Less than 5% of Nigerians have insurance policy
Ekerete Ola Gam-Ikon, project team lead, Insurance November has said that less than 5 percent of Nigeria’s 180 million people have any form of insurance cover.
The insurance expert made this assertion during his presentation at the annual Insurance September conference held in Lagos recently.
“Insurance penetration in the country will only grow when there is an increase in demand from customers. This means that the solution can only come from the customers,” he said.
“Customers have to start making demand from insurance companies that these are the kind of products we need and have them designed to suits them. The customers have to be more interested in reading the country’s insurance policy documents and find out what the issues are and not until a claim happens,” the convener added.
He stated that the insurance companies need to start doing things differently to make the industry become very attractive to Nigerians and that the law guiding the industry needs to be enforced friendlier to customers and not to the operators only.
“Insurance in Nigeria is been sold at the basis of fear and right now we have exhausted the fear so we have to start looking at the opportunities. It is the opportunities that the operators see that will drive them to upscale the skills of their workforce,” Gam-Ikon added.
Also speaking during the conference, Dienye Peterside, a finance expert called on insurance operators in the country to create innovative products that will make insurance becomes attractive to Nigerians.
Peterside stated that there are a lot of opportunities in other sectors of the economy that the insurance industry can tap from through the creation of products that meet the needs of those sectors while sighting an example in the telecoms sector.
“Insurance companies can partner with the telecoms in the area of designing products for telecoms towers,” he said.
He cited how technology has impacted on the banking industry, stating that banks at the forefront of the industry got there owning to their innovative measures leveraged on.
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