How customer involvement is key to increasing insurance penetration in Nigeria

How customer involvement is key to increasing insurance penetration in Nigeria

The stakeholders in the insurance industry have implored underwriters in Nigeria, to make use of Information Communication Technology (ICT), to increase the acceptance of insurance nationwide.

The Head, Mutual Benefits, Babajide Raheem, said in his speech recently that in the current global environment, understanding a patronizer is imperative in structuring the necessary future decisions and tactics.

Furthermore, to survive and grow by attracting new patronizers in today’s accelerating financial services sector, he urged insurance firms and company to engage their patronizers at all touch points to tally their strategies with their patronizers needs.

Patronizer involvement is said to be a way to create, build, and improve patronizer relationships, and regarded as tactics in building a sustained competitive advantage.

Babajide, who spoke at Mutual Benefits Patronizer Involvement, organised for policyholders said such Involvements could help operators to attain greater height.

He said: “Value creation makes the universe go round. It helps stimulate revenue, engagement, and productivity. Value is the secret to customers being efficiently and excellently satisfied, but beware; sometimes value is created selfishly, for the benefit of one party at the expense of the other. (Example: fees and fines for what was previously part of a package deal, such as airline baggage).This is counterproductive to patronizer experience and to growth. Mutual value benefits must be for both parties.”

He recommend that insurance firms should acquire more skills, especially in the area of the non-life insurance business, which holds enormous premium income.

A policyholder, Deji Omoowo, who spoke with The Punch, stated that the insurance sector has huge potential, which can be brought into light through proper deployment of technology to serve the un-served in the wholesale and retail space

Deji emphasize that since change is constant, and technology is taking over business deals across the world, insurance sector must also embrace this change.

For the fact that agents are the middlemen between policyholders and underwriters, he urged them to embrace ICT platforms in the production and sales of insurance services for better and faster service delivery nationwide, as technology has enhanced the transformation of business practices.

While calling on operators to explore the great opportunities, he also urged them to commence and regularize easy ways of paying premium and settling claims.

He implored them to esteem good service delivery, stressing that one dissatisfied patronizer could make an organisation lose more others, who would want to partake in insurance.

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