Insurers charged on increased penetration through innovative products
By Abdul Olalekan
Experts have charged the 58 insurance companies in the country to increase insurance penetration and acceptance through innovative products and services.
The experts believe the current arrays of insurance products in the country are not innovative enough to witness a huge surge in insurance subscription.
The Chief Executive Officer, JSP Communications, Dr. Phil Osagie, said, insurance sector needs products that would enable the public to be willing to buy insurance products.
He stressed that for the sector to take its rightful position, operators need to urgently change their peripherals and come up with innovations that would endear their operations to the public.
Osagie called on insurers to make their products more desirable to the public by being creative and visible, adding that people buy products due to the value and satisfactions they hope to achieve and that most people refrain from insurance because they are yet to feel its uniqueness.
He also identified the need for improved sales strategy and motivation for employees in the sector.
Most insurance practitioners, according to him, would quickly opt for another job given the opportunity because of poor motivation that often hinders the employees from giving their best.
He called on insurance operators to collaborate with law enforcement agencies to ensure that laws on insurance are fully enforced, noting that the nation cannot thrive without a thriving insurance sector.
The Chairman, Nigerian Insurers Association (NIA), Mr. Eddie Efekoha, noted that his association and its members have continued to pursue policies that will improve insurance penetration in the country.
Member companies, he said, have identified Bancassurance, Microinsurance, web aggregators and Telcos as veritable channels that are capable of fast-tracking penetration.
However, he noted that there are challenges with the regulatory approval required for effective take off of these schemes.
Efekoha, who is also the Managing Director of Consolidated Hallmark Insurance Plc, however, stressed that the association is working closely with the National Insurance Commission (NAICOM) to find lasting solution to the challenges. With respect to Microinsurance, he disclosed that the association is also working with Enhancing Financial Access in Africa (Efina) in the areas of capacity building, market research, product development, among others.
