Prompt claims, journalists’ empowerment seen as drivers for Nigerian insurance growth strategy

Concerned over Nigeria’s low insurance penetration at 0.4 percent, Leadway Assurance has mapped out strategies to increase public interest in the industry, deepen awareness and build trust in insurance by focusing on prompt claims settlement and stronger engagement with the media.

Nigerian insurance industry over time has struggled with poor understanding, issues over claims payment and complex forms.

At a recent training for journalists, targeted at increasing the understanding of media professionals about insurance for better reporting towards deepening insurance among Nigerians, the company believes that solving customers’ challenges quickly and developing products that meet their demands through digital methods will ignite consumers’ interest in insurance.

The firm, which was established in 1970 and began operations in 1971, has introduced “Digital first” which it said is not a slogan, instead “ It is claims that pay in minutes. Products that fit weekly incomes. Data that removes friction instead of adding to it. Distribution that meets customers where risk decisions actually happen”, Adekunle Osuntuyi, Group Product Manager at Leadway said.

The insurance company strongly underscores the importance of prompt claims as a trust builder for the industry, as prompt claim payment increases confidence and attracts more customers.

With the understanding of the challenges in the industry, Osuntuyi said the company is redesigning the insurance playbook to incorporate better and simpler methods of how insurance is communicated to consumers.

According to him, bringing insurance to the level that people will understand and accept, making payment of claims fast and designing products to meet different cadres of people are significant in driving insurance penetration.

In her presentation, Rahinatu Omolamai, Head of Research Plan of Leadway, charged the media professionals to educate Nigerians to embrace retirement planning.

She advised every Nigerian earning income to plan for retirement as they need funds that will sustain them when the energy fades. “Whether we like it or not, we must at a point descend in life, and it is the material or funds you accumulated on your way up that will work for you.”

Adedoyin Aiyeola, who took the journalists on ‘Moving beyond wealth accumulation to wealth transfer’, explained that there are three stages of wealth. She listed them as creating wealth, protecting it and transferring it.

According to her, while creating wealth is important, protecting and transferring are equally significant.

Other facilitators, including Monday Ashibogu, an AI expert, took time to explore how AI can assist journalists in their functions.