Moving insurance from good to great in Nigeria and Africa

Every solution comes with a different flavour, size, cost and impact, as we have come to learn due to consumer’s behaviour.

Even with insurance as a risk management mechanism that has been tested over centuries, we have learnt that diverse concepts and methods, formed into digitised solutions today, are most likely to deliver the core promise of insurance to users – peace of mind!

Whether the insurance offerings and services are designed as General (Motor, Building, Marine, Aviation, Energy, Agriculture, Cyber, Etc), Life, Credit, Actuarial, Health, Pension, Takaful, Microinsurance, Annuity, Insurtech and Reinsurance, the one thing that YOU, the buyers of insurance, look forward to is that great feeling of fulfilment!

That the decision you took to buy insurance was, or would be, rewarded by excellent service, especially in the claims management process, is the work we have to let insurance do for us.

To move insurance from the good it delivers to some of us now to the great impact it can make in the lives of hundred of millions of Nigerians, and billions of Africans, would require more than EXPECTING INSURANCE COMPANIES TO BE INNOVATIVE, PAY CLAIMS PROMPTLY AND INVEST IN THE ENVIRONMENT.

The culture of interconnectedness that we live with in this digital age actually demands that we collaborate towards a common purpose, in this case, a safe and secured livelihood through insurance.

Understanding that having infrastructural developments – roads and bridges, airports, ports, hospitals, buildings, power, recreation centres, etc is good. However, knowing that these developments have been fully insured against  damages and losses resulting from accidents and deliberate acts of unpatriotic persons or terrorism would be better.

No one appreciates the destruction of lives and properties even in times of war, which probably explains why war is excluded in any insurance contract.

The best you expect from your insurer will begin to happen when you are aware of the benefits promised by the insurance policy you bought, and importantly, you ascertain that the conditions for fulfilling the promise exist or are in place.

After all, in everyday life, whoever promises to do a thing will be seen and trusted to deliver based on either track record or current capacity to deliver.

Nigeria’s insurance industry can be great when the promises made today are met, and confidence grows between the buyers and sellers on an individual basis back into the corporate ecosystem that we are all part of.

At such a time, the level of believability would have been so high that the fear of disappointment often present in our insurance conversations today would have diminished.

Greatness is not procured off the shelf but acquired through the process of repeated positive actions and consistent communication with stakeholders using easy and friendly languages.

A few tips to consider as we move towards greatness for the insurance industry in Nigeria:

1. Believe that you can get the best and keep searching and comparing until you are satisfied. Don’t accept “you know this is Nigeria”;
2. Appreciate that insurance is globally defined though locally regulated. So, whatever insurance coverage you need but unavailable in Nigeria can be arranged, and later domesticated; and
3. Insurance has become affordable, available, accessible and largely automated by more customer-centric operators led by young and bold entrepreneurial-minded professionals!

As a policyholder, you are going to be as great as your insurer or broker or agent will be.

Together, we can make insurance work for us in Nigeria and that is what we should do.

There is greatness in those whose promises are fulfilled.

Remember, your comments and questions are welcomed.

I remain…

Assuredly Yours,