industry and a taste of great ambition.

He urged insurance agents to be the only reliable and relevant stakeholder to move the industry to its next level because retail business is the only access that can grow the industry.

As an association, he said, it has, in the last three years, been able to increase the insurance awareness’ increase its membership strength, creates more chapters, reduce fake agents and increase the number of registered agents.

Stating that ARIAN was able to create new initiative, such as; ARIAN Children’s Education Initiative, he added that the association equally launched ARIAN black book to deter erring members, while also increase its relevance in the industry.

The association, he promised, would be building more strategic relationship that will aid its activities as a serious stakeholder in insurance industry.

The Director, Insight and Customer Strategy, Oracle Corporation, Mrs. Genevieve Mbama, said the era of face to face marketing, moving from one office to the other in search for business, is gone, as internet is gradually taking over that job.

“While will you be walking round the streets of Lagos, under a scotching sun to look for customers that are in their offices. There are millions of people already on social media that are using Internet-enabled gadgets and needs your service,” she wonders.

She urged insurance agents to increase insurance awareness, build trust, ensure they are visible to the people as well as change the negative perception of the people about insurance, through delivery of quality service to insurance consumers.

On his part, Founder & Lead Strategist, Hexavia, Mr. Eizu Uwaoma, said: “The world is changing and this change means Internet and social media are going to be taking over some jobs. You have to restrategise your business model to stay afloat of the change that will be coming in the next five to 10 years.”